New Jersey

JLL Negotiates Sale of 228,000 SF Office Building in Florham Park, New Jersey

by Taylor Williams October 21, 2020

FLORHAM PARK, N.J. — JLL has negotiated the sale of 180 Park Avenue, a 228,000-square-foot office building in Florham Park, about 30 miles west of New York City. Built in 2001, The Class A building is situated on 26.6 acres within the 268-acre Green at Florham Park master-planned development that is also home to Summit Medical Group, MD Anderson and the New York Jets. The building was 75 percent leased at the time of sale and offers amenities such as a newly renovated atrium lobby with a coffee bar, full-service cafeteria, fitness center, tenant lounge and a conference center. Container shipping firm Maersk Inc. is the building’s anchor tenant. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the undisclosed seller in the transaction. The buyer was a joint venture between Vision Properties and The Birch Group. Greg Nalbandian of JLL placed a three-year, floating-rate acquisition loan through CBRE Global Investors on behalf of the buyer.

October 21, 2020

Acquisitions Affordable Housing Multifamily New Jersey Northeast

SVN Brokers Sale of 412-Unit Affordable Housing Portfolio in Jersey City

by Taylor Williams October 21, 2020

JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.

October 21, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

KeyBank Provides $5M Acquisition Loan for Seniors Housing Apartments in Paterson, New Jersey

by Taylor Williams October 20, 2020

PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.

October 20, 2020

Affordable Housing Development Multifamily New Jersey Northeast

Walters Nears Completion of 72-Unit Affordable Housing Project in Howell, New Jersey

by Taylor Williams October 19, 2020

HOWELL, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Howell, a 72-unit affordable housing development in coastal New Jersey. Residents have begun moving in to the four-building development, which features one-, two- and three-bedroom units with individual washers and fully equipped kitchens with granite countertops. Amenities include outdoor grilling and picnic stations, a clubhouse with a fitness center and a children’s play area. Walters expects to complete the project by the end of the year.

October 19, 2020

Leasing Activity New Jersey Northeast Retail

Planet Fitness Signs 20,000 SF Retail Lease at Mayfair Shopping Center on Long Island

by Taylor Williams October 19, 2020

COMMACK, N.Y. — Planet Fitness has signed a 20,000-square-foot retail lease at Mayfair Shopping Center, a 221,000-square-foot power center located in the Long Island city of Commack. A 60,000-square-foot Best Market grocery store anchors the property, which also houses tenants such as Rite Aid, Capital One Bank, Sherwin-Williams and Verizon Wireless. E.J. Moawad of New Jersey-based Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Jack Chera of Crown Retail Services represented Planet Fitness.

October 19, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Brokers $26.5M Sale of Multifamily Building in Rahway, New Jersey

by Taylor Williams October 16, 2020

RAHWAY, N.J. — The Kislak Company has brokered the $26.5 million sale of Skyview Rahway, a 160-unit multifamily building located south of Newark in Union County. Built in 2005, the property consists of 45 one-bedroom units, 102 two-bedroom units and 13 penthouses in addition to Class A amenities such as a rooftop terrace, fitness center and concierge services. Jeff Squires of Kislak represented the seller in the transaction, and Barry Waisbrod of Kislak procured the New York-based buyer. Both parties requested anonymity.

October 16, 2020

Development Multifamily New Jersey Northeast Seniors Housing

Larken Associates Completes 198-Unit Multifamily Project in Lopatcong, New Jersey

by Taylor Williams October 16, 2020

LOPATCONG, N.J. — Developer Larken Associates has completed Autumn Ridge, a 198-unit multifamily project in Lopatcong, about 75 miles west of New York City. Autumn Ridge features a combination of 198 market-rate and affordable luxury apartment units across 10 buildings as well as a standalone building for residents age 55 and over. Amenities include a clubhouse, pool, outdoor lounge, fitness center, pet park, lounge/dry bar and a package concierge system.

October 16, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 114,249 SF Retail Center in Mount Olive, New Jersey

by Taylor Williams October 16, 2020

MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of Mount Olive Parkade, a 114,249-square-foot retail center located about 50 miles west of New York City. The property sold for $6 million. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller and secured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

October 16, 2020

Industrial New Jersey Northeast

New Jersey Industrial Rents, Vacancy Maintain Historic Levels, Says Cushman & Wakefield

by Taylor Williams October 15, 2020

NEW JERSEY — The New Jersey industrial market has maintained its historically high rate of rent growth and low rate of vacancy through the third quarter, respectively clocking in at $9.39 per square foot and 3 percent, according to the latest report from Cushman & Wakefield. Demand for industrial space from e-commerce and third-party logistics users fueled the performances of both metrics as consumers increasingly spent more time at home and shopped online amid the COVID-19 pandemic. Year-to-date, the Garden State has absorbed more than 6.5 million square feet of industrial space, down only slightly from the 7.2 million square feet absorbed by the end of the third quarter in 2019. However, Jason Price, the firm’s director of Tri-State research, noted that the moderate decline in year-to-date absorption was more attributable to lack of supply than diminished tenant demand. Construction activity has risen over the first nine months of 2020 relative to that period in 2019 as the market has shown signs of being undersupplied. Year-to-date, developers have delivered some 8.1 million square feet of new inventory, a 28.6 percent increase from the 6.3 million square feet delivered through the first three quarters of last year. In addition, New Jersey’s …

October 15, 2020

Development Multifamily New Jersey Northeast

Prism Capital Nears Completion of 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams October 15, 2020

WOODBRIDGE, N.J. — Prism Capital Partners, in a joint venture with Northwestern Mutual Life Insurance Co., is nearing completion of 10 Green Street at Woodbridge Station, a 232-unit multifamily project located south of Newark in Woodbridge. The transit-oriented development is located at the site of a former Lucas Chevrolet dealership and also includes 12,000 square feet of street-level retail space. Units will feature a mix of studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, outdoor grilling area, package room and a conference center. The development team expects the first units to be available for occupancy in spring 2021.

October 15, 2020

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