JERSEY CITY, N.J. — JLL has arranged a $13 million loan for the refinancing of Esjay Apartments, a 40-unit multifamily complex in Jersey City. The mid-rise building features one- and two-bedroom units with an average size of 680 square feet. Amenities include a fitness center, two rooftop terraces with grilling stations and a package handling room. Matthew Pizzolato of JLL arranged the 10-year, fixed-rate loan through Nationwide on behalf of the borrower, Point Capital Development LLC.
NEW YORK CITY — WHP Global, the parent company of Toys ‘R’ Us, has entered into an agreement with Macy’s (NYSE: M) to open more than 400 toy stores within the department store chain’s existing locations across the country in 2022. In addition to physical merchandise, the new stores will feature interactive experiences and activation centers to enhance the experience for both children and parents. The Wayne, New Jersey-based toy retailer originally announced its intent to close or sell off all of its 700-plus U.S. stores in 2018. New York City-based WHP Global acquired the controlling stake of TruKids Inc., the former owner of Toys ‘R’ Us, in March with plans to reopen some stores.
NEWARK, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.
CLIFTON, N.J. — Capital One has provided a $42 million loan for the refinancing of a 220,000-square-foot warehouse/distribution building in the Northern New Jersey community of Clifton. The property features a clear height of 32 feet, 29 loading docks and ample car and trailer parking spaces. In addition, online grocery startup Weee! recently signed a long-term lease at the property. Capital One provided the 10-year, fixed-rate loan to a partnership between two New Jersey-based firms, KRE Group and The Stro Cos.
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.
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.
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.
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.
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.
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.
