New Jersey

LeFrak Organization Begins Leasing 336-Unit Multifamily Community in Newport, New Jersey

by Taylor Williams May 10, 2021

NEWPORT, N.J. — The LeFrak Organization, a family-owned development firm, has begun leasing The Beach, a 336-unit multifamily community in Newport, located across the Hudson River from Lower Manhattan. Designed by HLW Architects, the waterfront property offers studio, one-, two-, three- and four-bedroom units with private terraces or balconies. Amenities include a pool, fitness center, coworking lounge, dog park, package lockers, children’s play area, library, game room and a rooftop lounge with a wet bar. Rents start at $2,450 per month for a studio apartment.

May 10, 2021

Development Industrial New Jersey Northeast

Black Creek Group to Develop 508,200 SF Spec Industrial Project in Florence, New Jersey

by Taylor Williams May 7, 2021

FLORENCE, N.J. — Denver-based Black Creek Group will develop Florence Turnpike Crossings – West, a 508,200-square-foot speculative industrial project in the Southern New Jersey city of Florence. The Class A property will feature a clear height of 36 feet, 95 trailer parking stalls and 434 car parking stalls. Peak Construction Corp. will be the general contractor for the project, and Avison Young is serving as construction manager. Other project partners include architect Ware Malcomb and Menlo Engineering Associates Inc. Site work is underway, and the project is slated for a January 2022 completion.

May 7, 2021

773-Cranbury-South-River-Road-South-Brunswick

Industrial Leasing Activity New Jersey Northeast

Vandale Industries Signs 207,021 SF Industrial Lease in South Brunswick, New Jersey

by Taylor Williams May 6, 2021

SOUTH BRUNSWICK, N.J. — Apparel importer Vandale Industries has signed a 207,021-square-foot industrial lease at 773 Cranbury South River Road in South Brunswick, located in the central part of the Garden State. The cross-dock property spans 488,884 square feet and is now fully leased. Chuck Fern and Jason Barton with Cushman & Wakefield represented the tenant in the lease negotiations. Michael Kimmel, Jason Goldman, Marc Petrella and Andrew Siemsen, also with Cushman & Wakefield, represented the landlord, Duke Realty.

May 6, 2021

Acquisitions New Jersey Northeast

Kislak Arranges $55.3M Sale of Pinnacle Apartments in Fort Lee, New Jersey

by Taylor Williams May 6, 2021

FORT LEE, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has arranged the $55.3 million sale of The Pinnacle, a 142-unit high-rise apartment building in the Northern New Jersey community of Fort Lee. Built in 2020, the 15-story building features studio, one-, two- and three-bedroom units. Scott Davidovic of Kislak represented the seller and developer, 69 Main Street Fort Lee Urban Renewal, in the transaction. Justin Lupo of Kislak procured the buyer, a joint venture between Blue Diamond Equities and Skywood Properties. David Singer of Calloway Capital placed acquisition financing through MF1 Global on behalf of the buyer. The property was 70 percent occupied at the time of sale.

May 6, 2021

Leasing Activity New Jersey Northeast Office

Phibro Animal Health Signs 49,577 SF Office Lease Renewal in Teaneck, New Jersey

by Taylor Williams May 5, 2021

TEANECK, N.J. — Phibro Animal Health Corp. has signed a 49,577-square-foot office lease renewal at Glenpointe, a mixed-use development in the Northern New Jersey community of Teaneck that serves as the company’s global headquarters. Susan Mason and Tom Reilly of JLL represented the tenant in the lease negotiations. David Simson, Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian of Newmark represented the landlord, Alfred Sanzari Enterprises. In addition to office uses, the Glenpointe campus houses three hotels totaling roughly 700 rooms, a 26,000-square-foot fitness center and multiple food and beverage options.

May 5, 2021

Acquisitions Illinois Industrial Midwest New Jersey Northeast Top Stories

REIT Merger: Equity Commonwealth to Acquire Monmouth Real Estate for $3.4B

by Kristin Harlow May 5, 2021

CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …

May 5, 2021

Loans Multifamily New Jersey Northeast

Madison Realty Capital Provides $395M Loan for New Jersey Multifamily Portfolio

by Taylor Williams May 4, 2021

NEW YORK CITY — Madison Realty Capital, a New York City-based private equity firm, has provided a $395 million loan for a portfolio of three nearly completed residential properties totaling 1,161 units and a development site that is zoned for 4,200 units in New Jersey. The three buildings in various stages of construction are located in Bayonne, Raritan and Linden and will all offer studio, one- and two-bedroom units. The development parcel is located at the site of the former Bears Stadium, a 6,200-seat ballpark in downtown Newark. The borrower, Accurate Builders & Developers, plans to develop the site in nine phases as part of a master-planned community. The project will include 200 affordable housing units, 3,000 parking space and 100,000 square feet of commercial and green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for the transaction.

May 4, 2021

Development Industrial New Jersey Northeast

Sansone Group, Crow Holdings Underway on 702,450 SF Industrial Project in New Jersey

by Taylor Williams May 4, 2021

PALMYRA TOWNSHIP, N.J. — A partnership between St. Louis-based development firm Sansone Group and a private equity real estate fund backed by Crow Holdings Capital is underway on construction of Tac-Pal Logistics Center. The 702,450-square-foot industrial facility is located in Palmyra Township. The development team expects to complete the single-building property, which will feature modern design and build-to-suit opportunities, during the first quarter of 2022. Cushman & Wakefield and Avison Young have been tapped to lease the project.

May 4, 2021

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Multifamily Is A Force Multiplier in Northern New Jersey’s Economic Recovery

by Taylor Williams May 4, 2021

By Ken Uranowitz, president, Gebroe-Hammer Associates When it comes to investment in multifamily properties, as in life, change is constant. Between evolving tenant demographics and political climates to recessionary economies and a once-in-a-century pandemic, multifamily assets are continuing to prove their centuries-old knack for pivoting in times of change. Unlike any other commercial asset class, multifamily possesses an unrivaled level of agility rooted in its most-important attribute: People always need a safe place to call home. In good times and turbulent periods, apartment living offers a tremendous level of flexibility based on point-in-time needs. While past recessionary times may have had red-flag indicators of things to come, nothing prepared us for the rippling effects of COVID-19. This virus tested us in ways never seen before. Collectively, we found ourselves in uncharted waters due to the sudden and abrupt measures imposed to slow the spread of COVID-19. While these challenges are being addressed, with the passage of time, health and wellbeing remain paramount. In this regard, multifamily properties have played an integral role in providing tenants and communities with the most basic needs of shelter, a place to live and a place from which to telecommute for work or education. A …

May 4, 2021

Industrial Leasing Activity New Jersey Northeast

General Plumbing Supply Signs 300,000 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams May 3, 2021

PISCATAWAY, N.J. — General Plumbing Supply Inc. (GPS) has signed a 300,000-square-foot industrial lease at Piscataway Logistics Center in Northern New Jersey. The property, which is situated on a 16-acre site and features a clear height of 36 feet and ample car and trailer parking, will serve as GPS’ headquarters, showroom and distribution center. Tim Cadigan, Matthew Turse and Grant Otto of Avison Young represented the landlord, a partnership between Transwestern Development Co. and QuadReal Property Group, in the lease negotiations. Ed English and Ron Ganter of Avison Young, along with Michael Schipper of Blau & Berg, represented GPS.

May 3, 2021

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