NORTH BRUNSWICK, N.J. — Total Wine & More has opened a 32,000-square-foot store in North Brunswick, located in Central New Jersey. Total Wine joins Trader Joe’s as the anchor tenant at the 124,000-square-foot North Village Shopping Center, which is now fully leased. Ed Vasconcellos of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Brian Schuster of RIPCO Real Estate represented Total Wine.
OLD BRIDGE, N.J. — Madison Realty Capital has originated a $654 million mortgage and mezzanine loan for Central 9 Logistics Park, an industrial project currently underway in Old Bridge, roughly 35 miles southwest of New York City. New Jersey-based development firm 2020 Acquisitions is the borrower. Upon completion, the development will comprise 4.1 million square feet across nine buildings. The property is situated in close proximity to Garden State Parkway, New Jersey Turnpike and I-287, with access to the Port of New York and New Jersey’s Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. The borrower will use the funds to refinance five buildings in Phase I of Central 9 Logistics Park and to cover construction and leasing costs for two buildings in Phase II. The finished buildings at the campus range from 192,000 to 818,000 square feet in size. The buildings planned for Phase II will total 139,000 and 809,000 square feet, respectively. 2020 Acquisitions is also planning Phase III at Central 9 Logistics Park, which will comprise two final buildings. “With three leases signed over the past 45 days totaling approximately 900,000 square feet, we are accelerating the construction of Phase II and will begin construction immediately,” says Efrem …
FRANKLIN, N.J. — JLL has negotiated the sale of a 200,000-square-foot vacant office building in Franklin, located in Central New Jersey. Known as 200 Franklin Square, the four-story building sits on a 12.2-acre site and formerly housed the headquarters of Philips Electronics. Jose Cruz, Jeremy Neuer, Ryan Robertson, Nicholas Stefans and Jason Lundy of JLL represented the undisclosed seller in the transaction and procured the buyer, regional development and investment firm Axria Inc., which plans to redevelop the property. The new ownership did not provide details on redevelopment plans, but the site can support a range of commercial uses, including office, medical, educational and light industrial.
MORRIS PLAINS, N.J. — Local developer Chopp Holdings has sold an 89,100-square-foot office building in Morris Plains, about 30 miles west of New York City, for $10.2 million. The three-story building sits on a 16.5-acre site at 201 Littleton Road and recently underwent capital improvements. David Bernhaut, Frank DiTommaso, Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and Bill Baunach of Cushman & Wakefield represented the seller and procured the buyer, an affiliate of Agadia Systems Inc., in the transaction. Brian Anderson and Eddie Miro, also with Cushman & Wakefield, arranged acquisition financing for the deal.
WEST NEW YORK, N.J. — CBRE has negotiated the $2.9 million sale of a 12-unit apartment building located in the Northern New Jersey community of West New York. The two-story building at 440 60th St. features two floors of commercial space and three floors that house two-bedroom units. Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale of CBRE represented the seller in the transaction. CBRE also procured the buyer. Both parties requested anonymity.
WEST ORANGE, N.J. — Fitness operator Iron Culture Gym has opened a 26,000-square-foot flagship facility in West Orange, about 20 miles west of Manhattan. The space formerly housed a 1950s-era bowling alley known as Eagle Rock Lanes. Titan Construction Management served as the general contractor for the adaptive reuse project. New Jersey-based Sym Heller Development & Management owns the building.
BAYONNE, N.J. — CBRE has brokered the $3.6 million sale of a 20-unit apartment building located in the Northern New Jersey community of Bayonne. The four-story building at 38-40 Kelly Parkway is located in the Constable Hook neighborhood and was originally constructed in 1920, according to LoopNet Inc. Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale of CBRE represented the seller in the transaction. CBRE also procured the buyer. Both parties requested anonymity.
WESTFIELD, N.J. — Marcus & Millichap has brokered the $5 million sale of a 10,369-square-foot office building in the Northern New Jersey community of Westfield. The two-story building at 1 Elm St. was originally constructed in 1922 and renovated in 2018 and was fully leased at the time of sale. Alan Cafiero and David Cafiero of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
PISCATAWAY, N.J. — Levin Management Corp. is underway on construction of a 54,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The building will be located within Rutgers Industrial Center and will feature a clear height of 35 feet, eight loading docks, 31 parking spaces and 2,000 square feet of office space. Cushman & Wakefield is the leasing agent. Initial occupancy is slated for early 2026.
JERSEY CITY, N.J. — A partnership between two New York City-based firms, SJP Properties and Claremont Development, as well as Battery Global Advisors and PCCP LLC, will develop a 444-unit apartment building in Jersey City. The site is located at 619 Grove St., and the 24-story building will be known as The Lucy and will include 13 affordable housing units. The amenity package will consist of a rooftop pool, sky lounge, sundeck with grilling stations, a penthouse bar, coworking and conference rooms, fitness center, media and game room, speakeasy, hydroponic garden, multiple lounges, a coffee bar, grab-and-go market and a pet grooming station. Michael Graves Architecture is designing the project, and KL Masters Construction Co. is serving as the general contractor. Mary Cook Associates is handling interior design. Kennedy Wilson is financing construction, which is scheduled to begin in the coming weeks. Cushman & Wakefield arranged the construction debt and structured the joint venture between SJP and Claremont. A tentative completion date was not announced.