ENGLEWOOD, N.J. — NAI James Hanson has negotiated a 3,900-square-foot retail lease for Tiger Schulmann’s Martial Arts in Englewood, an eastern suburb of New York City. The space is situated within l28-46 South Dean Street, a 41,000-square-foot building anchored by New York Sports Club, which occupies 20,500 square feet on the second floor. Ronald Fotiu and Anthony Cassano of NAI James Hanson represented the landlord, JPM 2006 – LDP8 24-42 S. Dean St., in the lease negotiations.
RARITAN, N.J. — Burlington Stores has signed a 46,000-square-foot retail lease in Raritan, located approximately 40 miles west of New York City. The apparel retailer will occupy a free-standing box formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us in the 150,000-square-foot Somerville Circle Shopping Center, which is anchored by Staples, Petco and department store P.C. Richard & Son. Burlington plans to open the new store in spring 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord, which was undisclosed, in the lease negotiations. Clifford Simon and David Rosen of CNS Real Estate represented Burlington.
LOGAN, N.J. — NAI Mertz has arranged the sale of an 80,300-square-foot industrial building in Logan, a southwestern suburb of Philadelphia. Zoned for food processing, the building offers cooler and freezer space as well as 30-foot clear ceiling heights, 19 dock doors and 10,403 square feet of office space. The facility is part of the six-acre Pureland Industrial Complex, which is home to tenants including Amazon, Mitsubishi, Mercedes-Benz and Home Depot. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller and sales price were undisclosed.
OLD BRIDGE, N.J. — Cushman & Wakefield has negotiated 72,628 square feet of new office leases and renewals of existing leases at 100 Matawan Road, a 132,000-square-foot office building in Old Bridge, located approximately 30 miles south of New York City. Contract manufacturing and turnkey supply chain solutions firm Coda Resources leased 7,319 square feet on the third floor. Supermarket Key Food leased 38,311 square feet on the building’s first and second floors. Electronic health record and practice management solutions provider CentralReach, leased 14,287 square feet on the building’s plaza level. Steel distributor Duferco Steel Inc. renewed its 10,961-square-foot lease on the fourth floor. Rossow USA renewed its 1,750-square-foot lease. Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Signature Acquisitions, in the lease negotiations. Carton and Elfand also represented Coda Resources. Joe Sarno, Wes Moore and Joe Sarno III of CBRE represented Key Food and CentralReach. Moore also represented Duferco Steel.
HACKENSACK, N.J. — NAI James Hanson has brokered the sale of 300 S. Summit Avenue, a 2,331-square-foot office building in Hackensack, a northwestern suburb of New York City. The buyer, All Souls Evangelical Church, is relocating from Bogota to provide more accessibility to its congregation. Darren Lizzack and Randy Horning of NAI James Hanson represented the seller, a private investor, in the transaction. Allegra House of Prominent Properties represented All Souls Evangelical Church.
NEW YORK CITY — Children’s fitness concept My Gym has signed a 3,262-square-foot retail lease on the ground floor of 207 West 79th Street on the Upper West Side of Manhattan. The concept offers physical education, pre-gymnastics and sports programs to children ages six weeks to 10 years. My Gym signed a lease for 10 years at the location, which will be the brand’s second in Upper West Side and fourth in Manhattan. Michael Watson of Lee & Associates represented My Gym in the lease negotiations. Barry Fishbach, David Abrams and Brandon Miller of Newmark Knight Frank represented the landlord, Anbau Enterprises Inc.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.
Employment growth in New Jersey continues to trend higher. Since the low point of the last recession in 2010, the state’s private sector has seen almost 409,000 new jobs added (through July). Of the office-using industries, professional and business services have shown healthy annual job growth — up 13,900 jobs — while financial services jobs have recorded declines over the past year. Meanwhile, the state’s unemployment rate continued to tick lower to 3.3 percent (as of July), the lowest in its recorded history. Within this context, the fundamentals of the New Jersey office market remain healthy as we enter the final quarter of 2019, with absorption totals remaining in the black, vacancies sinking lower and asking rents trending upward. Regional Discrepancies Northern New Jersey’s vacancy rate had dropped to 18.3 percent by the middle of 2019, the lowest point since the end of 2012, while central New Jersey checked in at 15.5 percent, marking four consecutive quarterly decreases. Space has tightened in some key submarkets, making landlords increasingly bullish. As a result, asking rents in Northern New Jersey have risen to $31.62 per square foot — an all-time high and a jump of 17.8 percent over the last four years. …
JERSEY CITY, N.J. — A joint venture between KRE Group and Northwestern Mutual is underway on development of 351 Marin, a 507-unit multifamily building in Jersey City. The building will feature 8,000 square feet of commercial space, a 4,500-square-foot public plaza and two floors of amenities for residents. The property is located in close proximity to numerous retail and restaurant options, as well as the Grove Street PATH transit station. Leasing is slated to begin in fall 2021.
NEW JERSEY — Capital Funding LLC has provided a $13.8 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in New Jersey. Preferred Care operates the property, which features 126 beds. Further details on the name, location and borrower were not disclosed. Craig Casagrande originated the transaction for Capital Funding.