NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.
EWING, N.J. — Marcus & Millichap has brokered the sale of The Luxe at Ewing Station, a 59-unit multifamily property in Ewing, located outside of Trenton. The complex is located within a mile of Ewing Town Center, an 80-acre mixed-use redevelopment of the former General Motors plant. Chez Eider and Jason Petrick of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction.
EDISON, N.J. — CBRE has negotiated a 346,858-square-foot industrial lease for international logistics firm JW Fulfillment Inc. in the Northern New Jersey city of Edison. The 699,000-square-foot facility at 300 Cedar Lane sits on 50 acres and features 40-foot clear heights, 123 loading docks, 161 trailer parking spaces and 389 car parking spaces. Bill Waxman, Mindy Lissner and Chris Griffith, along with Jimo Liu of Realmart Realty, represented the tenant in its site selection and lease negotiations. Chuck Fern of Cushman & Wakefield represented the landlord.
By Danielle Brunelli, president, R.J. Brunelli & Co. On both the landlord and tenant sides, 2020 was a tough year for the Northern New Jersey retail market. But as some of the industry’s most optimistic voices predicted, the hard times are passing, and actually passing fairly quickly. In 2020, we saw leasing activity decline by almost 30 percent year over year. This languishing activity resulted in a 3.1 percent drop in the market rent on a per-square-foot basis. Over the past couple years, there were several bankruptcies in the works that were accelerated by the COVID-19 pandemic. These bankruptcies resulted in many new vacancies in the region, including former stores of Modells, Justice, Pier 1 Imports, Tuesday Morning, Steinmart and others. However, light has appeared at the end of the tunnel, and we are seeing renewed leasing activity as we close the first quarter of 2021. Users including Planet Fitness, Dollar Tree, Harbor Freight, Raymour and Flanigan, salon suites concepts, Five Below and others are leasing up vacant spaces quickly. Tenant Expansions A good example of an essential service business that has benefited from an increase in sales throughout the pandemic and aggressively expanded in the region in 2020 is …
JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the sale of 125 Magnolia at Journal Square, a 94-unit midrise apartment building in Jersey City. Originally built in 1929, the five-story property includes five retail spaces and features studio, one- and two-bedroom units. Niko Nicolaou of Gebroe-Hammer represented the seller, Excelsior Equities, and procured the buyer, Spring Management. Brad Domenico of Progress Capital arranged acquisition financing for the deal.
CARTERET, N.J. — Crow Holdings Industrial will develop a 1.2 million-square-foot speculative industrial facility on a 126-acre site in the Northern New Jersey community of Carteret. The development will consist of three buildings ranging in size from 335,000 to 480,000 square feet that will feature 40-foot clear heights, 174 dock doors, 140 trailer parking spaces and six drive-in ramps. Crow Holdings acquired the site from Rahway Arch Properties and plans to begin construction this summer. Cushman & Wakefield has been tapped to lease the project.
TRENTON, N.J. — New York City-based Time Equities Inc. has acquired the Trenton Loft Portfolio, a collection of three multifamily buildings totaling 200 units in Trenton, for $28.8 million. The three buildings are located in the Trenton Transit Center/Chambersburg neighborhood. Michael Oliver, Fran Coyne and Jose Cruz of JLL represented the undisclosed seller in the transaction.
NEW OXFORD, PA. — The Kislak Co., a New Jersey-based brokerage firm, has arranged the $17 million sale of Misty Creek Village, a 110-unit multifamily property in New Oxford, located in the southern-central part of the state. Built in 2016, the property consists of several two-story, vinyl-sided buildings with one-, two- and three-bedroom residences. Homes feature granite countertops, individual washers and dryers and private patios or balconies. Matt Wolf and Robert Holland of Kislak represented the buyer and seller in the deal. Both parties requested anonymity.
PARSIPPANY, N.J. — The Birch Group has announced plans to renovate 99 and 199 Cherry Hill Road, a two-building, 191,249-square-foot office complex in the Northern New Jersey community of Parsippany. The $1 million capital improvement program will upgrade the lobbies, conference rooms, hallways, bathrooms and common spaces. The Birch Group acquired the complex, which currently houses tenants such as Bayada Home Healthcare, Thermo Fisher Scientific and Scholls Wellness Co., in January 2020. Cushman & Wakefield leases the property.
LYNDHURST, N.J. — Colliers International has negotiated the sale of 1099 Wall Street West, a 118,465-square-foot office building in Lyndhurst, located outside of New York City. Originally built in 1971, the property recently received $1.2 million in capital improvements, including the upgrading of amenities such as a café, game room and lounge and a conference center. Locally based investment and management firm Bergman Real Estate Group sold the property to BHN Associates for an undisclosed price. Jackelene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.