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New Jersey

Berkshire-Stewards-Crossing-Lawrence-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

JLL Negotiates Sale of 240-Unit Berkshire Stewards Crossing Apartments Near Trenton

by Taylor Williams

LAWRENCE TOWNSHIP, N.J. — JLL has negotiated the sale of Berkshire Stewards Crossing, a 240-unit apartment community in Lawrence Township, a northern suburb of Trenton. Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman of JLL represented the seller, Berkshire Residential Investments, in the transaction. The buyer and sales price were not disclosed. Roughly 9 percent (36) of the property’s one-, two- and three-bedroom units are reserved as affordable housing. Amenities include a pool, fitness center, volleyball court, grill area with a fire pit and outdoor lounge, a dog run and walking paths.

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The-Royal-at-Bloomfield-Station
DevelopmentMultifamilyNew JerseyNortheast

CHA Partners Breaks Ground on 210-Unit Royal at Bloomfield Station Apartments in New Jersey

by Taylor Williams

BLOOMFIELD, N.J. — Locally based developer CHA Partners has broken ground on The Royal at Bloomfield Station, a 210-unit multifamily project in Northern New Jersey. The development will also include 14 townhome units for purchase, as well as 7,000 square feet of retail/restaurant space and a 304-space parking garage. The amenity package will consist of a fitness center, business center, rooftop entertainment area, several multi-purpose event rooms and lounges, pet spa and an automated package handling system. The first units are expected to be available for occupancy in mid-2023.

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Stow Road Corporate-Park-Marlton-New-Jersey
AcquisitionsIndustrialNAINew JerseyNortheast

NAI Mertz Arranges Sale of 160,000 SF Stow Road Corporate Park in Marlton, New Jersey

by Taylor Williams

MARLTON, N.J. — NAI Mertz has arranged the sale of Stow Road Corporate Park, a 160,000-square-foot industrial flex development in the Southern New Jersey community of Marlton. The five-building complex is located off State Highway 73, within a few miles of the New Jersey Turnpike. The buyer, a subsidiary of Philadelphia-based Velocity Venture Partners, plans to rebrand the property as Velocity Business Park and add about 20 loading positions and drive-in doors to enhance the functionality of each unit. The seller and sales price were not disclosed. Jonathan Klear and Fred Meyer of NAI Mertz brokered the deal.

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Affordable HousingLoansMultifamilyNew JerseyNortheastSeniors Housing

Berkadia Provides $26M Refinancing for Affordable Seniors Housing Property in Northern New Jersey

by Taylor Williams

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

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AcquisitionsIndustrialNew JerseyNortheast

Avison Young Brokers Sale of 187,013 SF Paper Mart Industrial Facility in East Hanover, New Jersey

by Taylor Williams

EAST HANOVER, N.J. — Avison Young has brokered the sale of Paper Mart’s warehouse and distribution center in East Hanover, located in Morris County. The facility, which sits on a 9.2-acre site, has served as the paper and office products supplier’s headquarters since 1978. Matthew Turse, Timothy Cadigan and Grant Otto of Avison Young represented Paper Mart in the transaction. Tom Consiglio and Scott Peck of Resource Realty represented the buyer, Urban Edge Properties, a New York-based REIT that was spun off from Vornado Realty Trust in 2015.

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DevelopmentMultifamilyNew JerseyNortheast

CHA Partners Breaks Ground on 66-Unit Multifamily Project in Wharton, New Jersey

by Taylor Williams

WHARTON, N.J. — Locally based developer CHA Partners has broken ground on a 66-unit multifamily project that will include 7,800 square feet of retail space in Wharton, about 40 miles west of New York City. The property will feature one-, two- and three-bedroom units and amenities such as a lobby with a coffee and beverage station, lounge seating areas and electric vehicle charging stations. The first units are expected to be available for occupancy next summer.

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Station-Bay-South-Amboy-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

BNE Real Estate Nears Completion of 291-Unit Multifamily Project in South Amboy, New Jersey

by Taylor Williams

SOUTH AMBOY, N.J. — BNE Real Estate Group is nearing completion of Station Bay, a 291-unit multifamily development in South Amboy, about 35 miles south of New York City. Located along the Raritan Bay waterfront, Station Bay will feature studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Residents will have access to a fitness center with yoga and spin studios, a coworking lounge with private meeting rooms, a game room and arcade, movie theater and a children’s play area. Outdoor amenities will include a pool, outdoor bar, private grilling dining areas and a lawn lounge. Information on starting rents was not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

Sheldon Gross Arranges $4.9M Sale of Industrial Property in Manalapan, New Jersey

by Taylor Williams

MANALAPAN, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the $4.9 million sale of a 66,500-square-foot industrial property in Manalapan, about 50 miles south of New York City. The two-building complex sits on a five-acre site and was close to 100 percent leased at the time of sale. Matthew Leonelli of Sheldon Gross Realty brokered the deal. The buyer and seller were not disclosed.

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IndustrialLeasing ActivityNew JerseyNortheast

HVAC Supplier Signs 50,358 SF Industrial Lease in East Rutherford, New Jersey

by Taylor Williams

EAST RUTHERFORD, N.J. — Brookaire Co., a supplier of HVAC parts and systems, has signed a 50,358-square-foot industrial lease at 46 Whelan Road in the Northern New Jersey community of East Rutherford. San Francisco-based Terreno Realty Corp. owns the building, which was constructed in 2006 and features a clear height of 30 feet. Kevin Dudley and Nick Klacik of CBRE represented the tenant in the lease negotiations.

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AcquisitionsIndustrialNew JerseyNortheast

Terreno Realty Sells Industrial Property in East Hanover, New Jersey, for $32.7M

by Taylor Williams

EAST HANOVER, N.J. — San Francisco-based Terreno Realty Corp. (NYSE: TRNO) has sold an industrial property in East Hanover, located about 25 miles west of New York City, for $32.7 million. The property consists of three buildings totaling approximately 167,000 square feet that are situated on an 11.7-acre site. Terreno Realty purchased the property, which was 88 percent leased to 32 tenants at the time of sale, in September 2013. The buyer was not disclosed.

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