HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.
LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.
RUTHERFORD, N.J. — Cushman & Wakefield has arranged a $115 million construction loan for Highland Cross, a 360,000-square-foot industrial project that will be located in the Northern New Jersey community of Rutherford. Los Angeles-based PCCP LLC provided the loan to the borrower, Lincoln Equities Group. A tentative completion date for the project, which is a build-to-suit for an undisclosed, investment-grade logistics user, was not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield placed the debt.
BURLINGTON, PENNSAUKEN AND MOUNT LAUREL, N.J. — CBRE has negotiated the sale of the Southern NJ Logistics Portfolio, a collection of three buildings totaling 401,827 square feet in Southern New Jersey. The properties are located in Burlington, Pennsauken and Mount Laurel. High Street Logistics Properties purchased the portfolio, which was fully leased at the time of sale, from a private developer based in the region. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE brokered the transaction.
EAST ORANGE, N.J. — Locally based developer Blue Onyx Cos. has broken ground on 14 Summit, a 78-unit apartment project located in the Northern New Jersey community of East Orange. Designed by Inglese Architecture & Engineering, the five-story property will comprise eight studio apartments, 51 one-bedroom units and 19 two-bedroom units. Amenities will include a coworking space, fitness center, pet washing station, community lounge, two rooftop terraces and bike storage rooms. Completion is slated for early 2023.
BRANCHBURG, N.J. — JLL has negotiated the sale of a 50,400-square-foot industrial building located in the Northern New Jersey city of Branchburg. The property sits on 3.5 acres and has been leased to the same tenant since it was constructed in 1988. Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh of JLL represented the seller, a partnership between Elberon Development Group and The Avidan Group. NorthBridge Partners purchased the asset for an undisclosed price.
WARREN, N.J. — New York Life Real Estate Investors has provided a $100 million acquisition loan for two office buildings totaling 315,086 square feet that are located within the 176-acre Warren Corporate Center office campus in Warren, about 35 miles west of New York City. Both four-story buildings, which are situated on a combined 68 acres, recently underwent capital improvement programs. The loan carried a five-year term and a fixed interest rate. Lucas Borges, Michael Johnson and Matthew Pizzolato of JLL placed the debt on behalf of the borrower, a partnership between Miami-based Exan Capital and Mirabaud Group, an international banking group based in Geneva, Switzerland. Jaime Fink, Kevin O’Hearn and Jose Cruz of JLL represented the seller, a joint venture between affiliates of Rubenstein Partners LP and Vision Real Estate Partners, in the disposition of the two buildings. Warren Corporate Center serves as the headquarters campus of Everest Reinsurance Co. and features amenities such as a fitness center, full-service cafeteria, basketball court and a conference area.
LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $42.6 million construction loan for the second phase of Logan North Industrial Park, a 3.2 million-square-foot development in the Southern New Jersey community of Logan Township. The funds will finance construction of Buildings A and F, which will measure 164,112 and 326,937 square feet, respectively. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield placed the debt through Wells Fargo on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development. The first phase of the 415-acre project spanned 1.6 million square feet
ORADELL, N.J. — Colliers International has brokered the sale of a 55,317-square-foot medical office building located at 690 Kinderkamack Road in Oradell, a city located in Bergen County. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.
RED BANK, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold River Centre, a six-building, 639,490-square-foot office complex in the Northern New Jersey community of Red Bank, for $84 million. First Mile Properties, an affiliate of New York-based Crown Acquisitions, acquired the Class A complex, which was 66 percent leased at the time of sale. The property offers amenities such as a fitness center, tenant lounge and a café with outdoor seating. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton and Todd Elfand of Cushman & Wakefield represented Mack-Cali in the transaction. John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged acquisition financing on behalf of First Mile Properties. The deal follows Mack-Cali’s divestiture of other office assets in Northern New Jersey, including its holdings in Short Hills (sold for $255 million) and in Edison and Iselin (sold for $254 million).