SOUTH BRUNSWICK, N.J. — Metro Storage LLC, a privately owned self-storage developer and manager, has opened a 688-unit facility at 3963 U.S. Route 1 in South Brunswick, a northern suburb of Trenton. The property features 75,000 net rentable square feet and consists of one climate-controlled building and three non-climate-controlled buildings. The facility is Metro Storage’s seventh in New Jersey.
BELLMAWR, N.J. — New Jersey-based Yada Property Management has purchased a 40,000-square-foot office property in Bellmawr, a southern suburb of Philadelphia. The two-story building is located at 211 Benigno Blvd. within Interstate Business Park, a 40-building office and industrial development that houses large corporate users such as Amazon, FedEx and Singer Equipment Co. Scott Mertz of NAI Mertz represented the seller, Choice Services International LLC, in the transaction.
BLUE ANCHOR, N.J. — Innovative Industrial Properties (IIP), a publicly traded investment firm focused on the cannabis industry, has acquired a 111,000-square-foot facility in Blue Anchor for cultivation and processing. The sales price was $5.5 million. IIP has signed operator and grower Curaleaf to a long-term, triple-net lease at the property, which is located south of Philadelphia. New Jersey has taken steps in recent years to expand access to medical cannabis, such as introducing oil-based formulations and adding qualifying conditions. In addition, the prospective legalization of adult-use cannabis is on the ballot for residents via the New Jersey Marijuana Legalization Amendment in November.
UNION, N.J. — Connecticut-based developer RMS Cos. has acquired 6.4 acres for the construction of a 153-unit apartment community in the Northern New Jersey town of Union. Specific floor plans and amenities were not disclosed, but according to development team, the community will feature “generous-sized apartments, designer finishes and luxury amenities.” Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented Sherwood Group Associates in its sale of the land. The team also procured RMS Cos. as the buyer.
RED BANK, N.J. — Colliers International has completed its acquisition of Maser Consulting, a design and engineering firm based in Red Bank, New Jersey. Maser’s senior leadership team will continue to drive operations and will retain a significant equity stake in the business going forward. The operations will be rebranded as Colliers Engineering Services in the first half of 2021. Maser employs more than 1,000 people across 34 offices in 12 states.
KEARNY, N.J. — Terreno Realty, a California-based REIT, has signed an undisclosed e-commerce user to a 211,000-square-foot industrial lease at one of its facilities in Kearny, approximately 12 miles west of New York City. The lease term is 10 years. A wholesale drug distributor previously occupied the property. Additional terms of the deal were not disclosed.
PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.
HOBOKEN, N.J. — A partnership between locally based developer Bijou Properties and Intercontinental Real Estate Corp. has completed 7Seventy House, a 424-unit multifamily project in Hoboken. The property features studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a pool, bocce court, coworking lounge, game room and a dog park, with many of the amenity spaces offering views of the Manhattan skyline. MHS Architects designed the 14-story building, which also houses 24,000 square feet of ground-floor retail space and is now 70 percent leased.
LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.
UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …