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West-Side-Square-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

Partnership Receives $169M Construction Loan for Jersey City Multifamily Project

by Taylor Williams

JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for a 477-unit multifamily project in Jersey City. Bravo Property Trust provided the debt. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Construction began last December, and completion is slated for 2026.

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AcquisitionsNew JerseyNortheastNorthmarqRetail

Marcus & Millichap Brokers $7.5M Sale of Retail Strip Center in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 7,388-square-foot retail strip center in Flemington, about 60 miles southwest of Manhattan. The center was renovated in 2023 and is home to Aspen Dental and City MD Urgent Care. Dean Zang, David Crotts, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller, New Jersey-based investment firm Paramount Realty, in the transaction. Tom Georges of Northmarq represented the buyer, a local private investor.  

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80-E.-McFarlan-St.-Dover-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Crossroads Cos., CrownPoint Group Break Ground on 90-Unit Multifamily Project in Dover, New Jersey

by Taylor Williams

DOVER, N.J. — A joint venture between Crossroads Cos. and CrownPoint Group Inc. has broken ground on a 90-unit multifamily project at 80 E. McFarlan St. in Dover, about 30 miles west of New York City. The six-story building will house a mix of studio, one- and two-bedroom units, with nine residences to be set aside as affordable housing. Amenities will include a fitness center, rooftop deck and an entertainment lounge. Minno & Wasko Architects and Planners designed the community, and L2i Construction is the general contractor. Columbia Bank provided construction financing. Delivery is slated for late 2025.

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Company NewsConnecticutMassachusettsNew HampshireNew JerseyNew YorkNortheastRetailRhode IslandTop Stories

Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business

by Jeff Shaw

MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island.  Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …

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25-Cottage-St.-Jersey-City
DevelopmentMixed-UseNew JerseyNortheast

Nasser Freres Breaks Ground on $300M Mixed-Use Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Developer Nasser Freres has broken ground on a $300 million mixed-use project that will be located at 25 Cottage St. in the Journal Square neighborhood of Jersey City. Designed by Handel Architects with AJD Construction serving as the general contractor, the development will consist of 622 apartments, approximately 45,000 square feet of Class A office space and ground-floor retail space, all within a 28-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will feature a double-height lobby lounge with a reception area. Other amenities will include a relaxation zone and spa, an art gallery and studio, children’s playroom, karaoke room, pet spa, bowling alley, screening room, game lounge, speakeasy, VR sports room with arcade games and a catering kitchen. Residents will also have access to a coworking space with a lounge, private work pods and conference rooms, as well as fitness center, coffee bar, podcast/TikTok room and a party lounge. Lastly, a landscaped rooftop envisioned by Melillo Bauer Carman Landscape Architecture will feature a lounge with kitchen and dining areas, private grilling stations and a pool with a deck and loungers. Completion is slated for the first quarter of 2026.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $3.4M Sale of Retail Building in Glassboro, New Jersey

by Taylor Williams

GLASSBORO, N.J. — Marcus & Millichap has brokered the $3.4 million sale of a 21,750-square-foot retail building in Glassboro, about 25 miles south of Philadelphia. The property is located on the campus of Rowan University at the base of the Whitney Center, a five-story student housing complex. At the time of sale, the property was 93 percent leased to 10 tenants, including 7-Eleven and Pizza Hut. Alan Cafiero, Brent Hyldahl, Seth Goldberg and Brad Nathanson of Marcus & Millichap represented the seller, Kinsley Properties LLC, and procured the buyer, JJU Properties LLC.

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AcquisitionsNew JerseyNortheastOffice

Colliers Brokers $11.1M Sale of Northern New Jersey Office Building

by Taylor Williams

WOODBRIDGE, N.J. — Colliers has brokered the $11.1 million sale of 900 on Nine, a 112,705-square-foot office building in the Northern New Jersey community of Woodbridge. The building was 54 percent leased at the time of sale to tenants such as NIP Group, Onyx Equities and Toshiba.   Jacklene Chesler, Patrick Norris, Philippe Jomphe and Matthew Cohen of Colliers marketed the property in conjunction with auction platform Ten-X on behalf of the seller, TFE Properties. The buyer was not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $5.2M Partial Sale of Housing Cooperative in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the partial sale of Tudor Court, an 85-unit housing cooperative located at 800-822 N. Broad St. in the Northern New Jersey community of Elizabeth. The sale included 46 of the units and fetched an all-cash price of $5.2 million. The units were fully occupied at the time of sale. Janet Bortz and Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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DevelopmentIndustrialLeasing ActivityNew JerseyNortheast

Seagis Completes Renovation of 202,490 SF Northern New Jersey Industrial Building, Signs New Tenant

by Taylor Williams

EAST RUTHERFORD, N.J. —Seagis Property Group has completed the renovation of a 202,490-square-foot industrial building located at 13 Manor Road in the Northern New Jersey community of East Rutherford. The metro Philadelphia-based development and investment firm has also signed an undisclosed tenant to a full-building lease at the property, which features a clear height of 22 feet, 16 docks and 84 car parking spaces. Seagis purchased the building, which previously functioned as a manufacturing facility, in 2006.

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AcquisitionsIndustrialLoansNew JerseyNortheast

Cushman & Wakefield Negotiates Sale of 506,723 SF Industrial Park in Totowa, New Jersey

by Taylor Williams

TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of a 506,723-square-foot industrial park in the Northern New Jersey community of Totowa. Totowa Commerce Center consists of 12 industrial buildings, one office building and a 5.8-acre development site. Building features include clear heights of 21 to 23 feet, 92 loading positions and aggregate parking for more than 1,400 cars. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, New Jersey-based Heritage Capital Group, in the transaction. The team also procured the buyer, Boston-based Longpoint Partners. The park was leased to more than 50 tenants at the time of sale. PGIM Real Estate provided a $63.5 million fixed-rate acquisition loan for the deal.

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