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.
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.
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.
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.
RARITAN, N.J. — New Jersey-based Accurate Builders & Developers has completed Crossings at Raritan Station, a 256-unit apartment complex in Raritan, located in the northern-central part of the Garden State. Designed by Devereaux and Associates, the transit-oriented property features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and modern espresso cabinets. Private balconies are also available in select residences. Amenities include a coffee bar, fitness center, tennis court, basketball court, dog park, meditation garden, outdoor grilling areas and Amazon package lockers. Monthly rental rates start at $1,892 for a studio unit. Leasing of the initial 113-unit phase began in May.
SUMMIT, N.J. — Marcus & Millichap has brokered the $12.5 million sale of a 19,971-square-foot office building in Summit, located about 25 miles west of New York City. Alan Cafiero, Ben Sgambati and David Cafiero of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. Energy Capital Partners occupies the building.
MAPLE SHADE, N.J. — Boston-based industrial investment firm NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the undisclosed seller and NorthBridge Partners in the transaction.
WINDSOR, N.J. — Elecnor Hawkeye, an underground utilities construction firm, has signed a 13,640-square-foot industrial lease renewal at 92 Main St. in Windsor, a suburb of Trenton. Marc Shein of NAI DiLeo-Bram represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
RUTHERFORD, N.J. — Colliers International has negotiated the sale of 71 Union Avenue, a 32,226-square-foot, transit-served office and healthcare property in the Northern New Jersey community of Rutherford. The seller was an affiliate of Aspen Advisors, and the buyer was undisclosed. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.
HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of four adjacent commercial buildings that are located on the site of a future redevelopment project in Hackensack. The four buildings collectively total about 15,500 square feet. The buyer, Anderson Street Urban Renewal LLC, an affiliate of McGowan Builders, plans to raze the properties and develop a 224-unit multifamily development at the site that will include 4,000 square feet of ground-floor retail space. Anthony Cassano of NAI Hanson brokered the deal. The seller was not disclosed.