New Jersey

Advance Realty, Invesco Open 450,000 SF Redeveloped Retail Center in Roxbury, New Jersey

by Taylor Williams July 29, 2021

ROXBURY, N.J. — A joint venture between Advance Realty Investors and Invesco Real Estate has opened The Shops at Ledgewood Commons, a 450,000-square-foot open-air lifestyle center that is a redevelopment of the former Ledgewood Mall. The property is located in Roxbury, about 45 miles west of New York City. Anchored by a 164,087-square foot Walmart Supercenter that opened in October 2020, the property also houses retailers such as Marshalls, Ashley HomeStore, Men’s Wearhouse, Ulta Beauty, Five Below and Burlington. Restaurant users include Wendy’s, Chipotle Mexican Grill, Five Guys, Panda Express and Starbucks. Jeffery Realty is the leasing agent for the property.

July 29, 2021

Acquisitions New Jersey Northeast Office

Birch Group Acquires Alexander Park Office Portfolio in Princeton for $47.3M

by Taylor Williams July 28, 2021

PRINCETON, N.J. — New York-based private investment firm The Birch Group has acquired 600 and 700 Alexander Park, a 213,110-square-foot office portfolio in Princeton, for $47.3 million. The three-story building at 600 Alexander Drive consists of 141,176 square feet, and the three-story building at 700 Alexander Drive totals 71,934 square feet. Amenities include a cafeteria with indoor and outdoor seating, a fitness center, tenant lounge and walking paths. Kevin O’Hearn and Jose Cruz of JLL represented the seller, BentallGreenOak, in the transaction, and procured The Birch Group as the buyer. Greg Nalbandian, also with JLL, arranged acquisition financing.

July 28, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $43M Loan for Refinancing of Multifamily Building in Jersey City

by Taylor Williams July 28, 2021

JERSEY CITY, N.J. — JLL has arranged a $43 million bridge loan for the refinancing of BELA, a 104-unit multifamily building in Jersey City. The newly built property offers one- and two-bedroom units that average 982 square feet and are furnished with stainless steel appliances, island kitchens and full-size washers and dryers. Amenities include a fitness center, grilling stations, outdoor lounge and a clubroom. BELA also houses 2,600 square feet of ground-floor retail space. Matthew Pizzolato and Thomas Didio Jr. of JLL arranged the floating-rate loan through BrightSpire Capital Inc. on behalf of the borrower, Golden Glades Capital Management.

July 28, 2021

Acquisitions Data Centers New Jersey Northeast Office

STRO Cos. Acquires 141,000 SF Office, Data Center in Florham Park, New Jersey

by Taylor Williams July 27, 2021

FLORHAM PARK, N.J. — The STRO Cos., a New Jersey-based investment firm, has acquired a 141,000-square-foot office and data center that is situated on a 14.4-acre site in the Northern New Jersey community of Florham Park. The company purchased the asset from Bank of New York Mellon (BNY), which also occupies the building, for an undisclosed price. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, J.B. Bruno, Jordan Avanzato and Michael Kavanaugh of JLL represented BNY in the transaction. Prudential Bank provided acquisition financing.

July 27, 2021

85-New-Brunswick-Ave.-Woodbridge-New-Jersey

Acquisitions Industrial New Jersey Northeast

Woodmont Sells 101,425 SF Distribution Center in Woodbridge, New Jersey

by Taylor Williams July 27, 2021

WOODBRIDGE, N.J. — Woodmont Industrial Partners has sold a 101,425-square-foot distribution center in Woodbridge, about 30 miles south of New York City. Woodmont completed construction of the property in the second quarter and subsequently executed a lease with Bentley Labs, a formulator and provider of beauty products. The property features a clear height of 36 feet and 12 dock doors with the option to expand to 24. The buyer was Denver-based EverWest Real Estate Investors.

July 27, 2021

Kingsley-Arms-Apartments-Asbury-Park-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $18.5M Sale of Kingsley Arms Apartments in Asbury Park, New Jersey

by Taylor Williams July 26, 2021

ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $18.5 million sale of Kingsley Arms Apartments, a 98-unit multifamily building in Asbury Park. The unit mix consists of 23 studios, 68 one-bedroom units, five two-bedroom units and two penthouses. Units were renovated in 2016, and building upgrades were completed earlier this year. Amenities include a fitness center, media room and a rooftop terrace. Daniel Lanni of Kislak represented the seller, Sackman Residential Holdings LLC, and the buyer, an entity doing business as 200 Deal Lake LLC, in the transaction. ConnectOne Bank provided acquisition financing.

July 26, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Buys 130,000 SF Portfolio in Cherry Hill, New Jersey

by Taylor Williams July 26, 2021

CHERRY HILL, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has purchased a 130,000-square-foot portfolio in the Philadelphia suburb of Cherry Hill. Wharton acquired the three-building portfolio from an undisclosed seller in an off-market transaction and will implement a capital improvement program. Renovations will include replacing certain roofs, upgrading landscaping, repairing and painting exteriors and improving truck loading stations.

July 26, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Acquires 153,400 SF Portfolio in Pennsauken, New Jersey

by Taylor Williams July 23, 2021

PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.

July 23, 2021

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances 90,000 SF Industrial Facility in Fairfield, New Jersey

by Taylor Williams July 23, 2021

FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.

July 23, 2021

Development New Jersey Northeast Office

Columbia Completes Phase I of Redevelopment of 680,000 SF Office Building in Jersey City

by Taylor Williams July 22, 2021

JERSEY CITY, N.J. — Columbia Property Trust (NYSE: CXP) has completed Phase I of the redevelopment of 95 Columbus, a 680,000-square-foot office building in the Grove Street neighborhood of Jersey City. Global architecture firm Spector Group is leading design of the project, the first phase of which centered on the renovation of the lobby. The next phase of the redevelopment will involve the creation of a lounge area, as well as the enhancement of utility and elevator systems. Columbia is also constructing a bike storage room, bathrooms and shower facilities. Cushman & Wakefield has been tapped to lease the building following the completion of the redevelopment, which is slated for the this fall.

July 22, 2021

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