New Jersey

Universe Holdings Acquires Multifamily Property in Toms River, New Jersey, for $60M

by Taylor Williams June 28, 2021

TOMS RIVER, N.J. — Multifamily investment and management firm Universe Holdings has acquired Mariners Cove, a 225-unit townhome community in the coastal New Jersey city of Toms River, for $60 million. Built in 1972 and renovated in 2013, the waterfront property features two-bedroom units, about 90 percent of which offer water views. Amenities include a fitness center, playground and a pet play area, according to Apartments.com. Spencer Yablon of CBRE represented both Universe Holdings and the undisclosed seller in the transaction. Mariners Cove was 98 percent occupied at the time of sale.

June 28, 2021

Development Multifamily New Jersey Northeast

Fisher Development Begins Leasing 452-Unit Apartment Building in Jersey City

by Taylor Williams June 25, 2021

JERSEY CITY, N.J. — Fisher Development Associates has begun leasing the second rental tower in The Vantage Collection, a 45-story apartment building in downtown Jersey City that houses 452 luxury units. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances, quartz countertops and in-home washers and dryers. Communal indoor amenities include a sky lounge, fitness center with a yoga studio, children’s playroom, business center, coworking lounge, game room, lobby a coffee bar and package locker systems. Outdoor amenities include two pools, a basketball court, lawn, fire pits, 12-station BBQ area, outdoor children’s play area, outdoor fitness area and a bar with a lounge and tiered seating. S9 Architecture designed The Vantage Collection, which consists of 900 apartments across two towers. The Bozzuto Group has been tapped as the leasing and management agent for the property. Rents were initially priced at more than $2,000 per month for a studio unit, but special grand opening incentives are available for a limited time.

June 25, 2021

Development Healthcare New Jersey Northeast

Public-Private Partnership Begins Work on $750M Cancer Treatment Facility in New Brunswick, New Jersey

by Taylor Williams June 24, 2021

NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has begun construction on a $750 million cancer treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as state-of-the-art laboratories for research. Construction of the 12-story building is slated for completion in 2024.

June 24, 2021

Cornerstone-at-Greentree-Marlton-New-Jersey

Affordable Housing Development Multifamily New Jersey Northeast Seniors Housing

Walters Opens Affordable Seniors Housing Community in Marlton, New Jersey

by Taylor Williams June 24, 2021

MARLTON, N.J. — Walters, an affordable housing developer, has opened Cornerstone at Greentree, an income-restricted seniors housing community in the Philadelphia suburb of Marlton. Situated on 2.3 acres, the four-story building features 68 one- and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income.

June 24, 2021

Healthcare Life Sciences Loans New Jersey Northeast Office

Newmark Arranges $76M Acquisition Loan for Life Sciences Campus in Hopewell, New Jersey

by Taylor Williams June 23, 2021

HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.

June 23, 2021

Development Multifamily New Jersey Northeast

Sterling Properties Opens 144-Unit Station Place Apartments in Lawnside, New Jersey

by Taylor Williams June 23, 2021

LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.

June 23, 2021

Development Loans New Jersey Northeast

Cushman & Wakefield Arranges $115M Construction Loan for New Jersey Industrial Project

by Taylor Williams June 22, 2021

RUTHERFORD, N.J. — Cushman & Wakefield has arranged a $115 million construction loan for Highland Cross, a 360,000-square-foot industrial project that will be located in the Northern New Jersey community of Rutherford. Los Angeles-based PCCP LLC provided the loan to the borrower, Lincoln Equities Group. A tentative completion date for the project, which is a build-to-suit for an undisclosed, investment-grade logistics user, was not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield placed the debt.

June 22, 2021

1090-Thomas-Busch-Memorial-Highway-Pennsauken

Acquisitions Industrial New Jersey Northeast

CBRE Brokers Sale of 401,827 SF Industrial Portfolio in Southern New Jersey

by Taylor Williams June 22, 2021

BURLINGTON, PENNSAUKEN AND MOUNT LAUREL, N.J. — CBRE has negotiated the sale of the Southern NJ Logistics Portfolio, a collection of three buildings totaling 401,827 square feet in Southern New Jersey. The properties are located in Burlington, Pennsauken and Mount Laurel. High Street Logistics Properties purchased the portfolio, which was fully leased at the time of sale, from a private developer based in the region. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE brokered the transaction.

June 22, 2021

Development Multifamily New Jersey Northeast

Blue Onyx Breaks Ground on 78-Unit Apartment Project in East Orange, New Jersey

by Taylor Williams June 18, 2021

EAST ORANGE, N.J. — Locally based developer Blue Onyx Cos. has broken ground on 14 Summit, a 78-unit apartment project located in the Northern New Jersey community of East Orange. Designed by Inglese Architecture & Engineering, the five-story property will comprise eight studio apartments, 51 one-bedroom units and 19 two-bedroom units. Amenities will include a coworking space, fitness center, pet washing station, community lounge, two rooftop terraces and bike storage rooms. Completion is slated for early 2023.

June 18, 2021

Acquisitions Industrial New Jersey Northeast

JLL Negotiates Sale of 50,400 SF Industrial Building in Branchburg, New Jersey

by Taylor Williams June 18, 2021

BRANCHBURG, N.J. — JLL has negotiated the sale of a 50,400-square-foot industrial building located in the Northern New Jersey city of Branchburg. The property sits on 3.5 acres and has been leased to the same tenant since it was constructed in 1988. Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh of JLL represented the seller, a partnership between Elberon Development Group and The Avidan Group. NorthBridge Partners purchased the asset for an undisclosed price.

June 18, 2021

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