MANALAPAN, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the $4.9 million sale of a 66,500-square-foot industrial property in Manalapan, about 50 miles south of New York City. The two-building complex sits on a five-acre site and was close to 100 percent leased at the time of sale. Matthew Leonelli of Sheldon Gross Realty brokered the deal. The buyer and seller were not disclosed.
EAST RUTHERFORD, N.J. — Brookaire Co., a supplier of HVAC parts and systems, has signed a 50,358-square-foot industrial lease at 46 Whelan Road in the Northern New Jersey community of East Rutherford. San Francisco-based Terreno Realty Corp. owns the building, which was constructed in 2006 and features a clear height of 30 feet. Kevin Dudley and Nick Klacik of CBRE represented the tenant in the lease negotiations.
EAST HANOVER, N.J. — San Francisco-based Terreno Realty Corp. (NYSE: TRNO) has sold an industrial property in East Hanover, located about 25 miles west of New York City, for $32.7 million. The property consists of three buildings totaling approximately 167,000 square feet that are situated on an 11.7-acre site. Terreno Realty purchased the property, which was 88 percent leased to 32 tenants at the time of sale, in September 2013. The buyer was not disclosed.
WESTFIELD, N.J. — Walker & Dunlop has brokered the $29.7 million sale of a 70-unit multifamily property located at 333 Central Ave in Westfield, about 15 miles southwest of Manhattan. Built in 2017, the property offers amenities such as a fitness center with yoga and Pilates studios, community room, rooftop terrace, dog park and package concierge system. Thomas Walsh and Joseph Garibaldi of Walker & Dunlop represented the seller, a partnership between two New Jersey-based firms, Claremont Development and The Hampshire Cos., in the transaction. The buyer was Rockwood Capital LLC.
KEARNY, N.J. — NAI James E. Hanson has brokered the $26.3 million sale of a 5.4-acre industrial development site in the Northern New Jersey community of Kearny. The site is located within five miles of Port Newark, just off Exit 15E of the New Jersey Turnpike. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase of NAI Hanson represented the buyer, San Francisco-based REIT Terreno Realty Corp., in the acquisition of the land. The new ownership did not disclose specific development plans.
LYNDHURST, N.J. — JLL has negotiated the sale of The Union at Lyndhurst, a 328-unit apartment community in Northern New Jersey. The property offers studio, one- and two-bedroom units with an average size of 1,007 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park and multiple courtyards. Jose Cruz, Michael Oliver, J.B. Bruno, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, Mesirow Institutional Real Estate Direct Investments, in the transaction. Pacific Urban Investors acquired the asset for an undisclosed price.
PISCATAWAY, N.J. — NAI DiLeo-Bram has brokered the sale of Clover Leaf Industrial Park, a four-building, 30,000-square-foot development that is located on a 26-acre site in the Northern New Jersey community of Piscataway. Chris Galiano of NAI DiLeo-Bram represented the seller, a private family that owned the asset for 30 years, in the $10.5 million deal. The buyer, Contracting Leasing Corp., a provider of trailer leasing services, will also operate its business out of the facility.
WEST WINDSOR, N.J. — Developer Woodmont Properties has opened Woodmont Way, a 443-unit apartment community in West Windsor, a northern suburb of Trenton. The property features one-, two- and three-bedroom units that are equipped with private balconies/patios. Residents also have access to private garages and individual storage spaces. Communal amenities include a pool, fitness center, game room, golf simulator, theater room, bark park and access to walking trails. To date, Phase I of Woodmont Way is 100 percent occupied with over 130 leases signed since the launch of leasing earlier this year.
EAST ORANGE, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has negotiated the $11.7 million sale of a two-property, 88-unit multifamily portfolio in the Northern New Jersey community of East Orange. The garden-style buildings at 255 Prospect St. and 284 Prospect St. total 42 and 46 units, respectively, across a variety of floor plans. David Oropeza and Debbie Pomerantz of Gebroe-Hammer represented the seller, F&C Realty Co. LLC, and procured the buyer, a private investor, in the transaction.
EAST ORANGE, N.J. — J.G. Petrucci Co. Inc. has broken ground on The Station at East Orange, a 172-unit mixed-income residential community in Northern New Jersey. Thirty percent of the property’s one-, two- and three-bedroom units will be designated as affordable housing, with an area median income range starting at 30 percent to the upper limit of HUD requirements. Amenities will include a fitness center, business center, open terrace courtyards, an art gallery and 3,477 square feet of retail space. Completion is slated for 2022.