LINDEN, N.J. — Cushman & Wakefield has arranged a $235 million loan for the refinancing of Buildings E and G at Linden Logistics Center in Northern New Jersey. The two buildings total approximately 1.3 million square feet. Northwestern Mutual provided the 10-year, fixed-rate loan to the borrower, a partnership between two New Jersey-based firms, Advance Realty Investors and Greek Development. John Alascio, Chuck Kohaut, T.J. Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev of Cushman & Wakefield arranged the financing. Construction of the three-building, 1.6 million-square-foot second phase of Linden Logistics Center is currently underway and expected to be complete in the third quarter.
MORRISTOWN, N.J. — A partnership between global investment management firm Nuveen Real Estate and New York City-based Taconic Partners has acquired a 296,000-square-foot warehouse in the Northern New Jersey community of Morristown for $55 million. The property was built on 17 acres in 1986 and was fully leased at the time of sale. Cushman & Wakefield brokered the deal. The seller was not disclosed.
HOBOKEN, N.J. — Locally based investment firm Faropoint has acquired a portfolio of 10 industrial buildings totaling 654,633 square feet in Northern New Jersey for $132.5 million. The portfolio was 98 percent leased at the time of sale. Four of the properties are located in Whippany, and four are located in Oakland. The other two are located in Fair Lawn. Marc Duval, Jose Cruz, Michael Oliver, Jordan Avanzato and Nick Stefans of JLL represented the seller, Kushner Cos., in the transaction. Faropoint will implement a capital improvement program that will include fresh paint jobs, replaced roofs and new lighting and sustainable features.
DAYTON, N.J. — Chicago-based investment firm CenterPoint Properties has purchased a 198,000-square-foot warehouse in the Northern New Jersey community of Dayton. The property sits on a 14-acre site and features a clear height of 31 feet and a separate two-acre parking lot. Bunny Escava and Isaac Setton of Kassin Sabbagh Realty brokered the transaction. The seller and sales price were not disclosed.
LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.
ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.
PLAINFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the sale of Stony Brook Gardens, a 70-unit multifamily property located in the Northern New Jersey community of Plainfield. The sales price equates to roughly $250,000 per unit. The two-story, garden-style property was built in 1961. Joni Sweetwood and Julie Gralla of Kislak represented the seller and the buyer, both of which requested anonymity, in the transaction.
ROCKAWAY TOWNSHIP, N.J. — A partnership between two New Jersey-based firms, KRE Group and Russo Development, has begun leasing Rock Pointe, a 345-unit apartment community in Rockaway Township, located west of New York City in Morris County. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, tot lot, walking trails, outdoor grilling areas, fitness center, conference facility, game room, package lockers and a dog park. Rents start at $2,100 per month for a one-bedroom unit. Move-ins are slated to begin in mid-January.
By Taylor Williams Demand for retail and restaurant space in Northern New Jersey has long been buoyed by spillover tenants that find themselves priced out of premium spaces in New York City. Yet despite the fact that retail rents throughout the city have been depressed for the last 18 months, users have not flocked to Manhattan and Brooklyn at the expense of the fringe markets of Northern New Jersey. In fact, brokers in the latter region see a healthy level of demand from a wide range of users that see opportunity in the current conditions. “The closures of national soft goods retailers that were squeezed by reduced demand and supply chain constraints during the height of COVID-19 left some beautifully built-out spaces,” notes Kevin Pelio, director of leasing at Azarian Group. “This has benefitted local and regional operators who can come into a prominent retail location without the capital-intensive, upfront investment typically required in a normal market.” Pelio adds that the larger trend among brick-and-mortar retailers to reduce initial capital outlays and build-out costs has also led to reductions in landlords’ tenant improvement (TI) allowances. Brian Katz, CEO of Englewood, N.J.-based Katz & Associates, concurs that certain retailers are aggressively …