FAIRFIELD, N.J. — JLL has negotiated two full-building industrial leases totaling 81,400 square feet in the Northern New Jersey city of Fairfield. Logistics firm Best Way Trucking Service Inc. signed a lease for 48,100 square feet, and fragrance supplier Excellentia International inked a deal for 33,300 square feet. Howard Weinberg of JLL represented the respective owners, PAN Realty and Patty Brothers Properties, in both sets of lease negotiations.
AVENEL, N.J. — Illinois-based CenterPoint Properties has acquired a 29,366-square-foot industrial building in Avenel, located south of Newark. The building is situated on a 4.3-acre site at 190 Homestead Ave. near the New Jersey Turnpike and Port Elizabeth-Newark. Jordan Avanzato and Marc Duval of JLL brokered the deal. The seller and sales price were not disclosed.
SOMERSET, N.J. — JLL has brokered the sale of Avalon Somerset, a 384-unit apartment community in the Northern New Jersey community of Somerset. Built in 2013, the property features one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include a pool, fitness center, resident lounge and a playground. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was a joint venture between Harbor Group International and Azure Partners. Jamie Leachman, Matthew Pizzolato, Amit Kakar and Thomas Didio Jr. of JLL arranged the financing on behalf of the new ownership. The loan was structured with a 10-year term and a floating interest rate.
FLEMINGTON, N.J. — Local developer Jack Cust will undertake a project in Flemington, about 60 miles west of New York City, that will convert the historic Courthouse Square into a 206-unit multifamily building with 20,000 square feet of retail and restaurant space. The project is part of a larger effort to redevelop and revitalize the town’s business districts and improve walkability via new zoning ordinances and promotion of shovel-ready development sites. Cust will also renovate and expand the Union Hotel, which has been in operation since 1814, with an additional 85 rooms. Redevelopment of Liberty Village, the 162,000-square-foot outlet mall, is also expected to be part of the long-term plan. Global design firm Stantec is currently compiling visual recommendations for the design of the revitalized downtown area. Their conceptual work utilizes stakeholder feedback, and the firm will offer visual recommendations in early 2021. Completion of the separate multifamily redevelopment project is slated for 2022.
NUTLEY, N.J. — Prism Capital Partners has sold 111 Ideation Way, a 157,000-square-foot life sciences building in the Northern New Jersey city of Nutley. The building, which was fully leased at the time of sale, is part of Prism’s 116-acre ON3 campus that is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. Prism Capital sold the asset to Chicago-based Harrison Street for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso Kyle Schmidt, John Alascio and Sridhar Vankayala of Cushman & Wakefield brokered the deal.
BERKELEY HEIGHTS, N.J. — JLL has arranged a $9 million loan for the refinancing of a 77,875-square-foot industrial facility in the Northern New Jersey community of Berkeley Heights. The property is situated on 4.6 acres near Interstates 78 and 287 and was fully leased at the time of the loan closing. Greg Nalbandian and Michael Lachs of JLL arranged the five-year, fixed-rate loan through First Bank on behalf of the borrower, a joint venture between Camber Real Estate Partners and an institutional investor.
BRIDGEWATER, N.J. — A joint venture between New Jersey-based Atkins Cos. and private equity firm Capital Solutions has sold a 95,000-square-foot medical office building located in the Northern New Jersey city of Bridgewater. At the time of sale, the building was fully leased to Bank of America and MidJersey Health Corp., a joint venture between regional healthcare providers Hunterdon Healthcare and Atlantic Health System. Ben Appel, Jay Miele, John Nero and Michael Greeley of Newmark represented the seller in the transaction. The buyer was not disclosed.
LEDGEWOOD, N.J. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Parc at Roxbury, a 230-unit apartment community in Ledgewood, about 45 miles west of New York City. Units feature quartz countertops, stainless steel appliances and private balconies/patios. Amenities include a heated pool, fitness center, resident lounge, game room and a theater room. Leasing began in July 2019, and the property has now reached 100 percent occupancy.
JERSEY CITY, N.J. — Englewood Health, a New Jersey-based healthcare provider, has signed a 19,892-square-foot lease expansion at 2 Journal Square in Jersey City. The expanded space will allow the provider to add a new orthopedic clinic, an urgent care, breast and women’s imaging center and medical offices for treating oncology and diabetes patients. CBRE’s Greg Barkan, Remy deVarenne and Sam Bernhaudt represented Englewood Health, which originally signed a 53,222-square-foot lease this summer, in the lease negotiations. GAIA Real Estate owns the building.
SPRINGFIELD, N.J. — NAI DiLeo-Bram has brokered the sale of a 22,542-square-foot office building located at 120 Mountain Ave. in the Northern New Jersey city of Springfield. The property sits on a one-acre site with proximity to the Morris Turnpike, State Route 24 and the Garden State Parkway. Robert DiLeo and Robert Dinner of NAI DiLeo-Bram represented the buyer in the transaction. Colliers International represented the seller. Additional terms of sale were not disclosed.