WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.
BAYONNE, N.J. — New Jersey-based Woodmont Properties has completed the lease-up Woodmont Bay Club, a 220-unit luxury multifamily community in Bayonne, located just outside New York City. The property is now fully occupied. Units feature studio, one-. two- and three-bedroom floor plans ranging in size from 650 to 1,500 square feet. Amenities include a pool, rooftop terrace, fitness center, business center, game room, pet spa and a golf simulator.
EAST RUTHERFORD, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks are mandatory, and social distancing guidelines will be enforced. A limited number of shopping and dining options will also be available under similar restrictions. Other attractions at American Dream, a project that went through various ownership groups and redevelopment obstacles, include a Sea Life Aquarium, Lego Discovery Center and an indoor ski and snow park.
MORRISTOWN, N.J. — JLL has arranged two loans of undisclosed amounts for the refinancing of a four-building, 257,949-square-foot industrial portfolio in Morristown, about 30 miles west of New York City. Built in the 1980s, the properties are located in the towns of Pine Brook and Valley Cottage. Collectively, the four buildings were close to fully occupied at the time of the loan closings. Michael Klein led a JLL team that placed the nonrecourse loans, both of which were structured with 10-year terms and fixed interest rates, through an undisclosed life insurance company. The borrower was The Frassetto Companies, a family-owned and operated developer in the Tri-State area.
MOUNT LAUREL, N.J. — Colliers International has brokered the sale of Bloom Court, a 43,000-square-foot office building located in the Southern New Jersey township of Mount Laurel. Evan Zweben, Marc Isdaner and Ian Richman of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was an affiliate of locally based, full-service real estate firm Needleman Management Co. The sales price was not disclosed.
WEST BERLIN, N.J. — Colliers International has arranged the sale of a 48,000-square-foot industrial flex property at 436 Commerce Lane in West Berlin, located outside of Philadelphia. The sales price was $2.7 million. The property is located off Route 73 and features 18-foot ceiling heights. The buyer was Velocity Venture Partners, and the seller was undisclosed. Marc Isdaner and Ian Richman of Colliers brokered the transaction.
SPRINGFIELD, N.J. — Radiopharmaceutical firm Evergreen Theragnostics will open a new, 14,000-square-foot manufacturing facility in Springfield, about 20 miles west of New York City. The new facility will feature four fully equipped production suites, three additional customizable suites, research space and multiple sterility lines, as well as quality control, material storage and packaging space. Construction of the facility is underway, and completion is scheduled for 2021.
NEW YORK CITY — New York-based HVAC design and engineering firm Gil-Bar Industries has acquired GBS Ltd., an air conditioning contractor based in Berkeley Heights, New Jersey. As part of the deal, Metro Air Products NJ, a Gil-Bar Industries affiliate, will join the GBS Ltd. team and Gil-Bar’s New Jersey operations as a single entity that will be known as Gil-Bar Sales NJ. Former GBS principal Greg Peifer will join Gil-Bar as sales manager of a new Gil-Bar office in Philadelphia.
Hartford Investment Provides $25M Loan for Refinancing of 706,487 SF Distribution Center in Secaucus
SECAUCUS, N.J. — Hartford Investment Management Co. has provided a $25 million loan for the refinancing of a 706,487-square-foot distribution center located at 500 Meadowland Parkway in the New York City metro of Secaucus. Built in 1977 and renovated multiple times over the years, the property is situated within the 750-acre Harmon Cove development, about three miles from Manhattan and proximate to Newark Liberty International Airport. Building features include 24- to 26-foot clear heights, 200 loading docks and ample car and trucking parking spaces. Thomas Didio led a JLL team that placed the fixed-rated debt with Hartford on behalf of the borrower, 500 Meadowland Parkway LLC.