FREEHOLD, N.J. — CBRE has negotiated the $4.9 million sale of a 46,000-square-foot industrial building in Freehold, located in the central part of the state. The property was built on 10 acres in 1984. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, L&M Realty Associates LLC, which originally acquired the asset for $3.5 million in 2013. The team also procured the buyer, a New Jersey-based limited liability company.
VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Company Inc. has arranged the $15.1 million sale of Regency Court and Chester Court, two apartment communities totaling 152 units in Vineland, located at the southern tip of the Garden State. Regency Court totals 104 units on 4.5 acres, and Chester Court features 48 units on 2.4 acres. Both garden-style properties offer courtyards and onsite laundry facilities. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CARLSTADT, N.J. — Illinois-based investment firm CenterPoint has purchased a 63,933-square-foot industrial building in the Northern New Jersey city of Carlstadt. The property is situated on 7.8 acres and offers proximity to thoroughfares such as the New Jersey Turnpike and State Routes 80, 17 and 3. David Schechtman, Abie Kassin and David Benharouch of New York-based Meridian Capital represented the undisclosed seller in the transaction.
JERSEY CITY, N.J. — New Jersey-based REIT Mack-Cali Corp. has sold a 203,335-square-foot office building located at 581 Main St. in the Northern New Jersey city of Woodbridge for $61 million. The property recently underwent a capital improvement program that featured a renovated lobby and a new café and conference center. A subsidiary of Plymouth Rock Group Cos. purchased the asset and will use the building as its New Jersey headquarters. Cushman & Wakefield brokered the deal. The transaction comes as part of Mack-Cali’s stated effort to divest its suburban office assets and follows the company’s $12.7 million sale of 7 Campus Drive in Morristown two weeks ago.
CLIFTON, N.J. — New Jersey-based Prism Capital Partners has received final site plan approval for the development of an 80,000-square-foot medical office building in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. Construction of the project, which is slated to begin in the first quarter of 2021 and to be complete in mid-2022, will include a 400-space parking garage. The project is a build-to-suit for Hackensack Meridian Health.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 112,000-square-foot industrial building located at 103 Central Ave. in Mount Laurel, a suburb of Philadelphia. The property features 17-foot clear heights and proximity to State Routes 38 and 73, as well as the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the seller, CoreOne Industrial LLC, in the transaction. The duo also procured the buyer, Boston-based Stag Industrial Holdings LLC.
ORANGE, N.J. — Lee & Associates has arranged a $12.5 million construction loan for The Legacy, a 51-unit multifamily project that will be located in the Newark suburb of Orange. The property will offer one- and two-bedroom units and a fitness center and rooftop deck. Gary Sopko and Jerry Joseph of Lee & Associates arranged the loan on behalf of the private developer, former NFL player Kimble Wright. Construction is scheduled to begin this month and to be complete in spring 2022. Parkview Financial provided the loan.
MARLTON, N.J. — A partnership between Canoe Brook Development and RD Management has begun leasing Inwood at Renaissance Square, a 338-unit luxury apartment community in Marlton, located outside Philadelphia. The property offers studio, one- and two-bedroom units ranging in size from 602 to 1,238 square feet. Units feature custom cabinetry, quartz countertops and backsplashes, stainless steel appliances and individual washers and dryers. Communal amenities include a pool, fitness center, conference room, golf lounge and simulator and an onsite public park with a playground and dog run. Rents start at approximately $1,500 per month for a studio apartment.
PENNSAUKEN, N.J. — Colliers International has negotiated a 140,800-square-foot industrial sublease at 500 Griffith Morgan Lane in Pennsauken, located outside Philadelphia in Southern New Jersey. Food subscription service Misfits Market, which recently relocated to a new build-to-suit facility in Delanco, New Jersey, is subleasing the space to California-based Maxon Auto Corp. The space features a clear height of 24 feet, 29 loading doors and three drive-in doors. Ian Richman and Marc Isdaner of Colliers represented Misfits Market in the transaction.
NORTH BERGEN, N.J. — NAI James Hanson has secured a 110,000-square-foot industrial lease at 7300 West Side Ave. in North Bergen, located across the Hudson River from Upper Manhattan. The property currently spans 130,000 square feet, but the landlord plans to remove 20,000 square feet of mezzanine-level office space in order to create more 24-foot clear heights throughout the building. Scott Perkins, Tom Vetter, Jeff DeMagistris and Chris Todd of NAI James Hanson represented the landlord, Link Logistics Real Estate, in the lease negotiations. Wenying “Linda” Tan of Oxford Property Group USA represented the tenant, shipping company High May Inc.