FLORHAM PARK, N.J. — Cushman & Wakefield has brokered the sale of a 168,144-square-foot office building located at 325 Columbia Turnpike in Florham Park, about 30 miles west of New York City. The three-story building is situated on 15 acres and offers amenities such as a recently renovated cafeteria and onsite tenant storage units. The property was 85 percent leased at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema represented the seller, Mack-Cali, in the transaction. The team also procured the buyer, Connecticut-based investment firm The Birch Group.
CHERRY HILL, N.J. — JLL has secured two office leases totaling 63,089 square feet at Woodcrest Corporate Center in Cherry Hill, a suburb of Philadelphia. Digital platform provider Conduent Business Services LLC renewed its 30,887-square-foot lease, and Penn Interactive Ventures, an operator of mobile gambling apps, signed a lease for 32,212 square feet. Dan Close and Rick Widerman represented the landlord, Crown Properties, in both sets of negotiations.
UNION, N.J. — Locally based developer American Landmark Development has completed Phase I of Centurion Union, a project that delivered 80 multifamily residences to the supply of Union, a suburb of Newark. The property features a mix of one- and two-bedroom units with wood-style plank flooring, quartz countertops and glass-enclosed showers. Amenities include a fitness center, resident lounge, coworking space, children’s play area and a dog run. Phase I of the project is now fully leased, and American Landmark may begin construction of Phase II by the first quarter of next year.
BERKELEY HEIGHTS, N.J. — A partnership between Hana, the coworking brand of CBRE, and locally based investment firm The Connell Co. will open Round Table Studios, a 40,000-square-foot coworking space in Berkeley Heights, located about 20 miles west of New York City. The space will be located within Connell’s building at 200 Connell Drive and is scheduled to open by the end of the year. Members may enjoy access to the building’s onsite health clinic, fitness center, dining services and surrounding network of parks and trails.
ROSELLE, N.J. — SRS Real Estate Partners has arranged the $6.7 million sale of a retail asset that is occupied by convenience store chain Wawa in Roselle, located south of Newark. Patrick Nutt and Andrew Fallon represented the seller in the transaction. The buyer was an undisclosed private investor. The store opened in May 2019.
NEPTUNE CITY, RED BANK AND MATAWAN, N.J. — Walker & Dunlop has provided an $87.4 million Fannie Mae loan for the refinancing of a 792-unit workforce housing portfolio located in northern and coastal New Jersey. The portfolio includes Brighton Arms Apartments in Neptune City; Grandville Towers in Red Bank; and Tree Haven Apartments in Matawan. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the financing on behalf of the borrower, The PRC Group.
KEARNY, N.J. — Pennsylvania-based investment firm Seagis Property Group has received a $65 million loan for the refinancing of a 415,533-square-foot industrial building located at 50 Central Ave. in Kearny, located west of New York City. The newly built property features 40-foot clear heights and 88 overhead doors and was fully leased at the time of the loan closing. New York Life Real Estate Investors provided the loan.
NEWARK, N.J. — A partnership led by New Jersey-based investment firm Onyx Equities has acquired a 10-building, 1.5 million-square-foot office portfolio in Morris County, New Jersey, from Mack-Cali Corp. The portfolio consists of nine buildings in Parsippany and one in Madison. Onyx Equities, which acquired the portfolio in partnership with Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group, will implement a capital improvement plan. JLL brokered the deal.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of a 45,000-square-foot industrial flex property located at 60 Northampton Road in the coastal New Jersey city of Toms River. Charles Loccisano and Michael Lombardi of Marcus & Millichap co-brokered the sale along with Rosetto Realty Group on behalf of both the buyer and the seller. Both parties were limited liability companies that requested anonymity.
RARITAN, N.J. — Burlington has opened a new store at Somerville Circle Shopping Center, a 150,000-square-foot property located at the intersection of Routes 202/206 and Route 28 in Raritan, about 45 miles southeast of New York City. Burlington has backfilled a space formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us. Other tenants at the center include Staples, Petco, Jersey Mike’s, Burger King and Five Below. Levin Management Corp. manages the property. The square footage of the store was not disclosed.