CHAMBERSBURG, PA. — Kislak Co. Inc. has brokered the $5 million sale of Coldbrook Meadows Apartments, a 62-unit multifamily complex in Woodbridge, approximately 50 miles southwest of Harrisburg. Located at 740-780 Cumberland Ave., the 79,000-square-foot property includes three buildings with 10 one-bedroom, 44 two-bedroom and eight three-bedroom units. The property was constructed in 1970. Matt Wolf of Kislak Co. represented the undisclosed seller in the transaction. Wolf also procured the buyer, a private investor.
LITTLE FERRY, N.J. — Venture One Real Estate has acquired a 31,222-square-foot industrial building in Little Ferry, a northwestern suburb of New York City. Located at 3 Alsan Way, the single-tenant building was constructed in 1970 and features four exterior docks and parking for 35 vehicles. Venture One will implement a capital improvement plan that will feature office renovations, fresh paint jobs and the installation of LED lights. Jeff Chaus and Brian Scheuer of Chaus Realty LLC represented Venture One in the transaction. Justin Kang of Good Neighbor Realty represented the undisclosed seller.
GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.
TINTON FALLS, N.J. — JLL has brokered the $66 million sale of Avalon Tinton Falls, a 216-unit multifamily property in Tinton Falls, approximately 45 miles east of Trenton. Located at 100 Autumn Drive, the garden-style community features one-, two- and three-bedroom floor plans averaging 1,101 square feet. Amenities include a fitness center, swimming pool and outdoor lounge. The community was constructed in 2008. Jose Cruz and Michael Oliver led a JLL team that represented the seller, AvalonBay Communities Inc., in the transaction. A private investor purchased the property.
HILLSBOROUGH, N.J. — New Jersey-based developer Larken Associates has broken ground on Hillsborough Village Center, a 191-unit luxury apartment building in Hillsborough, approximately 25 miles north of Trenton. Located at 650 U.S. Highway 206, the nine-building community will feature one-, two- and three-bedroom floor plans and approximately 28,000 square feet of ground-level retail space. Amenities will include a fitness center and a standalone clubhouse with a business center, game room, theater and pool. Larken Associates expects te first units to be available for occupancy in mid-2021.
MOUNT LAUREL, N.J. — NAI Mertz has negotiated a 26,740-square-foot industrial lease in Mount Laurel, an eastern suburb of Philadelphia. The tenant is an undisclosed, locally based food packaging company. The space is part of a 112,000-square-foot industrial building that is located at 103 Central Ave. The property features 17-foot clear heights and offers convenient access to Interstate 295 and the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the tenant in the lease negotiations. Core One Real Estate LLC represented the landlord, Burton Real Estate.
UPPER SADDLE RIVER, N.J. — Stumpy’s Hatchet House LLP, an entertainment concept that centers on axe-throwing, has signed a 14,194-square-foot retail lease in Upper Saddle River, approximately 30 miles northwest of New York City. The space is located in a 29,795-square-foot building at 107 Pleasant Ave that also houses The Gravity Vault, an indoor rock climbing concept. The store will be Stumpy’s sixth axe-throwing venue in New Jersey. Conor Ryan and Ryan Bednarski of JLL represented Stumpy’s in the lease negotiations. Samuel Bernhaut and Nicole Nannola of CBRE represented the landlord, Northbound Real Estate LLC.
ELIZABETH, N.J. — JLL has arranged a $20 million loan for the refinancing of a 175,000-square-foot cold storage facility in Elizabeth, a southwestern suburb of New York City. An undisclosed life insurance company provided the 20-year, fixed-rate loan to the borrower, Elberon Development Group. Located at 735 Dowd Ave., the temperature-controlled facility features 40-foot clear heights and a 16,000-square-foot office space. The property also offers convenient access to Newark Liberty International Airport and Port Newark-Elizabeth. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the loan.
RED BANK, N.J. — Kislak Co. Inc. has arranged the $6.2 million sale of The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, approximately 50 miles south of New York City. Located along the Navesink River at 151 Bodman Place, the four-story building was built in 1982 and renovated in 2013. At the time of sale, tenants primarily included law and investment firms as well as shipping and office equipment companies. The buyer intends to upgrade the building with a focus on green initiatives and technology. Daniel Lanni of Kislak represented the seller, Navesink Investments LLC, in the transaction. Lanni also procured the buyer, National Realty Partners LLC.
SOUTH AMBOY, N.J. – Gebroe-Hammer Associates has arranged the $43.4 million sale of Bayside Cove, a 125-unit luxury apartment community in South Amboy, a southwestern suburb of New York City. Located at 100 Celecki Dr., the property was constructed in 2018 and features one- and two-bedroom floor plans as well as 106 townhomes. Joseph Brecher, Greg Pine and Stephen Tragash of Gebroe-Hammer represented the undisclosed seller in the transaction. The team also procured the buyer, a private investor.