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.
PISCATAWAY AND JAMESBURG, N.J. — CBRE has arranged the $11.3 million sale of two office properties in Piscataway and Jamesburg, both located approximately 40 miles southwest of New York City. Heritage at Piscataway is an income-restricted active adult seniors housing community for residents age 55 and over, which consists of 30 one-bedroom apartments and sold for $3.2 million. Brookside Village is a newly constructed multifamily property that consists of 42-apartments and sold for $8.1 million. Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers and procured the buyers in both sales, which were all undisclosed.
HILLSIDE, N.J. — Dallas-based design-build firm ARCO/Murray has completed a 1,200-unit self-storage facility for CubeSmart in Hillside, located just west of Newark Liberty International Airport. The six-story facility spans 145,800 square feet, features climate-controlled space and includes a 1,200-square-foot office.
ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group are underway on construction of Vinty, a $91.5 million mixed-use project in Elizabeth, a western suburb of New York City. Vinty will offer 267 apartment units and 37,000 square feet of ground-floor retail and office space. Amenities will include a fitness center, dog park, outdoor theater, golf simulator, pool and a greenhouse. The location’s close proximity to the Elizabeth train station offers direct access to Manhattan, Newark Penn Station and Newark Liberty National Airport. JLL arranged construction financing for the project through Citizen’s Bank. Humphreys & Partners Architects is designing the project, and March Associates is the general contractor. Residences are expected to be available for lease in spring 2021.
PHILADELPHIA AND EWING, NEW JERSEY — Dallas-based fast casual restaurant Wingstop has signed retail leases in Philadelphia and Ewing, New Jersey. Wingstop will open a 1,650-square-foot store in Philadelphia’s Morrell Plaza, a 103,251-square-foot retail center with tenants including ShopRite and T-Mobile. The company will also open a 2,200-square-foot store in Ewing, New Jersey’s Capitol Plaza, a 354,993-square-foot shopping center with tenants including Marshalls, Dollar Tree and Planet Fitness. David Dunkelman of Soloff Realty & Development Inc. represented Wingstop in the Philadelphia negotiations, and Sidney Singer of Levin Management Corp. (LMC) represented the landlord. Marta Villa of JLL represented Wingstop in the Ewing negotiations , and Andrea Kyriacou of LMC represented the landlord.
Across the Northeast, the high level of demand from retailers, food companies and transportation/logistics firms is outpacing the level of development and redevelopment in the industrial market, causing a severe shortage of product and skyrocketing rents across the region. At the center of this trend is New Jersey, situated in the heart of the Northeast’s Boston-Washington, D.C. corridor between Philadelphia and New York City. The demand for industrial space in New Jersey is driven by its strategic location and sophisticated infrastructure including air, freight, port and rail options linking it to the rest of the country. Despite the near-record level of development in the industrial sector, the state faces a product deficit that even the nearly 5.3 million square feet of space currently under construction cannot satisfy. In fact, 93 percent of the more than 21 million square feet that was developed in 2017 and 2018 has already been leased. Demand has pushed the average asking rent across the state to $8.41 per square foot, an all-time high. Moreover, asking rents are often not listed in new buildings or those under construction, many of which have rents as high as the low teens. Not listing the asking rents demonstrates how …
LUMBERTON, N.J. — Boston-based investment firm STAG Industrial has acquired a 120,000-square-foot distribution center in Lumberton, an eastern suburb of Philadelphia. At the time of sale, the property was 100 percent leased to FMP Inc., a producer and distributor of commercial kitchen appliances. WHPounds Commercial Real Estate LLC and OPAS Inc. represented the seller, J Grato Enterprises, in the transaction. The sales price was not disclosed.
FAIRFIELD, N.J. — CBRE has arranged the sale-leaseback of a 100,000-square-foot industrial facility in Fairfield, located approximately 20 miles west of New York City. EverWest Real Estate Investors LLC acquired the property from Unifoil Corp., which will continue to occupy the industrial property via a long-term lease. Built in 1988, the property at 12 Daniel Road features 27,000 square feet of office space and parking for 188 cars. William Waxman, Kevin Dudley, David Gheriani and Gil Medina of CBRE represented EverWest in the lease negotiations. The sales price was undisclosed.
PLAINFIELD, N.J. — JMF Properties has opened Quin Sleepy Hollow, a 212-unit multifamily community in Plainfield, located approximately 25 miles west of New York City. The property at 1400 South Ave. offers one- and two-bedroom units with rents ranging from the low $1,800s to the high $2,900s. Amenities include a fitness center, theater, dog park and outdoor lounge.
