New Jersey

CBRE Arranges $221.5M Sale of Jersey City Apartment Buildings

by Taylor Williams July 17, 2024

JERSEY CITY, N.J. — CBRE has arranged the $221.5 million sale of Lenox and Quinn Apartments, two adjacent buildings totaling 408 units in Jersey City’s Paulus Hook neighborhood. Built in 2017, Lenox consists of 255 units and includes a 257-space automated parking garage. Quinn was constructed in 2018 and totals 153 units. According to Apartments.com, both properties offer studio, one-, two- and three-bedroom floor plans. Both properties also house various Class A amenities. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, Hines Interests.

July 17, 2024

Development New Jersey Northeast

UNLMTD Real Estate Begins Leasing 300-Unit Multifamily Project in Fort Lee, New Jersey

by Taylor Williams July 17, 2024

FORT LEE, N.J. — Regional developer UNLMTD Real Estate has begun leasing FIAT House, a 300-unit multifamily project in the Northern New Jersey community of Fort Lee. The site is located at the foot of the George Washington Bridge. Units come in studio, one- and two-bedroom formats, and the property houses more than 30,000 square feet of amenity and social gathering spaces. The developer is constructing the project in partnership with Italian automaker FIAT, and residents will have access to a car-sharing program of FIAT electric vehicles. Rents start at $2,400 per month for a studio apartment.

July 17, 2024

Industrial Leasing Activity New Jersey Northeast

Soligent Signs Industrial Lease in Millstone, New Jersey

by Taylor Williams July 17, 2024

MILLSTONE, N.J. — Soligent has signed an industrial lease in the Central New Jersey community of Millstone. The distributor of clean energy products and services will occupy just under half of a 132,930-square-foot building. The space features a clear height of 32 feet, 4,000 square feet of office space and battery charging stations inside the warehouse for electric forklifts. Peak Construction Corp. is handling the build-out of the space. Boston-based Cabot Properties owns the building.

July 17, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $42.5M Bond Financing for Seniors Housing Property in Freehold, New Jersey

by Taylor Williams July 16, 2024

FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for the acquisition of Applewood, a continuing care retirement community (CCRC) in Freehold, an eastern suburb of Trenton. Located on approximately 44 acres, Applewood opened in 1990 and offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. The acquisition was completed utilizing a mix of tax-exempt and taxable debt. The borrower is FellowshipLIFE, a nonprofit owner-operator of CCRCs in New Jersey.

July 16, 2024

Company News Connecticut Massachusetts New Jersey New York Northeast Property Type Retail Rhode Island Top Stories

Stop & Shop to Close 32 Stores in the Northeast

by Hayden Spiess July 15, 2024

QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …

July 15, 2024

Acquisitions Healthcare New Jersey Northeast

Marcus & Millichap Brokers $13.5M Sale of Northern New Jersey Medical Office Building

by Taylor Williams July 12, 2024

LIVINGSTON, N.J. — Marcus & Millichap has brokered the $13.5 million sale of a 34,599-square-foot medical office building located in the Northern New Jersey community of Livingston. The three-story building at 315 E. Northfield Road is home to several medical practices across a variety of specialty fields. Alan Cafiero, Brian Kaplan, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller, a New Jersey-based partnership, in the transaction. Cafiero and Joe Koicim, also with Marcus & Millichap, procured the buyer, a New York-based limited liability company.

July 12, 2024

Development Industrial New Jersey Northeast

Larken Associates Breaks Ground on 50,000 SF Industrial Flex Project in Flemington, New Jersey

by Taylor Williams July 12, 2024

FLEMINGTON, N.J. — Locally based developer Larken Associates has broken ground on Flemington Junction Business Center II, a 50,000-square-foot industrial flex project that will be located about 60 miles southwest of Manhattan. The building will feature a clear height of 32 feet, and units can be subdivided to spaces as small as 3,125 square feet. Core Enterprises is providing construction management services for the project, which is slated for a fourth-quarter delivery.

July 12, 2024

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates Sale of 226-Unit Multifamily Property in Hackensack, New Jersey

by Taylor Williams July 11, 2024

HACKENSACK, N.J. — JLL has negotiated the sale of Avalon Hackensack at Riverside, a 226-unit multifamily property in Hackensack. Avalon Hackensack at Riverside was built in 2013 and offers studio, one-, two- and three-bedroom apartments. Select units feature balconies, patios, dens and loft-style layouts. Amenities include a pool with a grilling area, resident clubhouse, fitness center, tenant lounge and a dog run. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

July 11, 2024

Leasing Activity New Jersey Northeast Restaurant Retail

Four New F&B Operators Sign Leases in Jersey City’s Bergen-Lafayette Neighborhood

by Taylor Williams July 11, 2024

JERSEY CITY, N.J. — Four new food-and-beverage (F&B) operators have signed leases at apartment buildings in Jersey City’s Bergen-Lafayette neighborhood. Breakfast café Eggs Up will open a restaurant in the 24-story Atlas high-rise building. MochiDough and BoberTea, both of which are Japanese concepts, have committed to Starling, a rental building with 39 units. Cheeky’s, a concept known for New Orleans-style sandwiches, will open at The Hazel, a 201-unit building. All openings are slated to occur before the end of the year. A partnership between between locally based developer Fields Grade and New York City-based Alpine Residential owns the buildings.

July 11, 2024

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $20.5M Sale of Atlantic City Multifamily Portfolio

by Taylor Williams July 10, 2024

ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. has negotiated the $20.5 million sale of a portfolio of three multifamily properties totaling 258 units in Atlantic City. The portfolio includes Atlantic Venice Park Apartments (112 units); Venice Park Condominiums (78 units operated as rentals); and Hamilton Venice Apartments (68 units). The properties were all built in 1970 and comprise 33 buildings that house 237 two-bedroom units and 21 one-bedroom units. Joni Sweetwood of Kislak represented the undisclosed seller, which disposed of the properties via three separate limited liability companies, in the transaction. Sweetwood also procured the undisclosed buyer.

July 10, 2024

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