PINE BROOK, N.J. — Newmark Knight Frank (NKF) has negotiated a 65,000-square-foot industrial lease renewal at 19 Chapin Road in Pine Brook, about 30 miles west of New York City. The property offers 20- to 22-foot clear heights, 76 dock-high doors and ample car parking space. Kevin Murphy and Trevor Patterson of NKF represented the tenant, global manufacturer Doosan Machine Tools, in the lease negotiations. The landlord, Cohen Asset Management, was represented internally.
SECAUCUS, N.J. — JLL has negotiated two office leases totaling 95,000 square feet at 500 Plaza Drive in the New York City metro of Secaucus. Hartz Mountain Industries signed a new lease for 54,000 square feet, and AXA Equitable Life Insurance Co. renewed its lease for 41,000 square feet at the Class A building. David Stifelman and Timothy Greiner of JLL represented the landlord, Manulife Investment Management, in both lease negotiations. Geoffrey Schubert of CBRE represented Hartz Mountain Industries, and Matthew Astrachan of JLL represented AXA Equitable Life Insurance. The 11-story, 461,525-square-foot building is located within the 200-acre Harmon Meadow development at the junction of the New Jersey Turnpike and State Route 3.
BAYONNE, N.J. — Developer KRE Group has broken ground on Phase II of Bay 151, a multifamily project that will add 213 units to the local supply of the New York City metro of Bayonne. Phase I consists of 200 units that are now 85 percent occupied. At full build-out, Bay 151 will comprise 625 apartments and 10,000 square feet of retail space. Residences at Bay 151 come in studio, one-, two- and three-bedroom formats, and the property features more than 15,000 square feet of indoor and outdoor amenity space, with all amenities now open to residents. Completion of Phase II is slated for late 2021.
MORRISTOWN, N.J. — New York Life Real Estate Investors has provided a $36.5 million loan for The Metropolitan at 40 Park, a 130-unit apartment building in Morristown, about 35 miles west of New York City. The property features studio, one- and two-bedroom units that offer private balconies or terraces. Amenities include a fitness center, game room, rooftop terrace and a package center with lockers. A partnership between Woodmont Properties and Roseland Residential Trust developed the seven-story, Class A building in 2010.
UNION, N.J. — JLL has arranged an undisclosed amount of permanent financing for Centurion Union, a newly built, 80-unit apartment building in Union, located southwest of Newark. Residents have access to amenities including a fitness center, game room, lounge, coworking space, dog run and a children’s playroom. Michael Klein and Max Custer of JLL arranged the fixed-rate loan through Provident Bank on behalf of the borrower, American Landmark Development.
CAMDEN, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a 17,290-square-foot vacant industrial building in Camden, located outside of Philadelphia in New Jersey. The 9.4-acre property serves as a repair/maintenance facility, offers proximity to Interstate 295 and downtown Philadelphia and features 2,800 square feet of office space and parking for 236 trailers. Jim Scott of Colliers International represented the undisclosed seller in the transaction. Scott Mertz of NAI Mertz represented the buyer and will market the property for lease.
WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.
BAYONNE, N.J. — New Jersey-based Woodmont Properties has completed the lease-up Woodmont Bay Club, a 220-unit luxury multifamily community in Bayonne, located just outside New York City. The property is now fully occupied. Units feature studio, one-. two- and three-bedroom floor plans ranging in size from 650 to 1,500 square feet. Amenities include a pool, rooftop terrace, fitness center, business center, game room, pet spa and a golf simulator.
EAST RUTHERFORD, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks are mandatory, and social distancing guidelines will be enforced. A limited number of shopping and dining options will also be available under similar restrictions. Other attractions at American Dream, a project that went through various ownership groups and redevelopment obstacles, include a Sea Life Aquarium, Lego Discovery Center and an indoor ski and snow park.