FREEHOLD, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a 199,000-square-foot industrial property that is situated on a 30-acre site at 235 Willow Brook Road in Freehold, located in Monmouth County. Jonathan Glick and Matt Leonelli of Sheldon Gross Realty represented the undisclosed seller in the transaction. CBRE represented the buyer, New York City-based Saadia Group.
WEST NEW YORK, N.J. — CBRE has arranged a $135 million loan for the refinancing of The Capstone at Port Imperial, a 360-unit apartment community located across the Hudson River from Manhattan in West New York. Completed in January 2021, the property features studio, one-, two-, three- and four-bedroom units, as well as retail space and a 570-space parking deck. Amenities include a pool, indoor and outdoor fitness areas, movie theater and a rooftop lounge. Michael Sherman, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan through U.S. Bank on behalf of the borrower, a partnership between Veris Residential Inc. and an undisclosed global investment manager.
BRIDGEWATER, N.J. — CBRE has negotiated the $260.6 million sale of a 675,000-square-foot office complex in the Northern New Jersey community of Bridgewater. The property houses the North American headquarters of French pharmaceutical giant Sanofi, which has committed to the building through 2032. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale and Michael Monahan of CBRE represented the seller, American Finance Trust, in the transaction. The team also procured the buyer, California-based AVG Partners.
UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.
JERSEY CITY, N.J. — JLL has placed a $10.2 million acquisition loan for the Nestlé Waters Building, a 65,715-square-foot warehouse in Jersey City. An affiliate of the Swiss food supplier has utilized the entirety of the property, which was originally built in 1971, since 2008 as a distribution outlet for its bottled water products. Building features include a clear height of 24 feet, 11 dock-high doors and 15,000 square feet of office space. Jon Mikula of JLL arranged the five-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Cohen Asset Management.
ROCKAWAY, N.J. — A joint venture between Ivy Realty, an investment firm with three offices along the East Coast, and an institutional investment fund advised by J.P. Morgan Asset Management has purchased a 352,461-square-foot industrial property in Rockaway, about 40 miles west of New York City. The property sits on 45.8 acres and serves as a printing, assembly and distribution facility for media giant Gannett. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Chris Koeck of Newmark represented the undisclosed seller and procured the buyer in the transaction.
Houlihan-Parnes Arranges $22.7M Loan for Refinancing of Shopping Center in Lawrenceville, New Jersey
LAWRENCEVILLE, N.J. — Houlihan-Parnes Realtors LLC has arranged a $22.7 million loan for the refinancing of a 393,430-square-foot shopping center in Lawrenceville, a suburb of Trenton. Tenants at the property include Lidl, Starbucks, AutoZone, Five Below and Aspen Dental. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, JJ Operating Inc., a family-owned investment and management firm based in New York City. An undisclosed local bank provided the debt.
EDISON, N.J. — JLL has arranged three loans totaling $16.1 million for the refinancing of a portfolio of four industrial properties totaling 389,501 square feet in Northern New Jersey. The buildings, which were 93 percent leased at the time of the loan closing, are situated within Raritan Center Business Park in Edison. Michael Klein, Max Custer and Ryan Carroll of JLL placed the fixed-rate, nonrecourse loans with two different life insurance companies on behalf of the borrower, Summit Associates Inc.
JERSEY CITY, N.J. — Cleveland-based developer The NRP Group has opened The Sawyer, a 131-unit apartment complex in Jersey City. Units come in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a children’s playroom, outdoor grilling and dining areas and a pet spa. NRP Group developed the project in partnership with Hoboken Brownstone Co. Monthly rents start at approximately $2,150 for a studio unit.
PENNSAUKEN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in Southern New Jersey. Anchored by convenience store Wawa, the property was 100 percent leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties Inc.