EAST RUTHERFORD, N.J. — Terreno Realty Corp. has acquired a 50,000-square-foot industrial property in East Rutherford, a western suburb of New York City, for $12 million. The property comprises one distribution building featuring 30-foot clear heights and eight loading positions, including seven dock-high and one grade-level doors. Located at 46 Whelan Road, the property is situated less than two miles from the Meadowlands Sports Complex and the New Jersey Turnpike. The property is fully leased to one undisclosed tenant.
NEW JERSEY AND MASSACHUSETTS — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 seniors housing properties managed by Brightview Senior Living located throughout New Jersey, Massachusetts and Maryland. The portfolio totals 1,322 units. The New Jersey properties include Brightview Greentree in Marlton, Brightview Mount Laurel in Mount Laurel and Brightview Woodbury Lake in Deptford. The Massachusetts properties include Brightview Concord River in Billerica and Brightview North Andover in North Andover. The seller and sales price were undisclosed.
EAST RUTHERFORD, N.J. — Candy and sweets retailer IT’SUGAR has opened a 22,000-square-foot store at American Dream, a newly opened entertainment and retail destination in East Rutherford, a western suburb of New York City. The official opening was Saturday, Dec. 14. The first floor of the three-story store offers giant candy, sugar sculptures and more than 5,000 square feet of candy bins with a variety of sweets. The second floor houses branded candies, including Sour Patch Kids, Swedish Fish and Reese’s. In spring 2020, a café called Oreo TWISTiD will open on the third floor, which overlooks the theme parks of American Dream’s entertainment atrium.
PARAMUS, N.J. — NAI James Hanson has negotiated a 5,374-square-foot office lease for Edge Physical Therapy & Sports Medicine LLC in Paramus, located approximately 20 miles northwest of New York City. The 168,000-square-foot office building offers access to Garden State Parkway, the New Jersey Turnpike and two regional shopping centers. Darren Lizzack and Randy Horning of NAI James Hanson represented the tenant in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Stanford Atrium Corp.
PARSIPPANY, N.J. — New York City-based PAG Investments has acquired 5 Wood Hollow Road, a Class A office building in Parsippany, located approximately 30 miles west of New York City. Amenities include a full-service cafeteria and a fitness center with shower and locker facilities. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The team also procured PAG as the buyer.
EAST RUTHERFORD, N.J. — Triple Five Group has opened Big Snow, a 180,000-square-foot indoor snow slope within its American Dream entertainment and retail destination in East Rutherford, a western suburb of New York City. The 16-story vertical slope offers indoor skiing, snowboarding, sledding and other snow activities year-round. The facility will produce 4.4 tons of snow per hour, which will be kept at a constant temperature of 28 degrees with an average depth at 2 feet. Triple Five opened American Dream in late October with a Nickelodeon Universe theme park and an ice skating rink. The Dreamworks Water Park opened at American dream in late November, and future openings include a Legoland Discover Center, a Sea Life Aquarium and more than 100 retailers and restaurants.
CINNAMINSON, N.J. — Capitol Seniors Housing has completed construction of a new clubhouse and two of the remaining five residential buildings at Siena, an active adult community in Cinnaminson, an eastern suburb of Philadelphia. The owner is currently working to complete the community’s master plan that will consist of 12 buildings and 204 units upon full build-out. The new residences range from 1,114 to 1,873 square feet. Capitol Seniors Housing acquired Siena in 2018, and Cove Property Management operates the community.
MIDDLESEX, N.J. — Procida Funding has provided a $39 million construction loan to Forte Real Estate Development for the construction of The View at Middlesex, a 200-unit apartment property located approximately 30 miles southwest of New York City. Located at 220 and 232 Lincoln Blvd, the 255,000-square-foot building will feature 140 one-bedroom units, 60 two-bedroom units and 17,000 square feet of amenity and commercial spaces on the ground floor. Additional details of the loan and the construction schedule were undisclosed.
NORTH BRUNSWICK, N.J. — JLL has brokered the sale of a 50,993-square-foot industrial building in North Brunswick, located approximately 30 miles southwest of New York City. Situated at 1200 Airport Road, the building was completed in 1987 and features 19-foot clear heights, seven exterior docks, three drive-in doors and parking for 86 cars. The building was fully leased to three tenants at the time of sale. Gary Politi and Joel Lubin of JLL represented the undisclosed seller in the transaction. The sales price was also undisclosed. The buyer was VK Industrial V LP, a partnership between Venture One Real Estate and Kovitz Investment Group.
MARLBORO, N.J. — Basser Kaufman has secured a 10-year, 2,380-square-foot retail lease for health and weight loss company Profile by Sanford in Basser’s Marlboro Plaza, located approximately 30 miles east of Trenton. The 303,503-square-foot shopping center has recently undergone an extensive renovation, including a new façade, landscaping and updated parking area. Major tenants include Hobby Lobby, T.J. Maxx, Kohl’s and PetSmart. Basser Kaufman was self-represented the lease negotiations. Marc Shein represented Profile by Sanford, also on an internal basis.