MOORESTOWN, N.J. — Cushman & Wakefield has brokered the sale of Moorestown Distribution Center, a 272,682-square-foot industrial building that is located approximately 10 miles from downtown Philadelphia. The property was originally built on 15 acres in 1990 as the headquarters for gift shop Sbar’s Inc. and was expanded in 1997. Building features include 34 dock doors, 189 car parking spaces and clear heights of roughly 36 and 21 feet. John Gartland and Jonas Skovdal of Cushman & Wakefield represented the seller, the Piperno family, in the deal. Boston-based NorthBridge Partners acquired the asset for $23.2 million.
PRINCETON, N.J. — Princeton Insurance Co. has sold 742 and 746 Alexander Road, the company’s two-building, 110,000-square-foot office complex in its namesake town. Kevin O’Hearn, Jose Cruz, Thomas Romano, Michael Oliver and Steve Simonelli of JLL represented the owner and tenant in the transaction. The complex consists of a 50,000 and 60,000-square-foot building and amenities such as a fitness center and a cafeteria. Strategic Funding Alternatives LLC purchased the property for an undisclosed price.
UNION, N.J. — G.S. Wilcox, a commercial mortgage banking firm based in Northern New Jersey, has arranged a $49.8 million construction loan for a 266-unit multifamily project in Union, a suburb of Newark. The project represents Phase II of an existing multifamily development. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the floating-rate loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.
CARLSTADT, N.J. — Legacy Capital has purchased a 60,400-square-foot industrial building located at 2 Palmer Terrace in the New York City suburb of Carlstadt. The single-tenant property was originally built in 1977. Jose Cruz, Jordan Avanzato, Marc Duval and Mark Belenky of JLL represented the seller, Palmer Terrace Realty Associates, in the transaction. The sales price was undisclosed.
TEANECK, N.J. — Alfred Sanzari Enterprises, a family-owned and operated commercial and residential real estate firm, has negotiated three office lease renewals totaling 25,000 square feet at Glenpointe, the firm’s flagship office property in the Northern New Jersey community of Teaneck. The deals include a 10,600-square-foot renewal and expansion with Treetop Development, a 7,300-square-foot renewal and expansion with The Russell Berrie Foundation and a 7,100-square-foot renewal and expansion with Eastern Fish Co. Newmark’s team of Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson represented Alfred Sanzari Enterprises in all the transactions.
SHORT HILLS, N.J. — The Birch Group has acquired a four-building office portfolio in the Short Hills submarket of Northern New Jersey for $255 million. The 843,300-square-foot portfolio comprises four Class A buildings located at 51, 101, 103 and 150 JFK Parkway. The properties are currently 80 percent leased to 22 tenants, including Citibank, Investors Bank, KPMG, Bank of America, UBS, Dun & Bradstreet, Morgan Stanley and Wells Fargo. “During the pandemic, there has been a demographic shift to the suburbs, and the migration of this talent pool represents an extraordinary opportunity to meet the demand for high-quality office assets in prime New Jersey markets,” says Mark Meisner, CEO and founder of Birch. “Short Hills is among one of the most prestigious suburban locales and it has consistently achieved above-average rents in New Jersey, while maintaining the highest occupancy rates within the market.” David Bernhaut led a Cushman & Wakefield team that represented the seller, Mack-Cali Realty Corp. (NYSE: CLI). The buyer has also retained Cushman & Wakefield as the leasing agent for the properties. Birch says it views the acquisition as a repositioning opportunity and plans to employ a value-add strategy. Birch will complement $15.2 million of recently completed …
WEST ORANGE, N.J. — Thorofare Capital has provided a $13 million bridge loan for the acquisition of a 70,000-square-foot medical office building in the Northern New Jersey community of West Orange. The property is located within a mile of a 577-bed hospital. The loan was structured with a five-year term and includes proceeds for tenant improvements and other capital expenditures. The borrower was an undisclosed institutional owner-operator.
SOMERSET, N.J. — CustomPictureFrames.com, a manufacturer of picture and other framing solutions, has acquired a 45,300-square-foot industrial building at 6 Shirley Ave. in Somerset, located in Northern New Jersey. Bill Waxman and Christopher Griffith of CBRE represented the buyer, which will relocate from nearby South River, in its site selection and negotiations. Bussel Realty Corp. represented the seller, Emby Hosiery Corp.
ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.
PATERSON, N.J. — BAW Development has broken ground on the redevelopment of Hinchliffe Stadium, an athletic venue in the Northern New Jersey city of Paterson that was originally built in 1932 as the home field of the New York Black Yankees of the Negro Leagues. Once the redevelopment is complete, the site will house a 7,800-seat venue with an upgraded field and seating areas, as well as a 75-unit affordable seniors housing complex, a 12,000-square-foot restaurant and event space, a 5,200-square-foot preschool and a 314-space parking garage. The ballpark, which fell into disrepair in the late 1990s and has been largely unused since then, is most often associated with Paterson native Larry Doby, the first player to break the American League color barrier in 1947. BAW Development is the lead developer and majority owner. RPM Development Group is BAW’s development partner. Construction is being funded, in part, through local, state and national funding via historic tax credits, low-income housing tax credits, new market tax credits and a bond issued by the Passaic County Improvement Authority. Goldman Sachs also recently provided $60 million in construction financing.