FLEMINGTON, N.J. — Local developer Jack Cust will undertake a project in Flemington, about 60 miles west of New York City, that will convert the historic Courthouse Square into a 206-unit multifamily building with 20,000 square feet of retail and restaurant space. The project is part of a larger effort to redevelop and revitalize the town’s business districts and improve walkability via new zoning ordinances and promotion of shovel-ready development sites. Cust will also renovate and expand the Union Hotel, which has been in operation since 1814, with an additional 85 rooms. Redevelopment of Liberty Village, the 162,000-square-foot outlet mall, is also expected to be part of the long-term plan. Global design firm Stantec is currently compiling visual recommendations for the design of the revitalized downtown area. Their conceptual work utilizes stakeholder feedback, and the firm will offer visual recommendations in early 2021. Completion of the separate multifamily redevelopment project is slated for 2022.
NUTLEY, N.J. — Prism Capital Partners has sold 111 Ideation Way, a 157,000-square-foot life sciences building in the Northern New Jersey city of Nutley. The building, which was fully leased at the time of sale, is part of Prism’s 116-acre ON3 campus that is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. Prism Capital sold the asset to Chicago-based Harrison Street for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso Kyle Schmidt, John Alascio and Sridhar Vankayala of Cushman & Wakefield brokered the deal.
BERKELEY HEIGHTS, N.J. — JLL has arranged a $9 million loan for the refinancing of a 77,875-square-foot industrial facility in the Northern New Jersey community of Berkeley Heights. The property is situated on 4.6 acres near Interstates 78 and 287 and was fully leased at the time of the loan closing. Greg Nalbandian and Michael Lachs of JLL arranged the five-year, fixed-rate loan through First Bank on behalf of the borrower, a joint venture between Camber Real Estate Partners and an institutional investor.
BRIDGEWATER, N.J. — A joint venture between New Jersey-based Atkins Cos. and private equity firm Capital Solutions has sold a 95,000-square-foot medical office building located in the Northern New Jersey city of Bridgewater. At the time of sale, the building was fully leased to Bank of America and MidJersey Health Corp., a joint venture between regional healthcare providers Hunterdon Healthcare and Atlantic Health System. Ben Appel, Jay Miele, John Nero and Michael Greeley of Newmark represented the seller in the transaction. The buyer was not disclosed.
LEDGEWOOD, N.J. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Parc at Roxbury, a 230-unit apartment community in Ledgewood, about 45 miles west of New York City. Units feature quartz countertops, stainless steel appliances and private balconies/patios. Amenities include a heated pool, fitness center, resident lounge, game room and a theater room. Leasing began in July 2019, and the property has now reached 100 percent occupancy.
JERSEY CITY, N.J. — Englewood Health, a New Jersey-based healthcare provider, has signed a 19,892-square-foot lease expansion at 2 Journal Square in Jersey City. The expanded space will allow the provider to add a new orthopedic clinic, an urgent care, breast and women’s imaging center and medical offices for treating oncology and diabetes patients. CBRE’s Greg Barkan, Remy deVarenne and Sam Bernhaudt represented Englewood Health, which originally signed a 53,222-square-foot lease this summer, in the lease negotiations. GAIA Real Estate owns the building.
SPRINGFIELD, N.J. — NAI DiLeo-Bram has brokered the sale of a 22,542-square-foot office building located at 120 Mountain Ave. in the Northern New Jersey city of Springfield. The property sits on a one-acre site with proximity to the Morris Turnpike, State Route 24 and the Garden State Parkway. Robert DiLeo and Robert Dinner of NAI DiLeo-Bram represented the buyer in the transaction. Colliers International represented the seller. Additional terms of sale were not disclosed.
BAYONNE, N.J. — German discount grocer Lidl has opened a 30,000-square-foot store within Harbor Point Marketplace in the Northern New Jersey city of Bayonne. Larry Anderson, Steve Durak and Dina Santarelli of Sabre Real Estate Advisors LLC, the national retail advisory practice of the Sabre real estate group of companies, represented Lidl in its site selection and acquisition of the land. The grand opening took place on Nov. 18.
CARLSTADT, N.J. — Sitex Group, an investment and development firm focused on the Tri-State area, has acquired a 30,000-square-foot warehouse in the Northern New Jersey city of Carlstadt. The property, which is currently vacant, features 20-foot clear heights, two loading docks and 3,000 square feet of office space. Jeff Chaus of Chaus Realty brokered the deal and has been retained to lease the building.
Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores
UNION, N.J. AND LOS ANGELES — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, Calif. Both companies have agreed to a transition services agreement (TSA) following the close of the transaction to help ensure business continuity. The sales price was not disclosed. Cost Plus World Market opened its first store in 1958 on San Francisco’s famous Fisherman’s Wharf. Today the company operates stores in 39 states coast to coast, as well as one in Washington, D.C. Bed Bath & Beyond acquired Cost Plus World Market in 2012. The transaction is scheduled to close prior to the end of Bed Bath & Beyond’s fiscal year on Feb. 27, 2021, and is subject to customary closing conditions. Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities Inc. and Bryan Cave. In addition to the sale …