PENNSAUKEN, N.J. — Marcus & Millichap has brokered the $10 million sale of Saigon Plaza, an 44,490-square-foot retail center in Pennsauken, located just outside of Philadelphia in Southern New Jersey. The center was built on 4.4 acres in 2008 and is anchored by Sun Seng Supermarket. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller, which also operates the ethnic grocery store, in the transaction. The buyer was not disclosed.
EAST RUTHERFORD, N.J. — Vango Development has broken ground on The Parker East, an 86-unit multifamily project located outside of New York City in East Rutherford. The Parker East will offer one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, lounge and clubroom, breakout work areas, a dog spa, rooftop terrace and a central courtyard. MHS Architecture designed the project, and Coli Construction is the general contractor. ConnectOneBank provided a $25 million loan for the construction of The Parker East, which is expected to be complete next summer.
SWEDESBORO, N.J. — Marcus & Millichap has brokered the $2.5 million sale of a 10,193-square-foot medical office building in the Southern New Jersey community of Swedesboro. Completed in 2008, the building at 100 Lexington Road was fully leased at the time of sale, with Inspira Health serving as the anchor. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction.
PARAMUS, N.J. — A joint venture partnership between Heidenberg Properties Group, Red Starr Investments, Norse Realty Group and DAG Paramus has purchased Paramus Park South, a 181,150-square-foot shopping center in Northern New Jersey. Anchored by a 100,223-square-foot Stew Leonard’s Supermarket, the center was 67 percent leased at the time of sale. CBRE brokered the sale of the property, the seller of which was not disclosed. Ackman-Ziff Real Estate Group structured the joint venture and arranged acquisition financing for the deal.
WYCKOFF, N.J. — City National Bank has provided a $14.5 million loan for the refinancing of a 115,084-square-foot industrial facility located at 500 W. Main St. in the Northern New Jersey community of Wyckoff. Built in 1966, the shallow-bay property features a clear height of 21 feet, six dock doors, nine drive-in doors and 115 parking spaces. Michael Klein, Max Custer and Christian Badalamenti of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, The STRO Cos. At the time of the loan closing, the facility was fully leased to 12 tenants across manufacturing, distribution and service industries.
JERSEY CITY, N.J. — CBRE has arranged a 33,843-square-foot office lease at Newport Office Center in Jersey City. The tenant, Berkley Insurance, will occupy a portion of the ninth floor of Newport Office Center III, a 15-story, 620,000-square-foot building. Howard Fiddle, Benjamin Joseph, Greg Barkan and Erin Wenzler of CBRE, along with internal agents Meredith Jackness, Ray Kawas and Tim Johnson, represented the landlord, LeFrak, in the lease negotiations. The tenant representative was not disclosed.
SWEDESBORO, N.J. — Regional investment firm DH Property Holdings has acquired a 55,000-square-foot vacant industrial building in Swedesboro, located in Southern New Jersey. The building sits on a 14.7-acre site at 509 Heron Drive and features a clear height of 22 feet, five loading docks, four drive-in doors, 130-foot truck court depths, 60 car parking spots and three acres of fenced storage space. Jonathan Klear of NAI Mertz, along with Ian Richman & Marc Isdaner of Colliers, brokered the off-market deal. The seller was not disclosed.
HOPEWELL, N.J. — Locally based developer KRE Group has begun leasing The Hopewell Chapter, a 270-unit multifamily project in Central New Jersey. The property consists of six four-story buildings that house one- and two-bedroom units, 54 of which are reserved as affordable housing. Specific income restrictions were not disclosed. Amenities include a 6,500-square-foot clubhouse, resort-style pool, outdoor dining areas, a playground, dog park and walking trails. Monthly rents start in the mid-$2000s for a one-bedroom apartment.
FLORHAM PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE Group, is nearing completion of an industrial redevelopment project in the Northern New Jersey community of Florham Park. The project converted a former office building that sits on a 14.4-acre site at 19 Vreeland Road into a 136,714-square-foot warehouse with a clear height of 36 feet, 26 loading docks, one drive-in door and parking for 108 cars and 36 trailers. Construction began in June 2024. Cushman & Wakefield has preleased the entirety of the building to Johnstone Supply (42,000 square feet) and PIMS Inc. (94,714 square feet).
FAIRFIELD, N.J. — Lee & Associates has negotiated the $3.6 million sale of a 34,445-square-foot office building located in the Northern New Jersey community of Fairfield. The three-story building at 383 U.S. Route 46 was originally constructed on 1.6 acres in the 1970s and has been owner-occupied since 1985. Peter Rasmusson of Lee & Associates represented the seller, The Glassman Family, in the transaction, and procured the buyer, an entity doing business as Fairfield Real Estate LLC.