MORRISTOWN, N.J. — Cohen Asset Management has purchased an 18-building, 725,000-square-foot industrial portfolio in the Meadowlands and surrounding submarkets of Northern New Jersey. The portfolio, which was fully leased at the time of sale, is primarily comprised of shallow-bay warehouses ranging in size from 16,000 to 78,000 square feet. Jon Mikula and Michael Lachs of JLL arranged acquisition financing for the deal through Principal Real Estate Advisors.
MORRIS PLAINS, N.J. — Rubenstein Mortgage Capital has arranged a $57 million acquisition loan for a 465,000-square-foot office building located at 115 Tabor Road in the Northern New Jersey community of Morris Plains. The property was originally developed as a build-to-suit in 2007 as a headquarters facility for Pfizer. Following Pfizer’s acquisition by Johnson & Johnson, the building was vacant until Honeywell purchased it in 2015 and implemented a full interior renovation. Amenities now include a cafeteria, auditorium, basketball court and a fitness center. Andrew Murray of Rubenstein Mortgage originated the loan through an undisclosed lender on behalf of the borrower, Argent Ventures.
MONTVALE, N.J. — Savills Inc. has negotiated the sale of a 127,000-square-foot office property in Montvale, located in the northernmost part of the state. Private equity firm Tryko Partners purchased the asset from Western Union, which was also the building’s former occupant, for $5.5 million. Gregg Najarian, Slava Vaynberg, Nate Brzozowski and Brendan Fisher of Savills brokered the deal on behalf of Western Union. Tryko plans to convert the building into a nursing home facility.
NEW YORK CITY — Madison Realty Capital, a New York-based real estate private equity firm, has provided a $73.5 million loan for the refinancing of a portfolio of eight commercial properties in New Jersey. The portfolio consists of an 8.7-acre residential, commercial and self-storage development site in Harrison; three industrial assets in Harrison, Kearny and Boonton; a Class A industrial flex building; a net-leased retail property in Harrison; and two parcels totaling 8.1 acres in Kearny and Brick. Glenn Thomas and Thomas Ravert of Pathway Capital Corp. arranged the loan. The borrower was not disclosed.
SOUTH BRUNSWICK, N.J. — A partnership between Woodmont Industrial Properties and EverWest Real Estate Investors has acquired a 144,551-square-foot industrial facility in South Brunswick, located in between Trenton and Newark. The property offers proximity to the New Jersey Turnpike and State Route 130. Building features include 22-foot clear heights, 22 dock doors and 120-foot truck court depths. David Blitt of Bussel Realty represented the seller, which has leased back the space on a short-term basis, in the transaction. The new ownership plans to renovate the building.
BRIDGEWATER, N.J. — G.S. Wilcox & Co. has arranged a $6.8 million loan for the refinancing of Greymark at Bridgewater, a 111,500-square-foot office building in Northern New Jersey. According to LoopNet Inc., the three-story property was built in 1985, renovated in 2017 and features a conference facility and onsite food services. David Fryer of G.S. Wilcox originated the loan through an undisclosed lender. The borrower was also undisclosed.
LAKE COMO, N.J. — Four Springs Capital Trust, a private REIT focused on single-tenant industrial, medical, office and retail assets, has received a $50 million investment from Goldman Sachs (NYSE: GS) in the form of preferred stock. New Jersey-based Four Springs Capital will use the funds to provide liquidity to an existing investor and to grow its portfolio, which currently consists of 101 commercial properties totaling 3.6 million square feet across 28 states. As of Dec. 31, 2020, that portfolio was valued at $510 million. Goldman Sachs made the investment through one of its Vintage Funds, which provide capital to private investors and asset managers worldwide.
HARRISON, N.J. — JLL has arranged an $89.5 million construction loan to fund completion of Phase I and predevelopment of Phase II of Harrison Yards, a mixed-use project by Eastone Equities located outside of Newark. Phase I, which is nearly complete, features a 205-unit multifamily community with 7,670 square feet of retail space. Phase II will consist of 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 parking spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan through Invictus Real Estate Partners.
MARLTON, N.J. — Walters, a New Jersey-based developer of affordable housing, is nearing completion of Cornerstone at Greentree, a 68-unit income-restricted community for residents age 55 and above in the Southern New Jersey city of Marlton. Units feature full-size washers and dryers, fully equipped kitchens, secure keyless entry and energy-efficient appliances. Communal amenities include a fitness center, Wi-Fi in common areas and onsite management and maintenance. A staffed social services coordinator will also be available upon request. Full completion is expected to occur in the first quarter.
EAST RUTHERFORD, N.J. — A partnership between developer Sterling Properties and New York City-based Wilton Investment Group is nearing completion of Central & Oak, a 208-unit multifamily project in the Northern New Jersey city of East Rutherford. Units at the multi-building community range in size from 724 to 1,308 square feet and feature stainless steel appliances, quartz countertops, European-style cabinetry, individual washers and dryers and private garages. Communal amenities include a clubhouse with an outdoor terrace, a conference room with private workstations, a game room, fitness center and shuttle service to a nearby public transit station. Two buildings remain under construction and are expected to be complete by April, while leasing at other buildings began last summer, with move-ins following shortly thereafter.