New Jersey

CBRE Negotiates $44M Sale of Shopping Center in Hazlet, New Jersey

by Taylor Williams April 24, 2025

HAZLET, N.J. — CBRE has negotiated the $44 million sale of a 190,000-square-foot shopping center in Hazlet, about 40 miles south of New York City. German discount grocer Aldi anchors Hazlet Town Center, which is also home to tenants such as Burlington, Urban Air Adventure Park and Wawa, although the latter tenant’s outparcel building was not included in the sale. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, an affiliate of Onyx Equities, in the transaction. An entity doing business as LJL Realty purchased Hazlet Town Center, which was approximately 90 percent leased at the time of sale, via a 1031 exchange.

April 24, 2025

Loans Multifamily New Jersey Northeast

Dwight Mortgage Trust Provides $50M Acquisition Loan for Coastal New Jersey Multifamily Property

by Taylor Williams April 23, 2025

TOMS RIVER, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $50 million bridge loan for the acquisition of Silverwoods, a 313-unit multifamily property located in the coastal New Jersey community of Toms River. The 55-acre, age-restricted property consists of 46 one-story buildings that house seven studios, 41 one-bedroom units and 265 two-bedroom units. Amenities include a pool, fitness center and a clubhouse. Moshe Feiner of Sevenstone Capital arranged the debt on behalf of the borrowers, Mathias Deutsch and Isidore Bleier. In addition to financing the purchase, ownership will use the loan proceeds to establish an interest reserve, cover transaction costs and purchase an interest rate cap.

April 23, 2025

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Industrial Properties Totaling 1.1 MSF in Central New Jersey

by Taylor Williams April 22, 2025

MONROE TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of two industrial properties totaling approximately 1.1 million square feet in Monroe Township, located just outside of Trenton in Central New Jersey. The property at 201 Middlesex Center Blvd. is a 600,000-square-foot cross-dock facility that was built in 2008 and features a clear height of 36 feet, 66 dock doors and 176 trailer parking spaces. The property at 773 Cranbury South River Road is a 488,884-square-foot building that sits on a 34.7-acre site and was completed in 2017 via a 50-year ground lease. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The Cushman & Wakefield team of Stan Danzig, Jules Nissim, Steve Elman, Kimberly Bach and Eric Schlett also advised the seller in the deal.

April 22, 2025

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $31M in Financing of Southern New Jersey Shopping Center

by Taylor Williams April 22, 2025

BURLINGTON, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $31 million in financing of a 358,000-square-foot shopping center in the Southern New Jersey community of Burlington. Walmart Supercenter anchors the center, which was 99 percent leased at the time of the loan closing. Other tenants include Planet Fitness, Ross Dress for Less, Marshalls, Five Below, AutoZone and McDonald’s. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 10-year loan through an undisclosed life insurance company on behalf of the owner, National Realty & Development Corp.

April 22, 2025

Avalon-Wesmont-Station-Wood-Ridge-New-Jersey

Acquisitions Loans Multifamily New Jersey Northeast Top Stories

JLL Brokers $161.5M Sale of Northern New Jersey Apartment Community

by Taylor Williams April 21, 2025

WOOD-RIDGE, N.J. — JLL has brokered the $161.5 million sale of Avalon at Wesmont Station, a 406-unit apartment community located at 100 Rosie Square in Wood-Ridge, about 15 miles west of Manhattan. Avalon at Wesmont Station was built in 2012-2013 and offers one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, outdoor grilling and dining stations, resident clubroom with workstations and a fitness center. The property also houses 18,000 square feet of ground-floor retail space that is fully leased. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Virginia-based REIT AvalonBay Communities Inc. (NYSE: AVB), in the transaction. The buyer was New York-based Cammeby’s International Group. Ryan Koehler of NewPoint Real Estate Capital originated a $112 million Freddie Mac acquisition loan, which carried a 10-year term and six years of interest-only payments, for the deal. “The sale of Avalon at Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” says Cruz. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.” The apartment …

April 21, 2025

Acquisitions Industrial New Jersey Northeast Office

CBRE Brokers $12.7M Sale of Industrial, Office Complex in Rockaway, New Jersey

by Taylor Williams April 18, 2025

ROCKAWAY, N.J. — CBRE has brokered the $12.7 million sale of Pine Street Commons, an industrial and office complex located in the Northern New Jersey community of Rockaway. The property consists of six buildings on a 17-acre site. According to LoopNet Inc., the property was built in 1955 and totals 63,050 square feet. Charles Berger and Jeffrey Babikian of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Pine Street Commons was approximately 95 percent leased at the time of sale.

April 18, 2025

Affordable Housing Development Multifamily New Jersey Northeast

Walters Completes Lease-Up of 50-Unit Affordable Housing Project in Holmdel, New Jersey

by Taylor Williams April 18, 2025

HOLMDEL, N.J. — Locally based developer Walters has completed the lease-up of Cornerstone at Holmdel, a 50-unit affordable housing project in Central New Jersey. The property consists of three buildings at 461 Middle Road that house one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, playground, outdoor grilling and dining stations and an onsite social services coordinator. Walters completed Cornerstone at Holmdel last summer, and the property is now fully occupied.

April 18, 2025

Acquisitions New Jersey Northeast Retail

Goldstein Group Negotiates $37M Sale of Northern New Jersey Retail Center

by Taylor Williams April 17, 2025

FORT LEE, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the $37 million sale of Washington Bridge Plaza, a 47,000-square-foot retail center located in the Northern New Jersey community of Fort Lee. Walgreens anchors the center. Other tenants include Dollar Tree, Jersey Mike’s, Kung Fu Tea, The Gyro Project, Bon Epi, Fort Lee Vision, Binghamton Bagel & Deli, Belle Journee Bakery, Pho Today, Punta Cana, 101 Chicken and Kura Revolving Sushi. C.J. Huter, Marc Palestina and Lew Finkelstein of The Goldstein Group represented the buyer in the transaction. Baruch Herman of Booth Street Realty represented the seller. Both parties were limited liability companies.

April 17, 2025

Development Multifamily New Jersey Northeast

Hartz Mountain Begins Leasing 218-Unit Apartment Complex in Weehawken, New Jersey

by Taylor Williams April 15, 2025

WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has begun leasing The Reserve at Estuary, a 218-unit apartment complex in the Northern New Jersey community of Weehawken. Designed by MHS Architecture, the property is located within the 60-acre Lincoln Harbor mixed-use development and offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and smart technology. Select residences have patios. Amenities include a pool, outdoor lounge, courtyard, fitness center, game room and a coworking lounge. Rents start at $3,300 per month for a studio apartment.

April 15, 2025

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $94M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams April 14, 2025

NEW JERSEY — Cushman & Wakefield has brokered the $94 million sale of a 519-unit collection of multifamily properties in Northern New Jersey that is known as the Tag Portfolio. The number of properties was not disclosed. The Tag Portfolio, which was 97 percent occupied at the time of sale, features properties that were built between 1920 and 1980 and are located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield, Jersey City and Kearny. The majority (96 percent) of the units are one- or two-bedroom residences and have value-add potential. Niko Nicolaou, Ryan Dowd, Michael Guerra, J.P. Hohl and Alexandria Ebers of Cushman & Wakefield represented the seller, Tag Investment Properties, in the transaction and procured the buyers. Tuli Realty purchased the properties located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield and Jersey City, while Sher Management acquired the Kearny property. Brad Domenico and Frank Stanislaski of Cushman & Wakefield arranged acquisition financing for the deal.

April 14, 2025

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