New Jersey

Triple Five Group Reopens American Dream Mall in East Rutherford, New Jersey

by Taylor Williams October 1, 2020

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.

October 1, 2020

Industrial Loans New Jersey Northeast

JLL Arranges Loans for Refinancing of 257,949 SF Industrial Portfolio in New Jersey

by Taylor Williams October 1, 2020

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.

October 1, 2020

Acquisitions New Jersey Northeast Office

Colliers Brokers Sale of 43,000 SF Bloom Court Office Building in Mount Laurel, New Jersey

by Taylor Williams October 1, 2020

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.

October 1, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Arranges Sale of 48,000 SF Industrial Flex Property in West Berlin, New Jersey

by Taylor Williams September 30, 2020

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.

September 30, 2020

Development Industrial New Jersey Northeast

Evergreen Theragnostics to Open New Manufacturing Facility in Springfield, New Jersey

by Taylor Williams September 29, 2020

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.

September 29, 2020

Company News New Jersey New York Northeast

New York-Based HVAC Firm Gil-Bar Industries Acquires GBS Limited

by Taylor Williams September 29, 2020

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.

September 29, 2020

Industrial Loans New Jersey Northeast

Hartford Investment Provides $25M Loan for Refinancing of 706,487 SF Distribution Center in Secaucus

by Taylor Williams September 28, 2020

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.

September 28, 2020

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 168,144 SF Office Building in Florham Park, New Jersey

by Taylor Williams September 25, 2020

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.

September 25, 2020

Leasing Activity New Jersey Northeast Office

JLL Secures Two Office Leases Totaling 63,089 SF in Cherry Hill, New Jersey

by Taylor Williams September 23, 2020

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.

September 23, 2020

Development Multifamily New Jersey Northeast

American Landmark Completes 80-Unit Multifamily Project in Union, New Jersey

by Taylor Williams September 21, 2020

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.

September 21, 2020

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