EAST WINDSOR, N.J. — National Tree Co., a New Jersey-based provider of decorative Christmas items, has signed a 608,442-square-foot industrial lease in East Windsor, a suburb of Trenton. The tenant will occupy the entirety of the building at 150 Milford Road, which is owned by Nevada-based Dermody Properties, for the next seven years. Andrew Warren with Atlantic Real Estate Services represented National Tree Co. in the lease negotiations. Mindy Lissner of CBRE represented the landlord.
VINELAND, N.J. — Marcus & Millichap has arranged the sale of Maintree Shopping Center, a 138,445-square-foot retail property located in the Southern New Jersey city of Vineland. The asset sold for $13.1 million. A 60,000-square-foot Acme grocery store anchors the property along with a Dollar Tree store. Kodi Traver, Joseph French Jr., Thomas Dalzell and Mark Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
HAWTHORNE, N.J. — R.J. Brunelli & Co. has negotiated an 11,878-square-foot retail lease at Hawthorne Center, a 107,700-square-foot shopping center located about 25 miles northwest of New York City in Northern New Jersey. The discount retailer will occupy an endcap space now home to by sister chain Dollar Tree, which will relocate to a 12,394-square-foot endcap space on the opposite end of the center. That space previously housed Flaming Grill Buffet. The Family Dollar store is expected to open in the third quarter, and the relocated Dollar Tree store is scheduled to open in the second quarter. R.J. Brunelli also recently negotiated leases for European Wax Center and Liberty Discount Furniture & Mattress at other centers in Northern New Jersey. Danielle Brunelli represented the tenants on the Family Dollar and European Wax Center leases, while Peter Miller of R.J. Brunelli represented both the landlord and tenant on the Liberty transaction.
CHERRY HILL, VOORHEES AND STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield has arranged an undisclosed amount of acquisition financing for a three-property seniors housing portfolio in New Jersey. The borrower was a joint venture between Chicago-based Harrison Street and LCB Senior Living. The communities, which are all operated under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield arranged the nonrecourse financing through Synovus Bank, with portions of the proceeds earmarked for capital expenditures. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard of Cushman & Wakefield handled the transaction.
SEWELL, N.J. — Sterling Organization, a Florida-based private equity firm, has acquired Mill Pond Village, a 94,550-square-foot, grocery-anchored retail center located in the Southern New Jersey community of Sewell. ShopRite is the anchor grocer at the center, which is located approximately 14 miles outside of Philadelphia. The seller was EDENS, a national retail development firm. Jim Galbally, Chris Munley and Colin Behr of JLL brokered the transaction. The property was 95 percent leased at the time of sale.
BOONTON, N.J. — JLL has negotiated the sale of a 55,000-square-foot light industrial property located at 95 Fulton St. in Boonton, about 30 miles west of New York City. The property is situated on 14.2 acres and features 24- to 40-foot clear heights, 112 parking spaces and 11,000 square feet of office space. Howard Weinberg of JLL represented the seller, steel manufacturer Erasteel Inc., in the transaction. Jeffrey Fulton and Jason Levy of Team Resources Inc. represented the buyer, J. Supor & Son Trucking & Rigging.
CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 45,670-square-foot industrial building located at 9 Bridewell Place in the Northern New Jersey city of Clifton. Building features include 23-foot clear heights and 11,102 square feet of office space. Ken Lundberg, Darren Lizzack, Randy Horning, Pat Lennon and Lorenzo Lambiase of NAI Hanson represented the seller, Challenge Partners LLC, in the transaction. The buyer was beverage producer and distributor 3 V Co. Inc.
FAIRFIELD, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a two-building, 72,045-square-foot industrial portfolio in Fairfield, about 25 miles west of New York City. The first building totals 46,536 square feet and was built in 1981, while the second building spans 25,509 square feet and was constructed in 1980. The portfolio was fully leased to five tenants at the time of sale. Thomas Atler of Graham Realty Group LLC represented the seller in the transaction.
MORRISTOWN, N.J. — Kislak Co. has arranged the $8.5 million sale of a 23-unit luxury multifamily property in the Northern New Jersey city of Morristown. Units at the property, which was built in 2015, feature individual washers and dryers, balconies and two assigned private parking spaces. Joseph Keenan and Robert Holland of Kislak represented the seller, Morristown Gateway LLC, in the transaction. Jason Pucci and Justin Lupo, also with Kislak, procured the buyer, an affiliate of regional multifamily owner-operator The Kamson Corp. The property was 96 percent occupied at the time of sale.
EAST ORANGE AND IRVINGTON, N.J. — Marcus & Millichap has arranged the $92.5 million sale of a 24-property, 702-unit multifamily portfolio in East Orange and Irvington, two cities located in Essex County. Approximately 55 percent (390) of the units are located in East Orange, and the remaining units (312) are located in Irvington. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America, in the transaction. Eric Anton and Chris Warner in the firm’s Manhattan office represented the buyer, Spaxel LLC, a New York-based multifamily developer. Brad Domenico of Progress Capital arranged $81 million in acquisition financing for the deal.