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Residences-at-Reuten-Park-Closter-New-Jersey
DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Reuten Associates, Metropolis Unveil Plans for 195-Unit Seniors Housing Project in Closter, New Jersey

by Taylor Williams

CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for a new 195-unit seniors housing community that will be located in the Northern New Jersey community of Closter. The property will be situated within Reuten Corporate Park and will offer independent living, assisted living and memory care in studio, one- and two-bedroom floor plans. Amenities will include private outdoor social spaces, an outdoor dining courtyard, multiple indoor dining areas, a café, pool, a spa/salon and fitness center, cinema, game room, community gardens, fire pits and walking trails. A tentative groundbreaking date was not disclosed, but construction is expected to last 14 to 16 months.

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IndustrialLeasing ActivityNew JerseyNortheast

LOGON Signs 71,000 SF Industrial Lease Renewal, Expansion in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Locally based printing and mailing firm LOGON has signed a 41,000-square-foot industrial lease renewal and added 30,000 square feet to its footprint at the Lackawanna Warehouse Building, a 1.5 million-square-foot industrial property in Jersey City. Dan Reider, Justin Pollner and John Crawford represented the tenant, which has occupied space at the property since 2004, in the lease renewal and expansion negotiations. Jeremy Modest represented the landlord, Solil Management Co., on an internal basis.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $4.7M Sale of Retail Property in Fair Lawn, New Jersey

by Taylor Williams

FAIR LAWN, N.J. — Marcus & Millichap has brokered the $4.7 million sale of a 4,416-square-foot retail property that is ground-leased to Bank of America in the Northern New Jersey community of Fair Lawn. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.

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Gateways-at-Randolph
DevelopmentMultifamilyNew JerseyNortheast

Values Cos. Breaks Ground on Final Phases of Multifamily Project in Randolph, New Jersey

by Taylor Williams

RANDOLPH, N.J. — Developer Value Cos. has broken ground on the final phases of Gateways at Randolph, a rental community in Northern New Jersey. The final phases will deliver 104 two-bedroom residences across four buildings and a 7,000-square-foot leasing office. Upon full completion, Gateways at Randolph will consist of more than 1,000 units, with the newest residences ranging in size from 981 to 1,100 square feet. Communal amenities include a pool, fitness center, playground, volleyball court and grilling areas.

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Leasing ActivityNew JerseyNortheastOffice

PIM Brands Opens New 111,000 SF Office Headquarters in Park Ridge, New Jersey

by Taylor Williams

PARK RIDGE, N.J. — PIM Brands Inc., a manufacturer of fruit snacks and related products, has opened a new global headquarters in Park Ridge, a borough located in Bergen County. The single-tenant building previously housed the headquarters of Hertz Corp. and recently underwent a $25 million renovation. The new 111,000-square-foot headquarters includes research and development space, tasting and sensory labs, graphics studios, retail plan-o-gram layout rooms and remote office and conference space. About 150 employees will work at the new office. The products of PIM Brands, which is part of The Promotion in Motion Family of Cos., include Welch’s Fruit Snacks, Sun-Maid Chocolate Raisins and Original Gummi FunMix.

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DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Braemar Partners Unveils Plans for 80-Unit Seniors Housing Project in Basking Ridge, New Jersey

by Taylor Williams

BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community that will be located approximately 35 miles west of Manhattan. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The groundbreaking is scheduled for later this year, with completion targeted for early 2023. The Arbor Co., which operates other senior living communities in New Jersey, will operate the community when it opens.

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AcquisitionsMixed-UseNew JerseyNortheast

CBRE Negotiates Sale of Mixed-Use Property in Garfield, New Jersey

by Taylor Williams

GARFIELD, N.J. — CBRE has negotiated the sale of a three-building mixed-use property in Garfield, located in the northern part of the Garden State. The property consists of a 69,157-square-foot industrial building that Is fully leased and anchored by textile manufacturer Wearbest Weavers, as well as a retail structure and a two-unit apartment building. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin and Zach McHale of CBRE represented the undisclosed private seller in the transaction. The team also procured the buyer, New York City-based Snowball Developments LLC.

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LoansNew JerseyNortheastRetail

Axiom Capital Places $17.8M Loan for Refinancing of Retail Building in Hillsdale, New Jersey

by Taylor Williams

HILLSDALE, N.J. — Axiom Capital Corp. has placed a $17.8 million loan for the refinancing of a 63,000-square-foot retail building in the Northern New Jersey community of Hillsdale. An undisclosed bank provided the loan to the borrower, a private investor and developer. The property has been leased to a single tenant on a triple-net basis since 1979 and was also renovated between 2016 and 2017.

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Arlington-Plaza
AcquisitionsNew JerseyNortheastRetail

Cushman & Wakefield Brokers $13.5M Sale of Retail Center in North Arlington, New Jersey

by Taylor Williams

NORTH ARLINGTON, N.J. — Cushman & Wakefield has brokered the $13.5 million sale of Arlington Plaza, a 37,603-square-foot retail center in North Arlington, about 15 miles west of New York City. Grocer Super Foodtown anchors the property, and other tenants include Dunkin’, Taco Bell and Santander Bank. Seth Pollack, Brian Whitmer, Max Helfman, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield represented the seller, Arlington North Associates, and procured the buyer, a privately held investment firm.

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IndustrialLeasing ActivityNew JerseyNortheast

Desktop Metal Signs 7,571 SF Industrial Lease in Whippany, New Jersey

by Taylor Williams

WHIPPANY, N.J. — Desktop Metal, a provider of 3-D printing services, has signed a 7,571-square-foot industrial lease in Whippany, about 35 miles west of New York City. The company will occupy space at a 57,000-square-foot former manufacturing facility that is situated on a 5.5-acre site at 60 S. Jefferson Road. The landlord, New Jersey-based Tulfra Real Estate, acquired the property in 2014.

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