New Jersey

Kislak Arranges $18.5M Sale of Kingsley Arms Apartments in Asbury Park, New Jersey

by Taylor Williams July 26, 2021

ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $18.5 million sale of Kingsley Arms Apartments, a 98-unit multifamily building in Asbury Park. The unit mix consists of 23 studios, 68 one-bedroom units, five two-bedroom units and two penthouses. Units were renovated in 2016, and building upgrades were completed earlier this year. Amenities include a fitness center, media room and a rooftop terrace. Daniel Lanni of Kislak represented the seller, Sackman Residential Holdings LLC, and the buyer, an entity doing business as 200 Deal Lake LLC, in the transaction. ConnectOne Bank provided acquisition financing.

July 26, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Buys 130,000 SF Portfolio in Cherry Hill, New Jersey

by Taylor Williams July 26, 2021

CHERRY HILL, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has purchased a 130,000-square-foot portfolio in the Philadelphia suburb of Cherry Hill. Wharton acquired the three-building portfolio from an undisclosed seller in an off-market transaction and will implement a capital improvement program. Renovations will include replacing certain roofs, upgrading landscaping, repairing and painting exteriors and improving truck loading stations.

July 26, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Acquires 153,400 SF Portfolio in Pennsauken, New Jersey

by Taylor Williams July 23, 2021

PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.

July 23, 2021

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances 90,000 SF Industrial Facility in Fairfield, New Jersey

by Taylor Williams July 23, 2021

FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.

July 23, 2021

Development New Jersey Northeast Office

Columbia Completes Phase I of Redevelopment of 680,000 SF Office Building in Jersey City

by Taylor Williams July 22, 2021

JERSEY CITY, N.J. — Columbia Property Trust (NYSE: CXP) has completed Phase I of the redevelopment of 95 Columbus, a 680,000-square-foot office building in the Grove Street neighborhood of Jersey City. Global architecture firm Spector Group is leading design of the project, the first phase of which centered on the renovation of the lobby. The next phase of the redevelopment will involve the creation of a lounge area, as well as the enhancement of utility and elevator systems. Columbia is also constructing a bike storage room, bathrooms and shower facilities. Cushman & Wakefield has been tapped to lease the building following the completion of the redevelopment, which is slated for the this fall.

July 22, 2021

Loans New Jersey Northeast Office

Progress Capital Arranges $53M Loan for Refinancing of Multifamily Building in East Orange, New Jersey

by Taylor Williams July 22, 2021

EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.

July 22, 2021

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Acquires 274,430 SF Distribution Center in Dayton, New Jersey

by Taylor Williams July 21, 2021

DAYTON, N.J. — CenterPoint Properties, a Chicago-based investment firm, has acquired a 274,430-square-foot distribution center in Dayton, about 45 miles south of New York City. The building is situated on a 27-acre site that includes 10 acres for parking and outdoor storage. In addition, the property, which is leased long-term to a global distribution company, features a clear height of 34 feet and is configured to accommodate parking for 300 trailers and 400 cars. The seller was not disclosed. Marc Duval, Jordan Avanzato and Jose Cruz of JLL brokered the deal.

July 21, 2021

Healthcare Leasing Activity New Jersey Northeast

R.J. Brunelli Negotiates 45,600 SF Healthcare Lease in Eatontown, New Jersey

by Taylor Williams July 21, 2021

EATONTOWN, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. LLC has negotiated a 45,600-square-foot healthcare lease at Monmouth Plaza in the Central New Jersey borough of Eatontown. The tenant, Hackensack Meridian Health, plans to open a new outpatient and urgent care facility at the site in the second quarter of next year. Richard Brunelli of R.J. Brunelli & Co. represented the owner, Monmouth Plaza Enterprises LLC, in the lease negotiations. Danielle Brunelli of R.J. Brunelli & Co. procured the tenant, which was represented in negotiations by Jeffrey Babikian of CBRE.

July 21, 2021

Acquisitions Industrial New Jersey Northeast Self-Storage

SVN Negotiates Sale of 3,147-Unit Self-Storage Portfolio in New Jersey

by Taylor Williams July 20, 2021

NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.

July 20, 2021

Development Industrial New Jersey Northeast

Crow Holdings to Develop 1.2 MSF Industrial Project in Millstone, New Jersey

by Taylor Williams July 20, 2021

MILLSTONE, N.J. — Crow Holdings will develop Millstone 8 Logistics Center, a 1.2 million-square-foot industrial project that will be located in Millstone, an eastern suburb of Trenton. The project will consist of a 1 million-square-foot building and a 220,000-square-foot building that will be developed on a 140-acre parcel. The first building will feature a clear height of 40 feet, 274 trailer parking stalls and 172 loading doors, while the second building will offer a clear height of 36 feet, 37 dedicated trailer parking stalls and 50 loading doors. Construction is expected to be complete in the second quarter of 2022. Crow Holdings is developing the property in partnership with The Carlyle Group and 2020 Acquisitions. JLL will handle leasing.

July 20, 2021

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