WASHINGTON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $6 million ground-lease sale of a 5,585-square-foot retail building in Washington Township, located outside of Philadelphia in Southern New Jersey. The building, which was completed in 2024, is net leased to convenience store operator Wawa on a 20-year, corporate-guaranteed deal. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based 1031 exchange investor. Both parties requested anonymity.
WALLINGTON, N.J. — Newmark has secured a 22,000-square-foot industrial lease in the Northern New Jersey community of Wallington. According to LoopNet Inc., the 101,481-square-foot building at 480 Main Ave. was built in 1940 and renovated in 2004. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, Excellent Packaging & Supply, in the lease negotiations. The name and representative of the landlord were not disclosed.
WEEHAWKEN, N.J. — Boston-based private equity and real estate investment firm Rockpoint has begun leasing The Declan, a 298-unit apartment community located in the Northern New Jersey community of Weehawken. The 10-story building offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and private balconies, patios or terraces. Amenities include a landscaped courtyard with grilling stations, an outdoor dining room, gaming area, pool, fitness center, golf simulator, coffee bar, library and coworking spaces. According to Apartments.com, monthly rental rates start at $3,380.
EATONTOWN, N.J. — Marcus & Millichap has brokered the $8 million sale of Aspen Court, a 27,965-square-foot medical office building in the coastal New Jersey community of Eatontown. Anchored by Advanced Endoscopy & Surgical Center, which recently signed a 10-year lease extension, the building was fully leased at the time of sale. Other tenants include Carbon Health Urgent Care, Atlantic Medical Imaging and Eatontown Dental. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, PB7 Associates, in the transaction and procured the buyer, an entity doing business as Aspen Court Partners LLC.
RANDOLPH, N.J. — Locally based brokerage firm Resource Realty has negotiated the $4.5 million sale of a 28,000-square-foot industrial building located in the Northern New Jersey community of Randolph. According to LoopNet Inc., the single-tenant building at 273 Franklin Road was completed in 1991 and features a clear height of 12 feet and two dock-high loading doors. Tom Consiglio of Resource Realty represented the buyer, Commerce Park Investors, in the transaction.
BOUND BROOK, N.J. — Coldwell Banker New Homes and Coldwell Banker Realty have completed the lease-up of Allure at Vosseller, a 40-unit apartment building located in the Northern New Jersey community of Bound Brook. The building features one- and two-bedroom units and amenities such as a resident lounge, fitness studio, package room and a landscaped outdoor pavilion. Locally based investment and management firm Ferruggia Associates owns Allure at Vosseller.
EDISON, N.J. — Newmark has negotiated a 35,000-square-foot industrial lease in the Central New Jersey community of Edison. According to LoopNet Inc., the building at 115 Newfield Ave. was built in 1988 and totals 45,500 square feet. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, Glenmore Plastics, in the lease negotiations. The name and representative of the landlord were not disclosed.
PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.
BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.7 million sale of a 28-unit multifamily property in the Northern New Jersey community of Belleville. The property at 5-22 Carpenter Terrace consists of seven buildings that each house four units, several of which have value-add potential. Matt Weilheimer and Tom Scatuorchio of Kislak represented the seller, an entity doing business as Belleville28 LLC, in the transaction. The duo also procured the buyer, Rodani Homes LLC.
PARAMUS, N.J. — JLL has brokered the $25 million sale of a multifamily development site in the Northern New Jersey community of Paramus. The site is located along Forest Avenue within Bergen Town Center. The buyer, a joint venture between Russo Development and KRE Group, plans to develop 426 units on the site in two phases. Plans also call for Class A amenities and about 5,000 square feet of retail space. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Urban Edge Properties, in the transaction.