MAPLEWOOD, N.J. — JLL has arranged an undisclosed amount of construction financing for a multifamily project that will be located at 104 Baker St. in Maplewood, a western suburb of Newark. The 25,000-square-foot property will feature 11 apartments and 3,500 square feet of retail and parking space. Michael Klein and Max Custer of JLL arranged the loan through Provident Bank on behalf of the borrower, Iron Ore Properties. Completion of the project is scheduled for fall 2021.
PISCATAWAY, N.J. — CBRE has negotiated a 66,375-square-foot industrial lease at Centennial Commerce Center in the Northern New Jersey city of Piscataway. The property was built in 2019, spans 277,830 square feet and offers proximity to Interstate 287, Port Newark-Elizabeth and Newark Liberty International Airport. Building features include 36-foot clear heights, 261 parking spaces and land for construction of additional parking spaces. Mindy Lissner, Robert Pine and Ben Shapiro of CBRE represented the landlord, Penford Group, in the lease negotiations. CBRE also represented the tenant, appliance manufacturer Fisher & Paykel.
SOUTH BRUNSWICK, N.J. — Metro Storage LLC, a privately owned self-storage developer and manager, has opened a 688-unit facility at 3963 U.S. Route 1 in South Brunswick, a northern suburb of Trenton. The property features 75,000 net rentable square feet and consists of one climate-controlled building and three non-climate-controlled buildings. The facility is Metro Storage’s seventh in New Jersey.
BELLMAWR, N.J. — New Jersey-based Yada Property Management has purchased a 40,000-square-foot office property in Bellmawr, a southern suburb of Philadelphia. The two-story building is located at 211 Benigno Blvd. within Interstate Business Park, a 40-building office and industrial development that houses large corporate users such as Amazon, FedEx and Singer Equipment Co. Scott Mertz of NAI Mertz represented the seller, Choice Services International LLC, in the transaction.
BLUE ANCHOR, N.J. — Innovative Industrial Properties (IIP), a publicly traded investment firm focused on the cannabis industry, has acquired a 111,000-square-foot facility in Blue Anchor for cultivation and processing. The sales price was $5.5 million. IIP has signed operator and grower Curaleaf to a long-term, triple-net lease at the property, which is located south of Philadelphia. New Jersey has taken steps in recent years to expand access to medical cannabis, such as introducing oil-based formulations and adding qualifying conditions. In addition, the prospective legalization of adult-use cannabis is on the ballot for residents via the New Jersey Marijuana Legalization Amendment in November.
UNION, N.J. — Connecticut-based developer RMS Cos. has acquired 6.4 acres for the construction of a 153-unit apartment community in the Northern New Jersey town of Union. Specific floor plans and amenities were not disclosed, but according to development team, the community will feature “generous-sized apartments, designer finishes and luxury amenities.” Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented Sherwood Group Associates in its sale of the land. The team also procured RMS Cos. as the buyer.
RED BANK, N.J. — Colliers International has completed its acquisition of Maser Consulting, a design and engineering firm based in Red Bank, New Jersey. Maser’s senior leadership team will continue to drive operations and will retain a significant equity stake in the business going forward. The operations will be rebranded as Colliers Engineering Services in the first half of 2021. Maser employs more than 1,000 people across 34 offices in 12 states.
KEARNY, N.J. — Terreno Realty, a California-based REIT, has signed an undisclosed e-commerce user to a 211,000-square-foot industrial lease at one of its facilities in Kearny, approximately 12 miles west of New York City. The lease term is 10 years. A wholesale drug distributor previously occupied the property. Additional terms of the deal were not disclosed.
PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.
HOBOKEN, N.J. — A partnership between locally based developer Bijou Properties and Intercontinental Real Estate Corp. has completed 7Seventy House, a 424-unit multifamily project in Hoboken. The property features studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a pool, bocce court, coworking lounge, game room and a dog park, with many of the amenity spaces offering views of the Manhattan skyline. MHS Architects designed the 14-story building, which also houses 24,000 square feet of ground-floor retail space and is now 70 percent leased.
