LODI, N.J. — CBRE has negotiated a 130,000-square-foot industrial lease at the former National Wholesale Liquidators building in the Northern New Jersey community of Lodi. Bill Waxman and Kevin Dudley of CBRE represented the tenant, AAA Wholesale, a supplier of household items, in the lease negotiations. The name and representative of the landlord were not disclosed.
ALPHA, N.J. — NAI DiLeo-Bram has arranged the sale of Evergreen Village, a 98-unit apartment complex in Alpha, located in the central-western part of the state. The property offers one-, two- and three-bedroom units across seven two-story buildings. Jerry Zaro and Jeffrey Meltzer of law firm Sills Cummis & Gross PC represented the undisclosed seller. David Simon of NAI DiLeo-Bram brokered the deal. The buyer was also undisclosed.
FLORHAM PARK, N.J. — JLL Income Property Trust has acquired 170 Park Avenue, a 147,000-square-foot life sciences building in the Northern New Jersey city of Florham Park. The sales price was approximately $47 million. The property is net leased on a long-term basis to biotechnology firm Celularity Inc. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale and Tom Sullivan of CBRE represented the undisclosed institutional seller. With this acquisition, JLL Income Property Trust now owns five life sciences properties totaling more than 450,000 square feet that are valued in excess of $215 million.
DOVER, N.J. — Gebroe-Hammer Associates has brokered the $15.7 million sale of Dover Hills Apartments, a 100-unit multifamily asset in Morris County. Built in 1964, the property offers 15 studio units, 72 one-bedroom residences, 12 two-bedroom apartments and one three-bedroom unit. Debbie Pomerantz of Gebroe-Hammer represented the seller, Dover Hills Properties LLC, in the transaction. Steve Tragash, also with Gebroe-Hammer, procured the undisclosed buyer.
FLORENCE, N.J. — NAI Mertz has negotiated a 300,700-square-foot, full-building industrial lease at 839 Railroad Avenue, a project under construction in the Southern New Jersey city of Florence. Scott Mertz of NAI Mertz represented the tenant, auto parts supplier DNA Motoring, in the lease negotiations. Tony Rod of Lee & Associates represented the developer, Denver-based Black Creek Group. Building features include 36-foot clear heights, ample trailer parking and immediate proximity to the New Jersey Turnpike. DNA Motoring expects to take occupancy of the building in the second quarter.
JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.
FARMINGDALE, N.J. — New Jersey-based Sheldon Gross Realty has brokered the sale of a 102,000-square-foot warehouse in Farmingdale, located in the western-central part of the state. The sale included an adjacent undeveloped parcel. An affiliate of Merola Tile, a wholesale distributor of specialty tiles and supplies, purchased the asset for an undisclosed price. Jonathan Glick of Sheldon Gross brokered the deal.
LOGAN TOWNSHIP, N.J. — J.G. Petrucci Co. is underway on construction of Building A at Port Logistics Center at Logan, in Logan Township, located outside of Philadelphia in Gloucester County. The 1 million-square-foot building is part of a larger speculative industrial project that will eventually consist of four buildings totaling 1.9 million square feet across 190 acres. The first and largest building is scheduled to be complete in late 2021. CBRE has been tapped to lease the development.
ELIZABETH AND NEWARK, N.J. — A partnership between two New Jersey-based firms, Elberon Development Group and Fidelco Realty Group, will develop a 140,000-square-foot cold storage facility in Northern New Jersey. The property will be located on a 7.8-acre site within the port submarket on the border of Newark and Elizabeth and will be a build-to-suit for FreezPak Logistics. Michael Klein, Jon Mikula and Max Custer of JLL arranged a $34 million construction loan through a correspondent insurance company on behalf of the development team. A construction timeline was not disclosed. The facility will be FreezPak’s fifth in New Jersey and will feature 10.5 million cubic feet of space, 18 docks and 30,000 pallet positions.
WALL TOWNSHIP, N.J. — Ziegler has arranged $114.8 million in bond financing for Springpoint Senior Living, located near the Jersey Shore in Wall Township. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures. The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.