New Jersey

Prism Capital Breaks Ground on 252-Unit Mixed-Income Community in Dunellen, New Jersey

by Taylor Williams June 8, 2021

DUNELLEN, N.J. — New Jersey-based Prism Capital Partners has broken ground on a 252-unit, mixed-income community at the site of the former Art Color industrial facility in Dunellen, about 40 miles southwest of New York City. The property will consist of 194 one- and two-bedroom units that will be rented at market rates, as well as 58 units with various income restrictions and 10,000 square feet of retail space. The development will also include 130 for-sale townhomes to be constructed by a national homebuilder. Amenities will include a pool, fitness center, clubhouse and meeting rooms. Construction is slated for completion in spring 2022.

June 8, 2021

Healthcare Loans New Jersey Northeast Office

Progress Capital Arranges $35.2M Loan for Refinancing of Medical Office Building in Clifton, New Jersey

by Taylor Williams June 8, 2021

CLIFTON, N.J. — New Jersey-based mortgage banking firm Progress Capital has arranged a $35.2 million loan for the refinancing of a 203,000-square-foot medical office building in the Northern New Jersey city of Clifton. Tenants at the property include Summit Medical Group, AECOM and SSB Realty, and building amenities include a cafeteria, fitness center and a conference room. Natixis Real Estate Capital provided the nonrecourse, interest-only loan. The borrower was ERCT Capital Group. Brad Domenico of Progress Capital placed the debt.

June 8, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Open 68-Story Journal Squared 2 Multifamily Tower in Jersey City

by Taylor Williams June 7, 2021

JERSEY CITY, N.J. — A partnership between KRE Group and National Real Estate Advisors LLC has opened Journal Squared 2, a 68-story multifamily tower in Jersey City. Designed by HWKN and Handel Architects, the property features 704 units that are now more than 50 percent leased. Floor plans include micro studio, studio, one-, two- and three-bedroom options. The project represents the second phase of a larger development that began with the delivery of a 53-story, 538-unit apartment tower. Residents have access to nearly 100,000 square feet of indoor and outdoor amenities between the two buildings. Rents start at $1,960 per month.

June 7, 2021

Acquisitions Multifamily New Jersey Northeast

Broadway Co. Acquires 50-Site Manufactured Housing Community in Chester, New Jersey

by Taylor Williams June 7, 2021

CHESTER, N.J. — The Broadway Co. (TBC), an investment firm focused on different types of income-producing residential assets, has acquired Windy Acres, a 50-site manufactured housing community in the Northern New Jersey community of Chester. Windy Acres is situated within close proximity of the intersection of Routes 24 and 206, across the street from the Chester Library. B6 Real Estate Advisors placed acquisition financing for the deal on behalf of TBC. The seller and sales price were not disclosed.

June 7, 2021

Industrial Leasing Activity New Jersey Northeast

Amazon Signs 360,000 SF Industrial Lease in Rutherford, New Jersey

by Taylor Williams June 4, 2021

RUTHERFORD, N.J. — Amazon (NASDAQ: AMZN) has signed a 360,000-square-foot industrial lease at Highland Cross, a last-mile warehouse project under construction in the Northern New Jersey community of Rutherford. Lincoln Equities Group is developing Highland Cross, which will feature a cross-dock configuration, 70-plus dock high doors and 80-plus trailer parking stalls. Ford & Associates is designing the project, and RC Andersen LLC is serving as the general contractor. Completion is slated for early 2022. Jason Goldman of KBC Advisors represented Amazon in the lease negotiations. Lincoln Equities Group, which recently received $115 million in construction financing for the project, was represented internally.

June 4, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Brokers $20M Sale of Medical Office Complex in East Windsor, New Jersey

by Taylor Williams June 4, 2021

EAST WINDSOR, N.J. — Colliers International has brokered the $20 million sale of an 80,000-square-foot medical office complex in East Windsor, about 50 miles northeast of Philadelphia. Kim Kretowicz of Colliers represented the seller, Gordon Princeton Mab Associates, an affiliate of New Jersey-based medical office developer The Gordon Group. Kretowicz also represented the buyer, a partnership between global investment firm OrbVest and Wythe Medical Properties LLC NJ.

June 4, 2021

Market Reports New Jersey Northeast Northeast Market Reports Office

Tenant-Focused Approaches Fuel Leasing Growth Within New Jersey’s Suburban Office Markets

by Taylor Williams June 4, 2021

By Mark Meisner, president and founder, The Birch Group For many years, corporations have been rethinking their office space utilization, both in terms of square footage per employee and various configurations that allow employees to collaborate and thrive within office settings. As we look ahead to the return to the office, we are already hearing that corporate culture, the sharing of ideas and training of new hires have become driving forces in getting people back into the workplace. At the same time, an increasing number of companies are also considering the hub-and-spoke model as part of their overarching corporate strategic planning. The openings of these satellite offices allow companies to tap into larger talent pools, reduce employee commute times and in some cases, avoid mass transit altogether. Over the past several years, we’ve seen companies like Ross Dress for Less take space on both sides of “The River,” opening offices on Long Island and in The Meadowlands to supplement its New York City headquarters. Now more than ever, with the suburban office market showing signs of a resurgence, there is an onus to go back to the basics and leverage a tenant-focused approach to bolster leasing and differentiate properties. At …

June 4, 2021

Development Multifamily New Jersey Northeast

JMF Properties Nears Completion of 110-Unit Apartment Project in Northern New Jersey

by Taylor Williams June 3, 2021

GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.

June 3, 2021

Industrial Loans New Jersey Northeast Pennsylvania

JLL Arranges Two Loans Totaling $16.8M for Refinancing of Mid-Atlantic Industrial Portfolio

by Taylor Williams June 1, 2021

MORRISTOWN, N.J. — JLL has arranged two loans totaling $16.8 million for the refinancing of a portfolio of three industrial properties that are located in the Lehigh Valley cities of Upper Macungie and Allentown and the coastal New Jersey city of Toms River. The portfolio totals 258,123 square feet across six buildings. Jon Mikula, Michael Klein, Michael Pagniucci and Carlos Silva of JLL placed the nonrecourse, fixed-rate loans with Minnesota Life Insurance Co. on behalf of the borrower, Denholtz Properties.

June 1, 2021

Development New Jersey Northeast Office

SJP Properties Completes Redevelopment of 270,000 SF Office Building in Iselin, New Jersey

by Taylor Williams May 28, 2021

ISELIN, N.J. — New York City-based SJP Properties has completed the redevelopment of a 270,000-square-foot office building located at 200 Wood Ave. S. in the Northern New Jersey community of Iselin. The project upgraded the lobby, fitness center and common areas and also enhanced the outdoor spaces to allow for additional amenities. In addition, global shipping firm DSV recently signed a 97,000-square-foot lease for its new U.S. headquarters at the building. SJP Properties acquired the transit-oriented asset in 2020.

May 28, 2021

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