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