New Jersey

CBRE Negotiates Two Industrial Leases Totaling 67,137 SF in Westwood, New Jersey

by Taylor Williams August 20, 2020

WESTWOOD, N.J. — CBRE has negotiated two industrial leases totaling 67,137 square feet at a 120,000-square-foot industrial facility located at 10-50 Charles St. in Westwood, about 30 miles northwest of New York City. Mavi Jeans signed a lease to occupy 42,507 square feet, and print technology firm Digital Lizard inked a deal for 24,630 square feet. Kevin Dudley, Bill Waxman, Nick Klacik and Elli Klapper of CBRE represented the landlord, Treetop Development, in the lease negotiations. Treetop acquired the property, which features 14- to 22-foot clear heights, 127 car parking spaces and 10,000 square feet of office space, in November 2019.

August 20, 2020

Leasing Activity New Jersey Northeast Retail

Harmony Dispensary to Open Hoboken’s First Medical Marijuana Facility

by Taylor Williams August 20, 2020

HOBOKEN, N.J. — New Jersey-based medical marijuana provider Harmony Dispensary will open the first such facility in Hoboken, located across the Hudson River from Manhattan. The dispensary will be located within a 5,000-square-foot building at 95 Hudson St. that previously housed a primary care provider. Jersey City-based Dresdner Robin, the land-use consultant for the project, has completed the revised rezoning requirements for the site. The satellite space is expected to come on line by the end of the year.

August 20, 2020

Industrial Leasing Activity New Jersey Northeast

Flemington Pickleball Club Signs 11,200 SF Industrial Lease in New Jersey

by Taylor Williams August 20, 2020

FLEMINGTON, N.J. — Flemington Pickleball Club LLC has signed an 11,200-square-foot retail lease at 19 Royal Road in Central New Jersey. According to LoopNet Inc., the property was built on 2.3 acres in 2003 and features 21-foot clear heights. Marc Shein of NAI DiLeo-Bram represented the tenant in the lease negotiations. Pickleball is a cross between tennis, ping-pong and badminton.

August 20, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $19.5M Sale of Apartment Complex in East Newark, New Jersey

by Taylor Williams August 19, 2020

EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the $19.5 million sale of St. George Harrison Apartments, a 60-unit multifamily community in East Newark. The property comprises 25 one-bedroom units and 35 two-bedroom units ranging in size from 720 to 1,184 square feet. Units are equipped with stainless steel appliances, hardwood floors and individual washers and dryers. Amenities include a resident lounge and a fitness center. Niko Nicolaou of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. Adam Zweibel, also with Gebroe-Hammer, procured the buyer, SELA Realty Investments.

August 19, 2020

Development Multifamily New Jersey Northeast

BNE Real Estate Completes 228-Unit Multifamily Project in Teaneck, New Jersey

by Taylor Williams August 18, 2020

TEANECK, N.J. — New Jersey-based developer BNE Real Estate Group has completed One500, a 228-unit community located at 1500 Teaneck Road, about 20 miles west of New York City. Designed by Minno & Wasko Architects & Planners, the property features studio, one- and two-bedroom units with rents starting at $1,965 per month. Amenities include 24-hour concierge service, Amazon package service and onsite maintenance. Residents also have access to a social lounge, business lounge, coffee bar, billiards, party room, children’s playroom and a fitness center.

August 18, 2020

Industrial Leasing Activity New Jersey Northeast

Logistics Firm Signs 124,000 SF Industrial Lease Renewal, Expansion in Randolph, New Jersey

by Taylor Williams August 18, 2020

RANDOLPH, N.J. — Third-party logistics firm Armstrong Relocation Co. has signed a 124,000-square-foot industrial lease renewal and expansion in Randolph, about 40 miles west of New York City. The company renewed its 84,000-square-foot lease at 9 Aspen Drive and also committed to an additional 40,000 square feet at the adjacent building. The company’s new space at 5 Aspen Drive features 46-foot clear heights, 12 loading docks and ample trailer parking space. Brian Wilson of Resource Realty represented Armstrong and the landlord, North Jersey Development, in the lease negotiations.

August 18, 2020

Industrial Leasing Activity New Jersey Northeast

Sheldon Gross Realty Negotiates 71,922 SF Industrial Lease in Freehold, New Jersey

by Taylor Williams August 18, 2020

FREEHOLD, N.J. — Sheldon Gross Realty has negotiated a 71,922-square-foot industrial lease at 225 Willow Brook Road in Freehold, about 30 miles east of Trenton. The property was built in 1961 and totals 180,000 square feet, according to LoopNet Inc. Glenn Jaffe of Sheldon Gross represented the tenant, EUS Imports, a locally based luggage and travel accessory dealer, in the lease negotiations. Douglas Sitar and Robert JanTausch of Sitar Realty Co. represented the undisclosed landlord.

August 18, 2020

Company News Market Reports New Jersey Northeast Northeast Market Reports Retail

Jersey Mike’s Sandwich Chain Invests in Delivery, Pick-Up

by Taylor Williams August 18, 2020

By Alex Patton During the business lull caused by the outbreak of COVID-19, fast casual sandwich chain Jersey Mike’s made news by rolling out a $150 million nationwide retrofit project for its stores. The project will include aesthetic and comfortability upgrades for 1,700 franchise stores, as well as expanded functionality for delivery and pick-up services — all paid for by the company. “Paying for the retrofits ourselves is a tactical move on our part,” says Peter Cancro, CEO of Jersey Mike’s. “Whenever you put money in your business, it always comes back. It’s an investment into our people — every dollar we put into the project we’ll get back in loyalty and trust from our franchise owners and our customers.” The Manasquan, New Jersey-based company operates approximately 1,750 stores across 48 states and plans to expand to 2,000 by the end of 2021. Though the company is growing its store count quickly, it is still a relatively small player in the national sandwich game. By comparison, Jersey Mike’s two closest competitors, Subway and Jimmy John’s, operate 24,000 and 2,800 stores in the United States, respectively. Amid state-mandated temporary closures of retail stores and restaurants, Jersey Mike’s was able to continue …

August 18, 2020

Acquisitions New Jersey Northeast

Tulfra Real Estate Sells Self-Storage Facility in Clifton, New Jersey, for $24.2M

by Taylor Williams August 17, 2020

CLIFTON, N.J. — New Jersey-based development and investment firm Tulfra Real Estate has sold a 925-unit self-storage facility located at 10 Kingsland Road in Clifton, about 20 miles west of New York City, for $24.2 million. Tulfra acquired the site, which spans 6.5 acres, from an out-of-state corporation in 2017. The buyer, Columbia Storage Group, also recently acquired a 108,000-square-foot self-storage facility in West Caldwell, New Jersey, from Tulfra.

August 17, 2020

Acquisitions Healthcare New Jersey Northeast

Hudson Regional Hospital Buys Healthcare Property Near Brooklyn for $76M

by Taylor Williams August 14, 2020

BAYONNE, N.J. — Hudson Regional Hospital (HRH) has purchased Bayonne Medical Center, a healthcare property located across the Hudson River from Brooklyn, for $76 million. HRH has purchased the operations of the property, which features 278 beds, from its current operator CarePoint Health. Additional terms of sale were not disclosed.

August 14, 2020

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