LINDEN, N.J. — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a facility located at 1051 Edward St. in the Northern New Jersey community of Linden. The number of units was not disclosed, but the property spans approximately 107,000 square feet of net rentable climate-controlled space. The seller was also not disclosed. Storage Post will assume operations of the property, which previously conducted business under the Public Storage brand.
PARAMUS, N.J. — Kimmerle Group, a New Jersey-based design-build firm, has completed the renovation and expansion of a 350,000-square-foot office building in the Northern New Jersey community of Paramus. The project included a reimagining of the lobby, the relandscaping of the outdoor amenity areas and the addition of a new café and recreation center with a putting green, pool table and arcade. The owner, Onyx Equities, acquired the asset from Mack-Cali Realty Corp. (NYSE: VRE) in 2019.
OLD BRIDGE, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16.6 million acquisition loan for two commercial buildings in Old Bridge, about 40 miles south of Manhattan. The first property is an 18,728-square-foot mixed-use building, and the second is a 33-unit active adult community. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
MONTCLAIR, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $38 million sale of Hawthorne Towers, a 133-unit multifamily building in the Northern New Jersey community of Montclair. The property, which was originally built in 1962 and renovated multiple times over the years, offers studio, one- and two-bedroom units and amenities such as a pool and outdoor grilling and dining areas. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer represented the seller, Hawthorne Towers LLC, in the transaction. David Oropeza, also with Gebroe-Hammer, procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged acquisition financing.
JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $14.3 million sale of Elizabeth Towers, a 193-unit multifamily building in Northern New Jersey. The elevator-served, 13-story building houses 72 studios, 120 one-bedroom units and one two-bedroom apartment, all of which are subject to either age or income restrictions. Joseph Keenan and Jeff Squires of Kislak represented the seller, Marshall & Moran Inc., in the transaction. Joni Sweetwood, also with Kislak, represented the buyer, an entity doing business as Elizabeth Towers TG LLC.
PENNSAUKEN, N.J. — Colliers has brokered the sale of a 60,000-square-foot industrial property in the Southern New Jersey city of Pennsauken. The facility was fully leased at the time of sale. SNS Real Estate Investment Group LLC acquired the property from an undisclosed seller. Ian Richman of Colliers brokered the deal. New Jersey-based Freedom Bank provided acquisition financing.
BEDMINSTER, N.J. — JLL has arranged an $8.1 million loan for the refinancing of Bedminster Medical Plaza, a 38,925-square-foot medical office building located about 50 miles west of Manhattan. At the time of the loan closing, the building was 85 percent leased to 13 providers of various specialties, including radiology, optometry, family and cosmetic dentistry, orthodontics, orthopedics and sports medicine. Jon Mikula, Max Custer and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through National Life Group on behalf of the borrower, DGLV Properties.
MORRISTOWN, N.J. — Berkadia’s New Jersey office has expanded its investment sales team with the addition of six professionals. Nat Gambuzza, Spencer Beriont, Trevor Fiebel, Tim Blashford, Brian Antognini and Mike O’Reilly all join Berkadia from CBRE. The team will specialize in handling portfolio sales, distressed property deals, note sales and 1031 tax exchange transactions for private investors, partnerships, lenders and institutions of varying net worth.
FAIR LAWN, N.J. — Regional healthcare provider Summit Health has signed a 70,594-square-foot lease at 17-17 Route 208, an office and healthcare building located in the Northern New Jersey community of Fair Lawn. Marc Rosenberg of Cushman & Wakefield represented the tenant in the lease negotiations. Sam Horowitz and Michael Tesser of Colliers represented the landlord, Keystone Development + Investment, which acquired the building in 2014 from Mack-Cali. The building is now fully leased.