BRANCHBURG, N.J. — Lollicup USA, a manufacturer and distributor of hospitality and foodservice products, has purchased a 187,500-square-foot industrial facility in Branchburg, about 45 miles west of New York City. J.G. Petrucci Co. developed the facility, which is situated on 18.4 acres and features 31 loading docks, 36-foot clear heights and ample trailer and automobile parking spaces. Joel Lubin and Brian Golden of JLL represented J.G. Petrucci in the sale. Mindy Lissner and David Gheriani of CBRE represented Lollicup USA.
LOGAN TOWNSHIP, N.J. — Logistics firm Champions Services has signed a 151,600-square-foot, full-building industrial lease at 1 Warner Court in Logan Township, located south of Philadelphia. The property is located within Pureland Industrial Park, just off Interstate 295 and near the Ports of Camden (New Jersey) and Philadelphia. Marc Isdaner of Colliers International represented the landlord, Boston-based GFI Partners, in the lease negotiations. Scott Mertz of NAI Mertz represented the tenant.
LINDENWOLD, N.J. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of Kingsrow Apartment Homes, a 208-unit multifamily community in Lindenwold, a suburb of Philadelphia. The garden-style property was built in 1971 and features one- and two-bedroom units and amenities such as a pool, picnic areas and onsite laundry facilities. Dan Sacks of Greystone originated the transaction. The loan carries a 12-year term, 30-year amortization schedule and three years of interest-only payments. Jack Miller of Platinum Capital Group placed the financing on behalf of the borrower, Goldcrest Properties.
TOTOWA, N.J. — NAI James Hanson has brokered the sale of a 119,592-square-foot industrial building located at 922 Riverview Drive in Totowa, located northwest of New York City. The property features 20- to 26-foot clear heights, 120 automobile parking spaces and 17,000 square feet of office space. Scott Perkins and Christopher Todd of NAI James Hanson represented the seller, 922 Riverview Drive Associates, in the transaction. McBride Corporate Real Estate represented the buyer, Innovative Cosmetic Concepts.
SOUTH AMBOY, N.J. — BNE Real Estate has broken ground on the redevelopment of the Manhattan Beach Club, a $500 million project that will ultimately bring more than 1,875 luxury multifamily residences to the waterfront of South Amboy, located south of Staten Island. The project will also include construction of a terminal for ferry service to downtown Manhattan. The initial phase of residential construction will consist of 291 units that are expected to be complete in summer 2022. Units will feature open-concept kitchens, custom modular closets and in-unit washers and dryers, with private outdoor spaces available at some residences. Amenities will include multiple entertainment lounges, a coworking lounge with private offices and conference rooms, kids playroom, coffee café, fitness center with yoga and spin rooms, game lounge, golf simulator and a movie theatre.
JERSEY CITY, N.J. — Gebroe-Hammer Associates, a New Jersey-based brokerage firm, has arranged the $23.7 million sale of The Fairmount at McGinley Square, a 58-unit apartment complex in Jersey City. The newly built, Class A property features studio, one- and two-bedroom units as well as 3,200 square feet of ground-floor commercial space. Niko Nicolaou of Gebroe-Hammer represented the seller, New Jersey-based investment firm KABR Group, and procured the buyer, Tenth Avenue Holdings.
BRIDGEWATER, N.J. — Brother International Corp., a provider of home office and business products, has signed a 101,724-square-foot office lease extension at 200 Bridgewater Crossing on the western outskirts of New York City. Atlanta-based Piedmont Office Realty Trust owns the 299,000-square-foot building, which was built in 2002 and offers a café, fitness center, conference center and an onsite helipad. Andrew Zezas, Scott Lesh and Brian Davidson of JLL represented Brother International in the lease negotiations. William McCaffrey of Avison Young represented the landlord.
JERSEY CITY, N.J. — CBRE has negotiated a 95,808-square-foot industrial lease at 79 Thomas McGovern Drive in Jersey City, a western suburb of New York City. The property sits on five acres and offers 36-foot clear heights, 87 parking spaces, 2,000 square feet of office space and an ESFR sprinkler system. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Hageman, Gerard Monahan and Brian Fiumara of CBRE represented the landlord, California-based CT Realty, in the lease negotiations. The tenant, an undisclosed international e-commerce firm, will occupy the entirety of the building.
MAHWAH, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of permanent store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, as well as a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. Additionally, the company will permanently close all stores across all brands in Puerto Rico, Mexico and Canada. “The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic,” says Carrie Teffner, interim executive chair of Ascena. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.” Ascena also announced it will close all Catherines stores and has entered into an agreement with City Chic …
RANDOLPH, N.J. — NAI James Hanson has arranged the sale of an 18,729-square-foot industrial building located at 246 S. Salem St. in Randolph, about 40 miles west of New York City. According to LoopNet Inc., the property was built on 3.4 acres in 1952. Jonathan Kristofich and John Schilp of NAI James Hanson represented the seller, a private estate, and procured the buyer, Salem Enterprises LLC.