PERTH AMBOY, N.J. — The Home Depot (NYSE: HD) will open a 330,000-square-foot distribution center in the Northern New Jersey city of Perth Amboy. The Atlanta-based retailer will use the center to offer same-day and next-day flatbed delivery of bulk and oversized orders to customers and stores in the Tri-State area. In addition, Home Depot will open a fulfillment center in Perth Amboy in 2021. Combined, the openings of these two facilities should bring about 400 new jobs to the market. Prospective sites for the new centers, as well as specific timelines for coming on line, were not disclosed.
READINGTON, N.J. — New Jersey-based developer Larken Associates has received approval for The Ridge at Readington, a 254-unit multifamily redevelopment in Readington, about 50 miles west of New York City. The 17.2-acre site was originally intended to house an eight-building office campus that was branded Readington Commons. The new multifamily community will consist of 10 buildings featuring one- and two-bedroom units across 21 different floor plans. Amenities will include a pool, fitness center, resident clubhouse, outdoor lounge area, children’s play area and a dog park. Completion is scheduled for spring/summer 2022.
RIDGEFIELD PARK, N.J. — Marcus & Millichap has brokered the $7.8 million sale of a 45-unit multifamily portfolio in Ridgefield Park, located in Northern New Jersey. The portfolio comprises three buildings totaling 36 one-bedroom units and nine studio apartments with garages, covered parking and on-site laundry facilities. Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.
HAMILTON TOWNSHIP, N.J. — The Legacy Companies, a Florida-based food manufacturing and consumer appliance provider, has signed a 78,585-square-foot industrial lease at 2555 Kuser Road in the Northern New Jersey township of Hamilton. Ken Morris of Morris Southeast Group and Mike Witco of Chilmark Real Estate Services LLC represented the tenant in the lease negotiations. Scannell Properties owns the building.
NEW YORK CITY AND MAHWAH, N.J. — Premium Apparel LLC, an affiliate of New York City-based private equity firm Sycamore Partners, has entered into an agreement to purchase multiple clothing brands from Mahwah-based Ascena Retail Group (OTCMKTS: ASNAQ) for $540 million. The apparel and footwear brands in question include Ann Taylor, LOFT, Lane Bryant and Lou & Grey. Under the terms of the deal, which is expected to close by mid-December, Premium Apparel will acquire the brands on a cash-free and debt-free basis. Premium Apparel did not specify how many of brick-and-mortar stores will be affected by the transaction, but the new ownership did say that it remains committed to retaining a “substantial portion” of stores and employees affiliated with these brands. “Ann Taylor, LOFT, Lane Bryant and Lou & Grey are well-known brands, each with passionate associates and loyal customers,” says Stefan Kaluzny, managing director of Sycamore Partners. “These brands have significant potential, and we are excited about the opportunity to partner with Ascena’s talented team to continue delivering new and relevant experiences for customers.” Ascena Retail Group, which operated about 1,500 stores throughout the country as of late August, filed for Chapter 11 bankruptcy in July. In September, …
PARSIPPANY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold 7 Campus Drive, a 154,820-square-foot office building located in the Northern New Jersey city of Parsippany, for $12.7 million. According to commercialcafé.com, the property was built on 10 acres in 1982. The buyer was The Birch Group.
HOLMDEL, N.J. — Somerset Development has opened Colab at Bell Works, a 25,000-square-foot coworking space in the Northern New Jersey city of Holmdel. Designed by NPZ Style + Decor and G3 Architects, the facility is located within the Bell Works mixed-use destination, which is a redevelopment of the historic Bell Labs Building. The space features private offices and partitions for increased privacy, phone booths for individual use, upscale desk systems and task chairs.
SOMERSET, N.J. — JLL has arranged a $12 million loan for the refinancing of 745 Hamilton, a 61-unit multifamily asset located in the Northern New Jersey city of Somerset. The property was built in 2020 and houses 4,322 square feet of retail space. Units feature quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Jim Cadranell, Matthew Pizzolato and Michael Lachs of JLL arranged the 12-year, fixed-rate loan through Nationwide Life Insurance Co. The borrower was Country Classics of Hamilton.
EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. The Section 8 program is named for Section 8 of the United States Housing Act of 1937. It is more commonly known today as the Housing Choice Voucher Program, which is funded by the Department of Housing and Urban Development. Low-income residents apply to qualify for a rent assistance voucher.
ROCHELLE PARK, N.J. — Dallas-based design/build firm ARCO/Murray has completed a 1,100-unit self-storage project in Rochelle Park, about 25 miles northwest of New York City. The 120,000-square-foot property features a 2,800-square-foot office and an interior loading dock. ARCO/Murray provided a complete design-build solution, including architectural and engineering design, permitting, construction and final equipment. Quinlan Development Group developed the project.