PENNSAUKEN, N.J. — Soloff Realty & Development Inc. has arranged the sale of a 20,000-square-foot retail building in Pennsauken, an eastern suburb of Philadelphia. Located at 7937 S. Crescent Blvd., the freestanding building was constructed in 1985 and offers convenient access to State Route 130. At the time of sale, furniture store Howard Hill was the sole tenant of the building. David Dunkelman of Soloff represented the seller, Shane Properties Inc., in the transaction. A local investment firm purchased the building for an undisclosed price.
FRANKLIN, N.J. — Canadian developer BentallGreenOak has acquired a 925,000-square-foot industrial facility in Franklin, approximately 50 miles northwest of New York City. Located at 50 Veronica Ave., the facility was fully leased to LG Electronics USA at the time of sale. The building features a clear height of 40 feet, 170 trailer parking spots, 159 dock positions, four drive-in ramps and 394 car spaces. It offers convenient access to the New Jersey Turnpike and Interstate 287. LG Electronics USA signed a seven-year lease of the entire building in April. Gary Gabriel, Andrew Merin and Kyle Schmidt of Cushman & Wakefield represented the seller, a partnership between Crow Holdings Industrial and The Carlyle Group, in the transaction.
BAYONNE, N.J. — KRE Group has opened Bay 151, a 200-unit multifamily community in Bayonne. Located at 151 Centre St., Bay 151 offers studio, one-, two- and three-bedroom floor plans and 10,000 square feet of retail space. The three-building community features 15,000 square feet of indoor and outdoor amenities, including a fitness center, an outdoor deck with dining areas, grilling stations and a swimming pool. Residents also have access to a library and coworking space, a business center and a billiards room with club seating. The property offers convenient access to the Hudson-Bergen transit station. Hudson Projects designed the property.
WEEHAWKEN, N.J. — Gebroe-Hammer Associates has brokered the $25.3 million sale of Hamilton House, a 99-unit multifamily property in Weehawken, just west of Manhattan. Located at 700 John F. Kennedy Blvd. East, the 12-story building was constructed in 1964 and offers a mix of 21 studio, 59 one- and 19 two-bedroom layouts. Ken Uranowitz and Niko Nicolaou of Gebroe-Hammer represented the seller, Hamilton House LLC, in the transaction. The team also procured the buyer, Tuli Realty LLC.
TRENTON, N.J. — Some pandemic restrictions on restaurants and retail stores in New Jersey have lifted, according to a statement from Gov. Phil Murphy on Monday, June 15. Outdoor dining at restaurants and bars has resumed and retail stores can now allow indoor shopping at half capacity. However, indoor dining at restaurants is not yet allowed and shopping malls remain closed. Murphy also said that libraries and yard sales can reopen using curbside pickup, and that childcare centers, places of worship, real estate open houses and car washes can resume operation. Personal care businesses, including hair salons, barbershops, nail salons and tattoo parlors, can reopen on June 22. As of June 15, the Centers for Disease Control and Prevention has reported nearly 166,900 confirmed cases of COVID-19 in New Jersey and more than 12,600 deaths.
PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.
MOUNT OLIVE, N.J. — Cushman & Wakefield has negotiated a 102,839-square-foot industrial sublease for game publisher and manufacturer Breaking Games LLC in Mount Olive, located 50 miles west of New York City. The space is located within 200 International Drive, an approximately 217,500-square-foot industrial property that was constructed in 1984. The building features 24-foot clear heights, nine loading docks and approximately 6,000 square feet of office space. The property also offers convenient access to Interstate 80 and State Route 46. Stephen Sander of Cushman & Wakefield represented the sublandlord, Bosal USA, in the negotiations
WARREN, N.J. — Newmark Knight Frank has arranged the sale of a 95,111-square-foot office building in Warren, a southwestern suburb of New York City. The Class B property was constructed in 1987 and is located at 30 Technology Drive S. At the time of sale, the property was 92 percent leased to tenants in the medical, engineering and technology sectors. Kevin Welsh, Brian Schulz and Jason Emrani of NKF represented the seller, a joint venture partnership between Ivy Realty and Waterfall Asset Management. The team also procured the buyer, Mountain Development Corp. The sales price was undisclosed.
EAST WINDSOR, N.J. — CBRE has arranged the $26.2 million sale of Windsor Corporate Center, a 291,5550-square-foot office campus in East Windsor, a northeastern suburb of Trenton. Located at 50 Millstone Road, the four-building campus is situated on 39 acres and was approximately 65 percent leased at the time of sale. The property offers convenient access to the New Jersey Turnpike, Interstate 295 and the Princeton Junction train station. Amenities include a full-service cafeteria, auditorium and a fitness center. Jeffrey Dunne, Jeremy Neuer and Steven Bardsley of CBRE represented the seller, Raith Capital Partners, in the transaction. The team also procured the buyer, Strategic Funding Alternatives LLC.
NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.