WEST CREEK, N.J. — The Walters Group has completed three of the five buildings at its 60-unit Cornerstone at Grassy Hollow development in West Creek, located approximately 55 miles southeast of Philadelphia. The property offers one-, two- and three-bedroom floor plans and amenities including a community clubhouse, fitness center and picnic area. Walters expects to complete the remaining two buildings this spring.
VINELAND, N.J. — Columbia Care, a cannabis-based health and wellness company, has purchased a 50,274-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Situated at 1560 N.W. Blvd., the property features 27-foot ceiling heights and 2,749 square feet of office space. The property was vacant at the time of sale. Jonathan Klear and Fred Meyer of NAI Mertz represented the seller, LS Capital, in the transaction. The sales price was undisclosed.
MIDDLETOWN, N.J. — Marcus & Millichap has arranged the $3.9 million sale of The Lincroft Grove, a 12,000-square-foot retail strip in Middletown, located approximately 50 miles south of New York City. Located at 644 Newman Springs Road, the property was leased to several restaurants at the time of sale. ACME Markets and Bank of America Financial Center anchor an adjacent retail center. Jason Petrick of Marcus & Millichap represented the seller in the transaction. Michael Lombardi of Marcus & Millichap represented the buyer. Both investors were limited liability companies that requested anonymity.
WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.
HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.
EATONTOWN, N.J. — A partnership between Miami-based homebuilder Lennar Corp. and U.S. Home Corp. has acquired a 73-acre site in Eatontown, located approximately 50 miles south of New York City for the development of a $125 million mixed-use project. The Fort Monmouth Economic Revitalization Authority approved the sale of Parcel B, which is located on a former military installation, on Feb. 24, though the deal is subject to a 10-day veto period. Preliminary plans call for 302 residential units and 150,000 to 250,000 square feet of commercial space. A tentative construction timeline was not released.
MAYS LANDING, N.J. — Time Equities Inc. (TEI) has acquired Hamilton Commons, a 403,050-square-foot retail center in Mays Landing, located approximately 50 miles southeast of Philadelphia. The sales price was $60 million. Located at 190 Hamilton Commons Drive, the property was 93 percent leased at the time of sale to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls and Big Lots. Ami Ziff, Jonathan Kim and Grant Scott represented TEI on an internal basis. Chris Munley, Jim Galbally and James Graf of JLL represented the seller, Ohio-based national REIT Retail Value Inc.
JERSEY CITY, N.J. — Wallabout Realty Holdings is developing Parkview Apartments, a 170-unit multifamily project in Jersey City. The project will consist of two adjacent, seven-story buildings located at 87-99 Van Horne St. and 72-78 Woodward St. near Berry Lane Park. The buildings will feature a total of 65 one-bedroom, 95 two-bedroom and 10 three-bedroom units. Dresdner Robin and Montefiore Architectural Studio are serving as project and landscape architects, respectively. Construction is slated to complete by the end of 2021.
JERSEY CITY, N.J. — Progress Capital has arranged $120 million in construction financing for The Element, a multifamily project located at 400 Claremont Ave. in Jersey City. Tall Pines Capital provided an $84 million construction loan while private investors contributed $36 million in equity. The Element will include 631 units, including 277 studios with less than 500 square feet, which are also known as “micro-units.” The six-story building will also include approximately 70,000 square feet of amenities, including a fitness center, heated pool and rooftop terrace, as well as 15,500 square feet of additional retail space. The borrower was 400 Claremont Urban Renewal LLC.
