New Jersey

Vango Development Receives Approval for 60-Unit Multifamily Project in Northern New Jersey

by Taylor Williams September 23, 2021

RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.

September 23, 2021

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $14.3M Sale of Apartment Complex in Ridgewood, New Jersey

by Taylor Williams September 23, 2021

RIDGEWOOD, N.J. — CBRE has arranged the $14.3 million sale of The Schoolhouse, a 31-unit apartment complex in the Northern New Jersey community of Ridgewood. The sales price equates to approximately $462,000 per unit. The property was built in stages between 1960 and 1980. Nat Gambuzza and Spencer Beriont of CBRE represented the seller, 158-174 Union Street LLC, in the transaction.

September 23, 2021

Company News Lee & Associates New Jersey Northeast

Lee & Associates Opens New Office in Northern New Jersey

by Taylor Williams September 22, 2021

WHIPPANY, N.J. — Lee & Associates New Jersey has opened a new 3,361-square-foot office at 110 S. Jefferson Road in Whippany, located in Morris County. The team is subleasing a newly built-out space and relocating from a smaller Cedar Knolls location to accommodate its growing brokerage team. Suzanne Kiall of Lee & Associates and Roger Cantor of Cornerstone Real Estate negotiated the terms of the sublease. The full-service real estate firm has three offices in New Jersey including this one, with the headquarters space located in Elmwood Park.

September 22, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Places $31M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 21, 2021

HAMBURG, N.J. — Progress Capital has placed a $31 million loan for the refinancing of Carlton Village Apartments, a 240-unit multifamily complex located in the Northern New Jersey community of Hamburg. The property consists of 21 buildings that are situated on a 37-acre site and that house studio, one- and two-bedroom units. Brad Domenico and Gabby Cali of Progress Capital arranged the debt on behalf of the undisclosed borrower, a private investor who has owned the property since 1985 and made various capital improvements since that time.

September 21, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of Multifamily Development Site in Howell, New Jersey

by Taylor Williams September 21, 2021

HOWELL, N.J. — Marcus & Millichap has brokered the sale a multifamily development site in Howell, located in Monmouth County, that can accommodate the construction of 360 multifamily units. Chez Eider and Jason Petrick of Marcus & Millichap’s represented the undisclosed seller in the transaction and procured a private developer as the buyer. Both parties requested anonymity.

September 21, 2021

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two New Jersey Industrial Buildings Totaling 204,000 SF

by Taylor Williams September 20, 2021

BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of two industrial buildings totaling 204,000 square feet that are located in the Northern New Jersey community of Bridgewater. Both buildings feature cross-dock configurations and clear heights of 23 feet and were fully leased at the time of sale. A Cushman & Wakefield team of Gary Gabriel, David Bernhaut, Kyle Schmidt and Seth Zuidema represented the seller, Camber Real Estate Partners, and procured the buyer, High Street Logistics Properties, in the transaction. The sales price was not disclosed.

September 20, 2021

6901-N.-Crescent-Blvd.-Pennsauken-New-Jersey

Industrial Leasing Activity New Jersey Northeast

Colliers Negotiates 63,347 SF Industrial Lease in Pennsauken, New Jersey

by Taylor Williams September 20, 2021

PENNSAUKEN, N.J. — Colliers International has negotiated a 63,347-square-foot industrial lease at 6901 N. Crescent Blvd. in Pennsauken, located in Southern New Jersey. Ian Richman and Marc Isdaner of Colliers represented the landlord, Velocity Venture Partners, in the transaction. Scott Mertz of NAI Mertz represented the tenant, TopPop, a provider of packaging for frozen alcoholic beverages. TopPop expects its new facility to be operational by January.

September 20, 2021

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $9.6M Acquisition Loan for Southern New Jersey Shopping Center

by Taylor Williams September 20, 2021

VINELAND, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.

September 20, 2021

Acquisitions Development Industrial New Jersey Northeast Office

EverWest, Woodmont Buy New Jersey Office Building, Plan Industrial Redevelopment

by Taylor Williams September 17, 2021

SOMERSET, N.J. — EverWest Real Estate Investors and Woodmont Properties have acquired an office building and adjacent development site in the Northern New Jersey community of Somerset with plans to redevelop the building and site into a 426,000-square-foot industrial complex. The partnership acquired the 351,782-square-foot building and seven-acre land parcel for $42.7 million. The new industrial complex will consist of two buildings spanning 294,000 and 132,000 square feet. Completion of the redevelopment is slated for 2023. Elli Klapper, Kevin Dudley and Mark Silverman of CBRE brokered the deal in conjunction with Stephen Feinberg of EverWest and Anthony Amadeo of Woodmont.

September 17, 2021

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing 110-Unit Apartment Complex in Glen Ridge, New Jersey

by Taylor Williams September 16, 2021

GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.

September 16, 2021

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