MOUNT LAUREL, N.J. — Colliers International has brokered the $10.6 million sale of the Fellowship Business Center, a 96,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The five-building complex is situated within the East Gate Business Park and was 96 percent occupied at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. The buyer was a private investor.
LINDEN, N.J. — Cushman & Wakefield has brokered the sale of two industrial warehouses totaling approximately 200,000 square feet in Linden, an eastern suburb of New York City. Located at 2401 E. Linden Ave. and 1501-1525 W. Blancke St., the properties are situated three miles apart and comprise 84,220 and 115,913 square feet, respectively. The location offers close access to the Port of New York and New Jersey. Both warehouses were fully leased to five tenants at the time of sale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, Penwood Real Estate Investment Management, in the transaction. Link Industrial Properties was the buyer.
CHERRY HILL, N.J. — NAI Mertz has negotiated a 3,600-square-foot office lease for third-party collection agency Grimley Financial in Cherry Hill, an eastern suburb of Philadelphia. The company will move from its previous location in Haddonfield to the new space within Cherry Hill Plaza, a 100,000-square-foot, Class A office building. Joe Riggs of NAI Mertz represented Grimley Financial in the lease negotiations. Markeim Chalmers Inc. represented the landlord.
JERSEY CITY, N.J. — Madison Realty Capital has provided a $168 million construction loan for Emerson Lofts, a 1,000-unit residential development project in Jersey City. The loan allows the borrower, Manhattan Building Co., to complete the first phase of the project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail space, an approximately 24,000-square-foot community center, a public park and parking. Amenities will include a 28,000-square-foot outdoor roof deck with a pool and a fitness center and spa.
EASTCHESTER, N.J. — Ashkenazy Acquisition Corp. has acquired the 380,000-square-foot Vernon Hills Shopping Center in Eastchester, a northern suburb of New York City, for approximately $125 million. Medical tenants including Lawrence Hospital and its affiliates NY Presbyterian and Columbia Medical practices anchor the center. Retail tenants include Starbucks, New York Sports Club, Barnes & Noble, Gap and American Eagle. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso, Kyle Schmidt, Matt Lisk and Al Mirin of Cushman & Wakefield procured Ashkenazy as the buyer. The team also represented the seller, which was undisclosed.
NEWARK, N.J. — CenterPoint Properties will develop a 185,856-square-foot warehouse facility at 49 Rutherford Street in Newark. The property will feature 45 dock doors, 80 trailer positions, 155 automobile parking spaces and a 40-foot clear heights. The location offers close access to the Port of Newark as well as immediate access to the New Jersey Turnpike. Construction is slated for completion in the fourth quarter of 2020.
MORRISTOWN, N.J. — CBRE has negotiated a 16,970-square-foot office lease for insurance company NFP at Mount Kemble Corporate Center, a Class A office complex in Morristown, located approximately 30 miles west of New York City. The property, located at 350-360 Mount Kemble Ave., offers a cafeteria, fitness center, walking path and conference center. Daniel Casey and Greg Barkan of CBRE represented the landlord, a partnership between The Birch Group and Vision Properties, in the lease negotiations. Jeffrey Babikian and Conor Dolan of CBRE represented NFP.
MORRISTOWN, N.J. — Shamah Properties has acquired Morris Crossing Apartments, a 123-unit multifamily community in Morristown, located approximately 25 miles west of New York City, for $39.5 million. Morris Crossing is a six-building community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units. The property was 96 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman of JLL represented Shamah Properties in the transaction. The team also represented the seller, Morris Crossing Apartments LLC, in the transaction.
FREEHOLD, N.J. — CBRE has brokered the $11.9 million sale of a 118,400-square-foot industrial property in Freehold, located approximately 30 miles east of Trenton. Completed in 1989, the single-tenant building features 18-foot clear heights. Elli Klabber, Charles Berger, Kevin Dudley, Stephen Beyda and Robert Pine represented the buyer, Treetop Development, in the transaction. Cushman & Wakefield represented the seller, dietary supplement manufacturer Industries Inc.
ROSELAND, N.J. — JLL has arranged $117.8 million loan for the refinancing for Everly Roseland, a 360-unit apartment community located in Roseland, a western suburb of New York City. An international bank provided a $96.3 million senior loan while J.P. Morgan Asset Management provided a $21.5 million mezzanine loan to refinance the existing loan and complete unit renovations. The property offers a mix of one-, two- and three-bedroom floor plans with amenities including a newly constructed clubhouse, fitness center, pool and tennis court. Michael Klein and Matthew Pizzolato of JLL arranged the loan on behalf of the borrower, Novel Property Ventures.
