BELLEVILLE, N.J. — First Bank has provided an undisclosed amount of construction financing for a retail expansion project that will be located in the Northern New Jersey community of Belleville. The site spans 18.7 acres at 11 Franklin Ave. The first building opened in October 2022 and is fully leased to Starbucks. The second building will house three restaurant tenants, one of which will be Chipotle Mexican Grill. Michael Klein, Jon Mikula, Ryan Carroll and Kevin Badger of JLL arranged the floating-rate debt on behalf of the borrower, a partnership between two New Jersey-based developers, Tulfra Real Estate and The Hampshire Cos.
NEW JERSEY — EQT Real Estate has purchased a portfolio of 11 industrial buildings totaling 893,625 square feet in Northern New Jersey. Known as the New Jersey Value-Add Industrial Portfolio, the collection of buildings is located between Exits 2 and 14 off the New Jersey Turnpike. The portfolio was fully leased at the time of sale and has a weighted average remaining lease term of about four years. John Plower, Ryan Cottone, Nicholas Stefans and Jason Lundy of JLL represented the undisclosed, institutional seller in the transaction. The sales price was also not disclosed.
PARSIPPANY, N.J. — Marcus & Millichap has brokered the $18.5 million sale of a 45,315-square-foot shopping center located in the Northern New Jersey community of Parsippany. Built in 1970 and renovated in 2012, Baldwin Shopping Center was fully leased at the time of sale to tenants such as Walgreens, Concentra, Enterprise Rent-A-Car and State Farm Insurance. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PLAINFIELD, N.J. — Invictus Real Estate Partners, a New York-based real estate private equity firm, has provided a $60 million construction loan for The Bishop, a multifamily project in the Northern New Jersey community of Plainfield. The site is located at 401 E. 3rd St., and the project, which represents Phase II of a larger development, will add 266 rental units to the local supply, as well as 10,000 square feet of retail space. Amenities will include an outdoor lounge, golf simulator, fitness center, game room, pool, screening room, children’s playroom and a pickleball court. Brian Anderson of Cushman & Wakefield arranged the loan through Invictus on behalf of the borrower, New Jersey-based developer Ramani Group.
Fisher Development, Olnick Complete Renovation of 1 MSF Mixed-Use Building in Morristown, New Jersey
MORRISTOWN, N.J. — Fisher Development Associates and the Olnick Organization have completed the renovation of HQ Plaza, a 1 million-square-foot mixed-use building located in the Northern New Jersey community of Morristown.The complex comprises 650,000 square feet of office space, 100,000 square feet of retail, restaurant and entertainment space, a 256-room Hyatt-branded hotel, a 40,000-square-foot gym and a 10-screen AMC movie theater, all situated atop a 3,000-space parking garage. The renovation included a revitalized main concourse linking the office towers and the Hyatt hotel that features lounge areas, dining spaces and adaptable workspaces. The project team, which included international design firm Gensler, also upgraded the tenant amenity lounge and redesigned the 50,000-square-foot outdoor plaza.
CLIFFSIDE PARK, N.J. — A joint venture between two New York City-based firms, Hyperion Group and Benenson Capital, has acquired The Centre, a 16-story apartment building located in the Northern New Jersey community of Cliffside Park, for $165 million. The Centre consists of 314 units that come in studio, one- and two-bedroom units and range in size from 564 to 1,385 square feet. Amenities include a pool, health club, lounge, billiards and card room, spa and 24-hour concierge services. The Centre also houses 52,000 square feet of commercial space across two stories. The seller was not disclosed.
MORGANVILLE, N.J. — CBRE has brokered the $6.9 million sale of an industrial outdoor storage (IOS) facility in the Central New Jersey community of Morganville. The 21,000-square-foot facility at 173 Amboy Road was originally constructed in 1988, and the property includes 4.8 acres of outdoor storage space. Liam McGregor, Mark Silverman, Brian Fiumara and Elli Klapper of CBRE represented the buyer, private industrial investment firm Genesis, in the off-market transaction. The seller was not disclosed.
LAWRENCEVILLE, N.J. — Marcus & Millichap has negotiated the $11.3 million sale of Village Square Plaza, a 53,077-square-foot retail property located in the Central New Jersey community of Lawrenceville. First Bank anchors the property, which was built on a 7.7-acre site in 1990 and was 97 percent leased at the time of sale. Additional tenants include Kumon, Eastern Dental and Princeton Brain & Spine. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the undisclosed seller in the transaction.
MORGANVILLE, N.J. — CBRE has brokered the $6.9 million sale of an industrial outdoor storage (IOS) facility in the Central New Jersey community of Morganville. The 21,000-square-foot facility at 173 Amboy Road was originally constructed in 1988, and the property includes 4.8 acres of outdoor storage space. Liam McGregor, Mark Silverman, Brian Fiumara and Elli Klapper of CBRE represented the buyer, private industrial investment firm Genesis, in the off-market transaction. The seller was not disclosed.
PASSAIC, N.J. — A joint venture between Los Angeles-based PCCP LLC and Atlanta-based Stonemont Financial Group has received $65.4 million in bridge financing for a 295,506-square-foot industrial property in Northern New Jersey. Built on a 17.7-acre site at 122 Eighth St. in 2024, Passaic Logistics Center features a clear height of 40 feet, 40 dock-high doors, 130-foot truck court depths and parking for 55 trailers and 167 cars. In addition, the building can accommodate a single or multiple users. JLL arranged the financing through TPG Real Estate Credit on behalf of the joint venture. Specific loan terms were not disclosed.