CAMDEN, N.J. — Colliers Mortgage has provided a $5 million Fannie Mae loan for the refinancing of Lake Shore Club Apartments, an 80-unit apartment complex located in the Southern New Jersey city of Camden. The property was built in 1970 and consists of five two-story buildings. Colliers originated the 10-year loan for borrower DBG Gamma Investments LLC.
SOUTH BRUNSWICK, N.J. — A partnership between St. Louis-based developer Sansone Group and a fund backed by Brookfield Asset Management has acquired 85 acres in Northern New Jersey for the development of a 1.3 million-square-foot speculative industrial facility. The property will be located in between the townships of Monroe and South Brunswick and near the Port of Newark. Construction is scheduled to begin in the first quarter of next year and to take a year to complete.
ELIZABETH AND NEWARK, N.J. — Developers Fidelco Realty Group and Elberon Development Group will build a 140,000-square-foot cold storage facility on the Elizabeth-Newark border in Northern New Jersey. The property will be located at the site of the former Magruder Color dye and pigment manufacturing plant, which was vacated in 2006. The 10.5 million-cubic-foot building will include 18 docks and 30,000 pallet positions. New Jersey-based FreezPak Logistics will operate the facility, which is expected to be complete in fall 2021.
NEW JERSEY — G.S. Wilcox & Co., a locally based mortgage banking firm, has arranged a $21 million loan for the refinancing of a 236,000-square-foot industrial property in Northern New Jersey. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the 20-year loan through Mutual of Omaha on behalf of the undisclosed borrower. The property name and location were also not disclosed.
PENNSAUKEN, N.J. — Binswanger Commercial Real Estate Services has negotiated a 103,275-square-foot industrial lease expansion at Pennsauken Logistics Center, located outside of Philadelphia in Southern New Jersey. The tenant, e-commerce firm Utopia Fulfillment, originally took occupancy of a 120,000-square-foot space two months ago for fulfillment of orders for its home goods products. Mike Torsiello and Chris Pennington of Binswanger represented the landlord, Philadelphia-based Velocity Ventures, in the lease negotiations. Pennsauken Logistics Center features proximity to Interstate 95 and 295, as well as 20- to 35-foot clear heights and three acres of dedicated trailer storage space that equates to 200 to 250 parking stalls.
BOGOTA, N.J. — New Jersey-based PCD Development has begun leasing The Atwater, a 303-unit luxury apartment community located in the Northern New Jersey city of Bogota. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, smart locks, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling areas, an outdoor theater, game room, resident lounge, fitness center, arcade room, business center, coffee bar, Amazon package lockers and a dog park. Rents start at $2,020 per month for a one-bedroom unit.
MORRISTOWN, N.J. — JLL has negotiated the $50 million sale of a 232,000-square-foot office building located at 44 Whippany Road in the Northern New Jersey city of Morristown. The property spans 20 acres and features a fitness center, café, outdoor patio and picnic area and access to walking trails. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the seller, an affiliate of Marcus Partners, in the transaction. The team also procured the buyer, Liberty Properties LLC. The three-story building also recently underwent an $18 million capital improvement program.
EAST WINDSOR, N.J. — Denver-based Black Creek Group will develop Innovation Park, a two-building, 574,169-square-foot industrial park that will be located in the Trenton suburb of East Windsor. Building A will span 406,669 square feet and will feature 40-foot clear heights, 50 dock doors, 67 trailer spaces and 317 car parking stalls. Building B will total 167,500 square feet and will feature 36-foot clear heights, 30 dock doors and 161 car parking stalls. Preliminary site work is underway, and construction is expected to continue through January 2022. Peak Construction Corp. is teaming with Trammell Crow as the development manager. The development team also includes KSS Architects and civil engineering firm Maser Consulting.
PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.
ELIZABETH, N.J. — NAI James Hanson has negotiated a 28,900-square-foot industrial lease at 475 Division St. in Elizabeth, located just south of Newark. The 175,000-square-foot building features 18-foot ceiling heights, five loading docks, 10 trailer parking spaces and 2,000 square feet of office space. Barry Cohorsky and John Koch of NAI James Hanson represented the landlord, Tree Realty, in the lease negotiations. Robin Ritter-Ceriello of Cushman & Wakefield represented the tenant, locally owned trucking company Motion Express.