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New Jersey

150-Old-New-Brunswick-Road-Piscataway-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

Duke Realty Completes 622,230 SF Industrial Project for Bob’s Discount Furniture in Piscataway, New Jersey

by Taylor Williams

PISCATAWAY, N.J. — Indianapolis-based Duke Realty has completed a 622,230-square-foot, build-to-suit industrial project for Bob’s Discount Furniture in the Northern New Jersey community of Piscataway. Building features include 40-foot clear heights, 125 dock doors, 302 automobile parking spaces and 127 trailer parking spaces. The Connecticut-based national discount retailer, which operates 150 stores across 23 states, expects to bring hundreds of new jobs to the area in the coming years as it expands its supply chain and distribution network.

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99-Bridge-Summit-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Partnership Begins Leasing 150-Unit Apartment Complex in Old Bridge, New Jersey

by Taylor Williams

OLD BRIDGE, N.J. — A partnership between developers BNE Real Estate Group, LPZ and Sterling Properties has begun leasing 99 Bridge, a 150-unit apartment complex in Old Bridge, about 35 miles south of New York City. The property features one- and two-bedroom units with quartz countertops, stainless steel appliances, espresso cabinetry and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, outdoor grilling areas, game room, dog park, package lockers and a children’s play area. Monthly rents start at $2,280 for a one-bedroom unit.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Arranges $6.2M Sale of Townhome Community in Summit, New Jersey

by Taylor Williams

SUMMIT, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $6.2 million sale of a 10-unit townhome property in the Northern New Jersey community of Summit. The property was built in 2019 and consists entirely of two-bedroom units with stainless steel appliances, granite countertops and laundry rooms. Joseph Keenan and Joni Sweetwood of Kislak brokered the deal. Both parties involved in the transaction requested anonymity.

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LoansMultifamilyNew JerseyNortheast

Greystone Arranges $45.3M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams

MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.

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IndustrialLeasing ActivityNew JerseyNortheast

OGS Recycling Signs 34,801 SF Industrial Lease in Eatontown, New Jersey

by Taylor Williams

EATONTOWN, N.J. — OGS Recycling has signed a 34,801-square-foot industrial lease in Eatontown, located near the Jersey Shore. The building at 246 Industrial Way offers proximity to the Garden State Parkway, as well as a clear height of 30 feet and eight loading docks. Matt Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease negotiations. David Zimmel of Zimmel Associates represented the tenant.

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300-Thomas-McGovern-Drive-Jersey-City
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Tulfra Real Estate Acquires Land in Jersey City for 2,422-Unit Self-Storage Project

by Taylor Williams

JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has acquired land in Jersey City for the construction of a 2,422-unit self-storage project. The facility will be located at 300 Thomas McGovern Drive and will have a gross square footage of approximately 261,000 square feet, including an adjoining parking structure that will also be constructed as part of the project. Thomas Walsh of Walker & Dunlop brokered the land deal. A groundbreaking date will be announced in the coming days. According to Tulfra, there are approximately 159,000 housing units and 22,500 new apartments under development within a three-mile radius of the site.

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The-Parker-Phase-II-Rutherford-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Vango Development Receives Approval for 60-Unit Multifamily Project in Northern New Jersey

by Taylor Williams

RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Arranges $14.3M Sale of Apartment Complex in Ridgewood, New Jersey

by Taylor Williams

RIDGEWOOD, N.J. — CBRE has arranged the $14.3 million sale of The Schoolhouse, a 31-unit apartment complex in the Northern New Jersey community of Ridgewood. The sales price equates to approximately $462,000 per unit. The property was built in stages between 1960 and 1980. Nat Gambuzza and Spencer Beriont of CBRE represented the seller, 158-174 Union Street LLC, in the transaction.

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Company NewsLee & AssociatesNew JerseyNortheast

Lee & Associates Opens New Office in Northern New Jersey

by Taylor Williams

WHIPPANY, N.J.  — Lee & Associates New Jersey has opened a new 3,361-square-foot office at 110 S. Jefferson Road in Whippany, located in Morris County. The team is subleasing a newly built-out space and relocating from a smaller Cedar Knolls location to accommodate its growing brokerage team. Suzanne Kiall of Lee & Associates and Roger Cantor of Cornerstone Real Estate negotiated the terms of the sublease. The full-service real estate firm has three offices in New Jersey including this one, with the headquarters space located in Elmwood Park.

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Carlton-Village-Apartments-Hamburg
LoansMultifamilyNew JerseyNortheast

Progress Capital Places $31M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams

HAMBURG, N.J. — Progress Capital has placed a $31 million loan for the refinancing of Carlton Village Apartments, a 240-unit multifamily complex located in the Northern New Jersey community of Hamburg. The property consists of 21 buildings that are situated on a 37-acre site and that house studio, one- and two-bedroom units. Brad Domenico and Gabby Cali of Progress Capital arranged the debt on behalf of the undisclosed borrower, a private investor who has owned the property since 1985 and made various capital improvements since that time.

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