ASBURY PARK, N.J. — Marcus & Millichap has brokered the sale of a site located at 1001 First Ave. in the coastal city of Asbury Park that is entitled for the development of 80 multifamily units. The sales price was approximately $2.2 million. Development plans for the 57,000-square-foot parcel also include two ground-floor retail spaces and 94 parking spots. Chez Eider, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEWARK, N.J. — PGIM Real Estate, the real estate investment and financing business of PGIM, has provided $178 million in fixed-rate debt for the refinancing of a national portfolio of five manufactured housing communities. The properties total 1,731 sites and are located in Massachusetts, New Jersey, Illinois and Florida. Amenities of the portfolio, which was 99 percent occupied at the time of the loan closing, include pools, fitness centers, putting greens, clubhouses, bocce ball courts and dog parks. In addition, four of the five properties feature age restrictions. The borrower was Chicago-based Hometown America. Bellwether Enterprise arranged the debt.
MADISON, N.J. — A joint venture between New Jersey-based Bergman Real Estate Group and Eightfold Capital has acquired 7 Giralda Farms, a 236,800-square-foot office building in Madison, about 25 miles west of New York City. The seller was Mack-Cali Realty Corp. Built in 2000, the property is part of the Giralda Farms Corporate Campus, which consists of seven buildings totaling 1.1 million square feet on a 310-acre site. Tenants at the campus include Prudential, Leo Pharma Inc., Merck, Pfizer and Atlantic Health Systems. Michael Klein, Greg Nalbandian and Gerald Quinn of JLL arranged acquisition financing through Shem Creek Capital on behalf of the new ownership, which plans to implement a capital improvement program.
PARK RIDGE, N.J. — Claremont Development has opened The James, a 240-unit apartment complex in the Northern New Jersey community of Park Ridge that includes 17,600 square feet of retail space. Units come in studio, one- and two-bedroom floor plans and feature stainless steel appliances, quartz countertops, espresso cabinetry and tile backsplashes. Indoor amenities include a coffee bar, game room, catering kitchen, coworking spaces with private offices, fitness center and a yoga studio. Outside, residents have access to multiple gathering areas, including an outdoor pool, grilling and dining areas, fire pits, TV and lounge areas and a turf lawn. Rents start at $1,965 per month for a studio unit.
WOODLAND PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE, has broken ground on 46/80 Logistics Center, a 205,350-square-foot industrial project in the Northern New Jersey community of Woodland Park. The Class A property will be located on a 15.5-acre site at 1150 McBride Ave. Completion is slated for the first quarter of 2022. City National Bank provided construction financing.
EWING, N.J. — Neuman Commercial Group LLC has brokered the $8.6 million sale of a 98,005-square-foot retail and industrial building in Ewing, a suburb of Trenton. Built in 1955 on 6.7 acres, the property was 98 percent occupied at the time of sale by tenants such as Dollar General, Dunkin’ and the State of New Jersey Department of Motor Vehicles. Gil Neuman of Neuman Commercial represented the seller, Black Oak Associates, and procured the undisclosed, locally based buyer.
HOLMDEL, N.J. — Somerset Development will open Campus, a 72,000-square-foot coworking space, at its Bell Works mixed-use development in Holmdel, located in the eastern coastal part of the state. G3 Architects and NPZ Style & Décor designed the space, which will offer a variety of workspaces, from breakout rooms to private suites to conference facilities. Members will also have access to the property’s retail and restaurant offerings. The opening is slated for the fourth quarter. Bell Works is a redevelopment of the former Bell Labs research and development facility.
NORTHVALE, N.J. — Cushman & Wakefield has brokered the $27 million sale of Ludlow Industrial Park, a 193,235-square-foot complex in Northvale, located along the New York-New Jersey border. The three-building property sits on nine acres and was fully leased to RAB Lighting at the time of sale. Building features include clear heights up to 33 feet, 228 car parking spaces and 21 loading positions. Gary Gabriel, Kyle Schmidt, Chuck Fern, Tom Tucci and Eli Millstein of Cushman & Wakefield represented the seller in the transaction. The buyer was not disclosed.
RED BANK, N.J. — JLL has arranged an $11.4 million loan for the refinancing of two office buildings totaling 79,022 square feet in the Northern New Jersey community of Red Bank. The first building at 310 Highway 35 South was completed in 2002, spans 40,705 square feet and was fully leased to financial services firm Markel Service Inc., a holding company for insurance, reinsurance and investment operations at the time of the loan closing. The second building at 322 Highway 35 South was built in 2007, totals 38,317 square feet and was 90 percent leased to five tenants at closing. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the seven-year, fixed-rate loan through Tristate Capital Bank on behalf of the borrower, locally based investment firm Denholtz Properties.
WEST NEW YORK, N.J. — On Aug. 2, locally based developer National Realty Investment Advisors (NRIA) will break ground on The Grand, the first of two 156-unit multifamily buildings that will be constructed at 508 51st St. in West New York, located across the Hudson River from Manhattan. NRIA will break ground on a later date on The Grand’s sister tower, The Metro, which will be located on 52nd Street. The Grand and The Metro will both rise 14 stories and feature fitness centers and rooftop entertainment areas. Residents will also have access to a business center and a grab-and-go convenience mart. Construction of both buildings is scheduled to be complete by summer 2023. The development will also include a 495-space parking garage in which 60 percent of the spaces will be available for public use.