New Jersey

JLL Negotiates $50M Sale of Office Building in Morristown, New Jersey

by Taylor Williams November 5, 2020

MORRISTOWN, N.J. — JLL has negotiated the $50 million sale of a 232,000-square-foot office building located at 44 Whippany Road in the Northern New Jersey city of Morristown. The property spans 20 acres and features a fitness center, café, outdoor patio and picnic area and access to walking trails. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the seller, an affiliate of Marcus Partners, in the transaction. The team also procured the buyer, Liberty Properties LLC. The three-story building also recently underwent an $18 million capital improvement program.

November 5, 2020

Development Industrial New Jersey Northeast

Black Creek Group to Build 574,169 SF Industrial Park in East Windsor, New Jersey

by Taylor Williams November 3, 2020

EAST WINDSOR, N.J. — Denver-based Black Creek Group will develop Innovation Park, a two-building, 574,169-square-foot industrial park that will be located in the Trenton suburb of East Windsor. Building A will span 406,669 square feet and will feature 40-foot clear heights, 50 dock doors, 67 trailer spaces and 317 car parking stalls. Building B will total 167,500 square feet and will feature 36-foot clear heights, 30 dock doors and 161 car parking stalls. Preliminary site work is underway, and construction is expected to continue through January 2022. Peak Construction Corp. is teaming with Trammell Crow as the development manager. The development team also includes KSS Architects and civil engineering firm Maser Consulting.

November 3, 2020

Acquisitions Industrial New Jersey Northeast

HGI, Turnbridge Sell 550,000 SF Warehouse in Parsippany, New Jersey, for $85.2M

by Taylor Williams November 2, 2020

PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.

November 2, 2020

Industrial Leasing Activity NAI New Jersey Northeast

NAI James Hanson Negotiates 28,900 SF Industrial Lease in Elizabeth, New Jersey

by Taylor Williams November 2, 2020

ELIZABETH, N.J. — NAI James Hanson has negotiated a 28,900-square-foot industrial lease at 475 Division St. in Elizabeth, located just south of Newark. The 175,000-square-foot building features 18-foot ceiling heights, five loading docks, 10 trailer parking spaces and 2,000 square feet of office space. Barry Cohorsky and John Koch of NAI James Hanson represented the landlord, Tree Realty, in the lease negotiations. Robin Ritter-Ceriello of Cushman & Wakefield represented the tenant, locally owned trucking company Motion Express.

November 2, 2020

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Arranges $8.7M Sale of Industrial Property in Fairfield, New Jersey

by Taylor Williams October 30, 2020

FAIRFIELD, N.J. — Sheldon Gross Realty has arranged the $8.7 million sale of a 77,983-square-foot industrial property located in the Northern New Jersey city of Fairfield. The property offers proximity to Routes 46 and 80, as well as the Garden State Parkway. The buyer was Ridgewood, N.J.-based Stro Cos., and the seller was undisclosed. Bob Nathin of Sheldon Gross Realty brokered the deal.

October 30, 2020

Independence-Way-at-the-Green-Florham-Park

Affordable Housing Development Multifamily New Jersey Northeast

Partnership Completes 62-Unit Affordable Housing Community in Florham Park, New Jersey

by Taylor Williams October 29, 2020

FLORHAM PARK, N.J. — A partnership between developer Rockefeller Group, Bergen County’s United Way and Madeline Corp. has completed Independence Way at The Green, a 62-unit affordable housing community in the northern New Jersey city of Florham Park. The property consists of eight buildings on an eight-acre site within Rockefeller’s 268-acre Green at Florham Park mixed-use development and will serve 102 residents with developmental disabilities. Z+ Architects LLC designed the project, and Sharp Management served as the general contractor.

October 29, 2020

Development Multifamily New Jersey Northeast

KRE Group, Russo Receive $71M Construction Loan for Multifamily Project in Rockaway, New Jersey

by Taylor Williams October 28, 2020

ROCKAWAY, N.J. — A partnership between two New Jersey-based developers, Kushner Real Estate Group (KRE) and Russo Development, has received a $71 million construction loan for a 345-unit apartment project in Rockaway, about 35 miles west of New York City. The property, which will be branded Rock Pointe, will offer a mix of one-, two- and three-bedroom units. Amenities will include a pool, tennis courts, an outdoor terrace with TVs and grilling stations, a game room, conference room and a dog run. City National Bank provided the construction financing in partnership with Provident Bank. The development team expects to begin leasing the property next fall.

October 28, 2020

85-New-Brunswick-Ave.-Woodbridge-New-Jersey

Development Industrial New Jersey Northeast

Woodmont Begins Vertical Construction of 101,425 SF Distribution Center in Woodbridge, New Jersey

by Taylor Williams October 28, 2020

WOODBRIDGE, N.J. — Locally based developer Woodmont Industrial Partners has begun vertical construction of a 101,425-square-foot distribution center at 85 New Brunswick Ave. in the Northern New Jersey city of Woodbridge. The property will offer proximity to State Routes 440 and 9, as well as the New Jersey Turnpike and Garden State Parkway. Building features will include 36-foot clear heights and 12 dock doors with the option to expand to 24. Woodmont acquired the site in July and expects to complete the project in the second quarter of next year. CBRE is handling leasing of the property.

October 28, 2020

Development Multifamily New Jersey Northeast

TFE Properties Delivers 117-Unit Luxe Apartments in Woodbridge, New Jersey

by Taylor Williams October 28, 2020

WOODBRIDGE, N.J. — New Jersey-based developer TFE Properties has delivered Luxe Apartments, a 117-unit multifamily community in the Northern New Jersey city of Woodbridge. The property is situated across from Woodbridge Center Mall and houses retail space on the first floor, office space on the second floor and residential units on floors three through nine. Units feature one- and two-bedroom floor plans and range in size from 706 to 1,286 square feet. Amenities include two fitness centers with spin and cycling studios, shared workspaces, a resident clubroom with various games and a package locker room. Rents start at $1,675 per month for a one-bedroom unit.

October 28, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $14M Sale of Apartment Building in Orange, New Jersey

by Taylor Williams October 28, 2020

ORANGE, N.J. — Marcus & Millichap has brokered the $14 million sale of 400 Highland Terrace, an 81-unit apartment building in Orange, an eastern suburb of Newark. The unit mix comprises 10 studios, 61 one-bedrooms and 10 two-bedrooms. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 28, 2020

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