MEDFORD, N.J. — NAI Mertz has brokered the sale of a 63,000-square-foot industrial complex located east of Philadelphia in New Jersey. The property was originally built in the 1970s and consists of five buildings on a 9.7-acre tract. Jonathan Klear of NAI Mertz represented the seller, Medford Industrial Park, which will lease back a portion of the space. An affiliate of Philadelphia-based investment firm Velocity Venture Partners purchased the property, which was fully leased at the time of sale, for an undisclosed price.
PITTSBURGH — Dick’s Sporting Goods will open three new stores in the Northeast region this month. The Pittsburgh-based retailer will debut two new stores in Massachusetts, a 45,000-square-foot location at Cape Cod Mall in Hyannis and a 48,000-square-foot location at Westgate Mall in the Boston suburb of Brockton. Simon Property Group and New England Development are the respective owners of those malls. A third, 65,000-square-foot store will open at Macerich’s Deptford Mall, located just outside Philadelphia in New Jersey.
RIDGEFIELD PARK, CLIFFSIDE PARK AND LEONIA, N.J. — Kislak Co. has negotiated the $19.2 million sale of an 85-unit multifamily portfolio in Bergen County, located just west of New York City. The portfolio includes The Madison, a 36-unit property in Ridgefield Park; The Manor, a 34-unit complex in Cliffside Park; and a 15-unit building in Leonia. Novel Property Ventures sold the portfolio, which was fully occupied at the time of sale, to Titanium Capital Partners. Robert Squires and Don Baxter of Kislak brokered the deal.
NORTH BRUNSWICK, N.J. — German discount grocer Lidl has opened a 28,000-square-foot store at Brunswick Shopping Center, a 288,000-square-foot retail center located in North-Central New Jersey. Other tenants at the property include LA Fitness, Muscle Maker Grill, GNC, Dollar Tree, Sally Beauty, McDonald’s, Sherwin Williams and Community Dental. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Lidl now operates 10 stores in New Jersey.
FLORHAM PARK, N.J. — CBRE has negotiated two office leases totaling 6,200 square feet at 23 Vreeland Road in Florham Park, about 30 miles west of New York City. International export company Hockman-Lewis inked a 4,600-square-foot lease, while law firm Bakos & Kritzer committed to a 1,600-square-foot space. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE represented the landlord, Eastman Cos., in the lease negotiations. Dylan Tusinac and David DeMatteis of Cushman & Wakefield represented Hockman-Lewis, while Bakos & Kritzer was self-represented.
NORTH BERGEN, N.J. — Skyline Development Group, in partnership with Vasco Ventures and Mosaic Real Estate, has topped out Solaia, its 14-story multifamily project in North Bergen, located just across the Hudson River from Upper Manhattan. The property will offer one-, two- and three-bedroom condominiums ranging in size from 864 to 1,900 square feet. Amenities will include a fitness center, a spa, outdoor grilling areas, coworking spaces and resident lounges. Completion is scheduled for the first quarter of 2021.
TINTON FALLS, N.J. — WinnDevelopment and nonprofit partner Soldier On Inc. have received financing for the development of The Gordon H. Mansfield Veterans Village, a $23 million apartment complex in Tinton Falls, located south of New York City across Sandy Hook Bay. The property will feature 70 units that will be reserved exclusively for veterans of the U.S. Armed Forces, including veterans who are transitioning from homelessness. The New Jersey Housing & Mortgage Finance Agency provided the funds for the project. Completion is scheduled for the third quarter of 2021.
SPARTA, N.J. — New York City-based Maya Capital Partners has acquired Sparta Drive-Up Storage, a self-storage facility in Sparta, located in the northern part of the state near the New Jersey-Pennsylvania border. The purchase price was approximately $6.8 million. The 505-unit facility spans 58,000 square feet and offers a combination of indoor, drive-up and climate-controlled units. Evergreen Property Advisors, an affiliate of Maya Capital Partners, will manage the property.
PARSIPPANY, N.J. — Linemart NJ, an e-commerce fulfillment vendor for Amazon, has signed a 67,430-square-foot industrial lease at 60 E. Halsey Road in Parsippany, about 30 miles west of New York City. Scott Peck of New Jersey-based brokerage firm Resource Realty represented the tenant in the lease negotiations. Tom Consiglio and Bill Pastuszak, also with Resource Realty, represented the landlord, Longpoint Realty Partners.
PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.