TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of a 45,000-square-foot industrial flex property located at 60 Northampton Road in the coastal New Jersey city of Toms River. Charles Loccisano and Michael Lombardi of Marcus & Millichap co-brokered the sale along with Rosetto Realty Group on behalf of both the buyer and the seller. Both parties were limited liability companies that requested anonymity.
RARITAN, N.J. — Burlington has opened a new store at Somerville Circle Shopping Center, a 150,000-square-foot property located at the intersection of Routes 202/206 and Route 28 in Raritan, about 45 miles southeast of New York City. Burlington has backfilled a space formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us. Other tenants at the center include Staples, Petco, Jersey Mike’s, Burger King and Five Below. Levin Management Corp. manages the property. The square footage of the store was not disclosed.
DELRAN, N.J. — Monster Pets, a retailer that serves the Philadelphia area, has signed a 57,930-square-foot industrial lease in the Southern New Jersey city of Delran. The property, which is now fully leased, is located near U.S. Route 130 and Swedes Run Industrial Park. Scott Mertz of NAI Mertz represented the landlord, a partnership between Endurance Real Estate Group and PCCP, in the lease negotiations. The representative of the tenant was not disclosed.
WAYNE, N.J. — JLL has negotiated the sale of 1 Corporate Drive, an 18,000-square-foot office property located in the Northern New Jersey city of Wayne. The building is situated on 2.7 acres. Frank Recine and Derek DeMartino of JLL represented the seller, USAlliance Financial Federal Credit Union, in the transaction. Philip J. Kreizer & Associates represented the buyer, Retina Center of New Jersey.
LOUISVILLE, KY. — Papa John’s International (NASDAQ: PZZA) has signed a store development agreement that will allow the Louisville-based pizza chain to open 49 new stores in the Philadelphia and Southern New Jersey areas between 2021 and 2028. Franchisee HB Restaurant Group, which currently owns and operates 43 Papa John’s locations in the mid-Atlantic, will also own and operate the new stores.
EAST HANOVER, N.J. — Camber Real Estate Partners has acquired an 88,220-square-foot industrial facility situated on a 6.3-acre site at 601 Murray Road in East Hanover, about 30 miles west of New York City. The property features 24-foot clear heights, seven loading positions and a small office finish. Gary Gabriel and Kyle Schmidt of Cushman & Wakefield brokered the deal. Camber has since negotiated a lease renewal with the property’s largest tenant.
PISCATAWAY, N.J. — Colliers International has arranged the sale of a 65,253-square-foot office building located at 225 Old New Brunswick Road in Piscataway, about 40 miles southeast of New York City. The three-story property was built in 1978 and was 28 percent occupied at the time of sale. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the seller, Rafael Holdings Inc., in the transaction. The sales price was approximately $3.9 million.
HOBOKEN, N.J. — A partnership between New Jersey-based Prism Capital Partners, Angelo, Gordon & Co. and Parkwood Development Co. is underway on construction of Wonder Lofts, a multifamily project in Hoboken that will add 83 for-sale units and six rental units to the local supply. The project is a redevelopment of the former Wonder Bread factory and bakery that was built in 1909. Wonder Lofts will offer 10,000 square feet of indoor and outdoor amenity space, including a fitness center, meeting and media rooms, lounges, kitchens and entertainment areas. The development team expects to open the sales office in March 2021 and to deliver the first units in June.
HACKENSACK, N.J. — NAI James Hanson has brokered the sale of a 30,000-square-foot industrial building located at 80 Commerce Way in Hackensack. The property is situated on 2.2 acres and features 14-foot clear heights and 85 parking spaces. Scott Perkins and Chris Todd of NAI James Hanson represented the seller, Canaan Korean Community Church, in the transaction. William Lee of Coldwell Banker Fort Lee represented the buyer, Pilgrim Mission Church.
PATERSON, N.J. — Locally based developer Blue Onyx Cos. will redevelop a historic two-acre property in Paterson that houses seven former mills and warehouses into a mixed-use destination. Preliminary plans for the project, which will be branded 24+Half, call for creative office and residential uses, as well as a beer garden and a 12,230-square-foot beach environment with sand, furniture, food trucks and activities. Architecture firm HWKN is leading design of the commercial, residential and public spaces. Blue Onyx acquired the site in 2019. The development team expects to break ground on the first phase of the project in summer 2021 and for the entire project to carry a construction period of about five years.