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LoansNew JerseyNortheastOffice

New York Life Provides $100M Acquisition Loan for Two Office Buildings in Warren, New Jersey

by Taylor Williams

WARREN, N.J. — New York Life Real Estate Investors has provided a $100 million acquisition loan for two office buildings totaling 315,086 square feet that are located within the 176-acre Warren Corporate Center office campus in Warren, about 35 miles west of New York City. Both four-story buildings, which are situated on a combined 68 acres, recently underwent capital improvement programs. The loan carried a five-year term and a fixed interest rate. Lucas Borges, Michael Johnson and Matthew Pizzolato of JLL placed the debt on behalf of the borrower, a partnership between Miami-based Exan Capital and Mirabaud Group, an international banking group based in Geneva, Switzerland. Jaime Fink, Kevin O’Hearn and Jose Cruz of JLL represented the seller, a joint venture between affiliates of Rubenstein Partners LP and Vision Real Estate Partners, in the disposition of the two buildings. Warren Corporate Center serves as the headquarters campus of Everest Reinsurance Co. and features amenities such as a fitness center, full-service cafeteria, basketball court and a conference area.

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IndustrialLoansNew JerseyNortheast

Cushman & Wakefield Arranges $42.6M Construction Loan for New Jersey Industrial Project

by Taylor Williams

LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $42.6 million construction loan for the second phase of Logan North Industrial Park, a 3.2 million-square-foot development in the Southern New Jersey community of Logan Township. The funds will finance construction of Buildings A and F, which will measure 164,112 and 326,937 square feet, respectively. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield placed the debt through Wells Fargo on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development. The first phase of the 415-acre project spanned 1.6 million square feet

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AcquisitionsHealthcareNew JerseyNortheast

Colliers Brokers Sale of 55,317 SF Medical Office Building in Oradell, New Jersey

by Taylor Williams

ORADELL, N.J. — Colliers International has brokered the sale of a 55,317-square-foot medical office building located at 690 Kinderkamack Road in Oradell, a city located in Bergen County. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.

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AcquisitionsNew JerseyNortheastOffice

Mack-Cali Sells Office Complex in Red Bank, New Jersey for $84M

by Taylor Williams

RED BANK, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold River Centre, a six-building, 639,490-square-foot office complex in the Northern New Jersey community of Red Bank, for $84 million. First Mile Properties, an affiliate of New York-based Crown Acquisitions, acquired the Class A complex, which was 66 percent leased at the time of sale. The property offers amenities such as a fitness center, tenant lounge and a café with outdoor seating. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton and Todd Elfand of Cushman & Wakefield represented Mack-Cali in the transaction. John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged acquisition financing on behalf of First Mile Properties. The deal follows Mack-Cali’s divestiture of other office assets in Northern New Jersey, including its holdings in Short Hills (sold for $255 million) and in Edison and Iselin (sold for $254 million).

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Leasing ActivityNew JerseyNortheastRetail

Mayweather Boxing + Fitness Opens 3,397 SF Gym in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Mayweather Boxing + Fitness has opened a 3,397-square-foot gym at The Shoppes at North Brunswick, an upscale retail center located about 40 miles south of New York City. This will be the tenant’s first location in New Jersey. Azarian Realty Co. represented the undisclosed landlord in the lease negotiations.

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DevelopmentIndustrialNew JerseyNortheast

Denholtz Properties Breaks Ground on 24,000 SF Industrial Project in Tinton Falls, New Jersey

by Taylor Williams

TINTON FALLS, N.J. — Locally based developer Denholtz Properties has broken ground on a 24,000-square-foot industrial project in Tinton Falls, located in Monmouth County. The property, which is part of a two-building, seven-acre development, will offer seven leasable spaces ranging in size from 2,400 to 4,440 square feet. Completion is slated for the end of the year. Denholtz recently completed construction of the other 26,400-square-foot building that is now 82 percent leased.

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AcquisitionsMultifamilyNew JerseyNortheast

Colliers Brokers Sale of 156-Unit Multifamily Portfolio in Northern New Jersey

by Taylor Williams

HACKENSACK AND LITTLE FERRY, N.J. — Colliers International has brokered the sale of the Lenox Multifamily Portfolio, a collection of five apartment buildings totaling 156 units in Northern New Jersey. The properties, which are located in Hackensack and Little Ferry, feature a unit mix of 16 studios, 133 one-bedroom apartments and seven two-bedroom residences. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered marketed the properties on behalf of the undisclosed seller. The buyer and sales price were also not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Gebroe-Hammer Arranges $14.9M Sale of 113-Unit Multifamily Portfolio in East Orange, New Jersey

by Taylor Williams

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $14.9 million sale of a three-property, 113-unit multifamily portfolio in East Orange, a suburb of Newark. The properties are all located in the city’s Brick Church area. David Oropeza of Gebroe-Hammer represented the seller, a partnership between Nova EO Portfolio I LLC and The Capital Foresight LP, in the transaction. Oropeza also procured the buyer, an undisclosed private investment firm.

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LoansMultifamilyNew JerseyNortheast

Greystone Funds $49.5M Agency Acquisition Loan for Multifamily Asset in Pine Hill, New Jersey

by Taylor Williams

PINE HILL, N.J. — Greystone has funded a $49.5 million Freddie Mac acquisition loan for Chalet Gardens, a 484-unit multifamily property in Pine Hill, located in the southern part of the state. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, picnic area and a playground. Dan Sacks of Greystone originated the loan, which carries a 10-year term, a 30-year amortization schedule and interest-only payments for the first five years. The borrower was Goldcrest Management.

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AcquisitionsMultifamilyNew JerseyNortheast

Invel Capital Acquires 22-Unit Multifamily Property in South Orange, New Jersey

by Taylor Williams

SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.

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