New Jersey

Target to Open 101,000 SF Store in Somers Point, New Jersey

by Taylor Williams November 17, 2020

SOMERS POINT, N.J. — Target will open a 101,000-square-foot store at Somers Point Plaza, a 279,026-square-foot retail power center in Southern New Jersey. The Minneapolis-based retailer will backfill a space formerly occupied by Kmart. Richard Soloff of Soloff Realty & Development Inc. represented the landlord, Philadelphia-based Brahin Properties Inc., in the lease negotiations. Other tenants at Somers Point Plaza include CME Markets, PetSmart, West Marine, Big Lots, Verizon Wireless and Chipotle Mexican Grill.

November 17, 2020

481-Weston-Canal-Road-Somerset-New-Jersey

Industrial Leasing Activity NAI New Jersey Northeast

NAI DiLeo-Bram Negotiates 308,000 SF Industrial Lease in Somerset, New Jersey

by Taylor Williams November 13, 2020

SOMERSET, N.J. — NAI DiLeo-Bram has negotiated a 308,000-square-foot industrial lease at 481 Weston Canal Road in the Northern New Jersey city of Somerset. Bridge Development Partners recently completed the property, which is located within the three-building Bridge Point Somerset development. Building features include 36-foot clear heights, 78 trailer stalls, 50 loading docks and proximity to Interstate 287 and the New Jersey Turnpike. Eric Bram Johnston and Christopher Galiano of NAI DiLeo-Bram represented the tenant, an undisclosed furniture manufacturer that is relocating from Edison, in the lease negotiations. JLL represented Bridge Development Partners.

November 13, 2020

Development Industrial New Jersey Northeast

Endurance, Cabot Break Ground on 289,042 SF Spec Industrial Project in Burlington, New Jersey

by Taylor Williams November 13, 2020

BURLINGTON, N.J. — A partnership between an affiliate of Endurance Real Estate Group and Boston-based Cabot Properties has broken ground on a 289,042-square-foot speculative industrial project in Burlington, about 20 miles northwest of Philadelphia. The 56.6-acre site at 2609 Rancocas Road will house two warehouses that are expected to be complete in the fourth quarter of 2021. Building I will feature 217,986 square feet, 36-foot clear heights, 180 car parking spaces and 28 trailer parking spaces. Building II will total 71,056 square feet and will offer 32-foot clear heights and 69 car parking spaces. John Plower, Nate Demetsky and Ryan Cottone represented the development team in the acquisition of the land. Newmark represented the seller of the land.

November 13, 2020

Acquisitions Industrial New Jersey Northeast

Bridge Development Sells 2.2 MSF Industrial Complex in Phillipsburg, New Jersey

by Taylor Williams November 12, 2020

PHILLIPSBURG, N.J. — Bridge Development Partners has sold Phase I of Bridge Point 78, an industrial complex in Phillipsburg that consists of approximately 2.2 million square feet across four buildings. Phase I was completed in 2019 and is part of a larger, 3.8 million-square-foot development. Bridge Development secured Japanese clothing manufacturer and retailer UNIQLO as an anchor tenant in October 2019. Beverage distributor Mark Anthony Brands also signed a lease for 419,460 square feet in April of this year. PGIM Real Estate purchased the property for an undisclosed price. Brian Fiumara of CBRE brokered the deal.

November 12, 2020

Loans Multifamily New Jersey Northeast

NorthMarq Arranges $45.5M Loan for Refinancing of Multifamily Asset in Sayreville, New Jersey

by Taylor Williams November 12, 2020

SAYREVILLE, N.J. — NorthMarq has arranged a $45.5 million loan for the refinancing of Camelot at La Mer V, a 273-unit multifamily asset located in the Northern New Jersey town of Sayreville. Gary Cohen and Marc Nevins of NorthMarq arranged the financing, which was structured with a fixed interest rate and a 35-year term, through a correspondent life insurance company. The borrower and developer was New Jersey-based Kaplan Cos.

November 12, 2020

Acquisitions Company News Industrial New Jersey Northeast

Cold Storage REIT Americold Acquires New Jersey-Based Hall’s Warehouse Corp. for $480M

by Taylor Williams November 11, 2020

SOUTH PLAINFIELD, N.J. — Americold Realty Trust (NYSE: COLD), an Atlanta-based cold storage REIT, has acquired Hall’s Warehouse Corp. of South Plainfield, New Jersey, in a transaction valued at $480 million. The Hall’s Warehouse portfolio consists of eight cold storage facilities totaling 58 million cubic feet and 200,000 pallet positions that are located throughout Northern New Jersey. The portfolio was approximately 95 percent leased at the time of sale. Americold, which also announced the development of an $84 million facility in Arkansas, now owns and operates 185 temperature-controlled warehouses with over 1 billion refrigerated cubic feet of storage throughout five countries.

November 11, 2020

Loans Multifamily New Jersey Northeast

Colliers Provides $5M Agency Loan for Refinancing of Apartment Complex in Camden, New Jersey

by Taylor Williams November 11, 2020

CAMDEN, N.J. — Colliers Mortgage has provided a $5 million Fannie Mae loan for the refinancing of Lake Shore Club Apartments, an 80-unit apartment complex located in the Southern New Jersey city of Camden. The property was built in 1970 and consists of five two-story buildings. Colliers originated the 10-year loan for borrower DBG Gamma Investments LLC.

November 11, 2020

Development Industrial New Jersey Northeast

Sansone, Brookfield Acquire Land in Northern New Jersey for 1.3 MSF Spec Industrial Project

by Taylor Williams November 10, 2020

SOUTH BRUNSWICK, N.J. — A partnership between St. Louis-based developer Sansone Group and a fund backed by Brookfield Asset Management has acquired 85 acres in Northern New Jersey for the development of a 1.3 million-square-foot speculative industrial facility. The property will be located in between the townships of Monroe and South Brunswick and near the Port of Newark. Construction is scheduled to begin in the first quarter of next year and to take a year to complete.

November 10, 2020

Development Industrial New Jersey Northeast

Fidelco, Elberon to Develop 140,000 SF Cold Storage Facility in Northern New Jersey

by Taylor Williams November 10, 2020

ELIZABETH AND NEWARK, N.J. — Developers Fidelco Realty Group and Elberon Development Group will build a 140,000-square-foot cold storage facility on the Elizabeth-Newark border in Northern New Jersey. The property will be located at the site of the former Magruder Color dye and pigment manufacturing plant, which was vacated in 2006. The 10.5 million-cubic-foot building will include 18 docks and 30,000 pallet positions. New Jersey-based FreezPak Logistics will operate the facility, which is expected to be complete in fall 2021.

November 10, 2020

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $21M Loan for Refinancing of Northern New Jersey Industrial Property

by Taylor Williams November 9, 2020

NEW JERSEY — G.S. Wilcox & Co., a locally based mortgage banking firm, has arranged a $21 million loan for the refinancing of a 236,000-square-foot industrial property in Northern New Jersey. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the 20-year loan through Mutual of Omaha on behalf of the undisclosed borrower. The property name and location were also not disclosed.

November 9, 2020

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