MORRISTOWN, N.J. — Colliers has negotiated a 16,500-square-foot office lease extension and expansion at Headquarters Plaza in the Northern New Jersey community of Morristown. The tenant, PLT Health Solutions, develops and markets organic ingredients for the food industry and is expanding by 6,500 square feet. Samuel Horowitz, Chris Hovanec and Ray Iodice of Colliers represented PLT Health Solutions, which has been a tenant at Headquarters Plaza for 30 years, in the lease negotiations. Robert Donnelly and Benjamin Brenner of Cushman & Wakefield represented the undisclosed landlord.
PRINCETON, N.J. — JLL has brokered the sale of West Windsor Commons, a two-building, 302,000-square-foot office complex in Princeton. The property was fully leased at the time of sale to tenants such as Bristol Myers Squibb and Merrill Lynch/Bank of America. Amenities include a courtyard, fitness center and a cafeteria. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Alexander Alfier, David Stifelman and Jason Benson of JLL represented the seller, a partnership between insurance companies John Hancock Financial and Manulife, in the transaction. The team also procured the undisclosed buyer.
ELIZABETH, N.J. — JLL has negotiated the sale of a 138,642-square-foot cold storage facility located in the Northern New Jersey community of Elizabeth. Built in 2016, the property features 60-foot clear heights, 18 temperature-controlled loading docks and 4,800 square feet of office space. In addition, the property was fully leased to Seafrigo Cold Storage at the time of sale. Michael Oliver, Marc Duval, Jordan Avanzato, Nicholas Stefans and Jose Cruz of JLL represented the undisclosed buyer in the transaction. The seller, a joint venture between The Avidan Group and Elberon Development Group, was represented in-house.
WEEHAWKEN, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $2.7 million sale of a 21-unit multifamily property in the Northern New Jersey community of Weehawken. The property consists of 20 one-bedroom units and one four-bedroom unit. Steve Matovski of Redwood Realty Advisors brokered the deal. The buyer and seller were not disclosed.
JERSEY CITY, N.J. — A developer doing business as 400 Claremont LLC has completed 3 Acres, a 629-unit apartment community in Jersey City. Designed by Marchetto Higgins Stieve, the property offers micro studio, studio, one- and two-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Indoor amenities include a fitness center, saunas, conference room, work pods, demonstration kitchen, multi-sport simulator and screening room, resident lounge and a game room with a mini bowling alley. Outside, residents have access to a rooftop terrace with a pool, as well as a dog run and courtyards with dining stations, workout areas and games. The property is roughly 50 percent leased, and rents start at $1,575 per month for a one-bedroom unit.
EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.6 million sale of a 17-unit multifamily property in the Northern New Jersey community of East Orange. The property includes three retail spaces. Julie Gralla of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak represented the buyer. Both parties requested anonymity.
RIDGEWOOD, N.J. — Signature Bank has funded a $39 million loan for the refinancing of a portfolio of eight industrial properties totaling approximately 395,000 square feet that are located in various areas of Northern New Jersey. Specifically, the warehousing and logistics facilities are located in Woodbridge, Moonachie, Clifton, Woodland Park, Wyckoff and Roselle. Zachary Bermudez led the Signature Bank team that originated the financing on behalf of the borrower, New Jersey-based STRO Cos.
CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced a slate of new retailers and restaurants at Cherry Hill Mall, located outside of Philadelphia in Southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.
PISCATAWAY, N.J. — Indianapolis-based Duke Realty (NYSE: DRE) has broken ground on a 216,892-square-foot speculative industrial project that is located on a 21-acre site at 1570 S. Washington Ave. in the Northern New Jersey community of Piscataway. Building features include a clear height of 40 feet, 34 dock doors, 38 trailer parking spaces and 125 car parking spaces. Completion is slated for the fall. Colliers represented Duke Realty in its site selection and acquisition of the land and has also been retained to lease the property.
FORDS, N.J. — Marcus & Millichap has brokered the sale of King’s Road Office Center, a 37,135-square-foot building in Fords, located about 30 miles south of Manhattan. The property was 92 percent leased at the time of sale and fetched a price of roughly $4.3 million. Alan Cafiero and Brent Hyldahl of Marcus & Millichap brokered the deal on behalf of the seller, a limited liability company. Additional terms of sale were not disclosed.