MOUNTAIN LAKES, N.J. — Sunrise Senior Living has opened Sunrise of Mountain Lakes, a 99-unit assisted living and memory care facility located in the Northern New Jersey borough of Mountain Lakes. Nearby medical support is available to support care coordination and wellness though Saint Clare’s Denville Hospital and Morristown Medical Center. Information about starting rents was not disclosed.
JERSEY CITY, N.J. — Locally based mortgage banking and advisory firm Progress Capital has arranged a $196.9 million acquisition loan for a 432,000-square-foot office building located at 70 Hudson St. in Jersey City. Tenants at the 12-story building include TD Ameritrade, Gucci, Fidessa and Federal Home Loan Bank of New York, as well as CVS in the ground-floor retail space. Brad Domenico of Progress Capital arranged the loan through Natixis Bank on behalf of the borrower, a partnership between Vision Properties and Hana Financial. David Bernhaut of Cushman & Wakefield brokered the sale of the property. The seller was not disclosed.
EGG HARBOR CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $7 million sale of a 5,585-square-foot retail property in Egg Harbor City, located in Atlantic County. The property is under construction and is preleased to convenience store operator Wawa for 20 years on a triple-net basis. Jason Pucci and Justin Lupo of Kislak represented the buyer, Kamson Corp., in the transaction. The seller was not disclosed.
NEWARK, N.J. — General contractor SJP Properties has completed a 30,000-square-foot office project in Newark that is a build-to-suit for KS Engineering. The new space includes a boardroom and reception area at the entry, huddle rooms, a café with a virtual golf and gaming area, a wellness room and a library/lounge. Design-build firm Ware Malcomb provided interior and exterior design services for the project.
HILLSIDE, N.J. — NAI James Hanson has negotiated the sale of a 28,000-square-foot vacant industrial building in the Northern New Jersey community of Hillside. The building sits on a 1.4-acre site that provides access to Interstate 78, Route 9 and the Garden State Parkway. Eric Demmers and Russel Verducci of NAI James Hanson represented the seller, Certified Processing, in the transaction. The buyer, an investor who owns nearby properties, plans to demolish the existing structure and add more parking space for an existing business.
PISCATAWAY, N.J. — New York City-based Ready Capital has closed a $3.7 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot industrial property in the Northern New Jersey community of Piscataway. The nonrecourse, interest-only loan was structured with a 48-year term, floating interest rate and one extension option. The borrower was not disclosed.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.
SADDLE BROOK, N.J. — ReadySpaces, a provider of warehousing and logistics services for small businesses, has signed a 164,500-square-foot industrial lease at 575 N. Midland Ave. in Saddle Brook, located outside of New York City in Bergen County. According to LoopNet Inc., the property sits on 7.3 acres and features clear heights of 14 to 28 feet. A supplier of corrugated boxes most recently occupied the facility. Mike Davis and Noah Balanoff of Colliers represented ReadySpaces in the lease negotiations.
NEW YORK CITY — New York City-based Ready Capital has closed a $22 million loan for the acquisition, renovation and stabilization of a portfolio of six industrial properties that are located in various parts of New Jersey and Pennsylvania. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate, an extension option and a facility to fund capital improvements. The borrower was not disclosed.
By Taylor Williams Northern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest state by area, and thus has the highest level of population density in the country. The combination of a growing population and a very limited supply of land means that infill development sites that provide direct access to major cities, most notably New York City and Philadelphia, are highly coveted by developers of all property types. But developers that can deliver the right kind of housing on those sites play central roles in helping municipal leaders bring new jobs, retailers and restaurants to their communities. CENTURION Union Center, a mixed-use project which includes nearly 300 new homes and approximately 27,000 square feet of retail space, is just one such project that ties together a basic need for housing with a larger revitalization of the community. …