PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $3.2 million sale of Executive Arms Apartments, a 27-unit multifamily community in Plainfield, a southwestern suburb of New York City. Located at 309-315 W. 8th St., Executive Arms exclusively consists of 950-square-foot studios. Stephen Tragash of Gebroe-Hammer represented the seller, 315 West 8 LLC, in the transaction. Niko Nicolaou, also of Gebroe-Hammer, procured the buyer, a private unnamed investor.
JERSEY CITY, N.J. — JLL has arranged a $41 million acquisition loan for Bela Apartments, a 104-unit luxury apartment building in Jersey City. Ares Commercial Real Estate Corp. provided the two-year, floating-rate loan to the borrower, Golden Glades Capital Management. Completed in 2019, the eight-story property features one- and two-bedroom apartments, a fitness center, yoga studio and approximately 2,600 square feet of ground-level retail. Thomas Didio and Matthew Pizzolato of JLL arranged the loan. Golden Glades acquired the property from a partnership between Alpine Development, Fields Development Group and Grade Development Co. in mid-March for $53.
NORTH BERGEN, N.J. — Imperial Dade, a Jersey City-based distributor of maintenance supplies and foodservice packaging, has signed a 28,756-square-foot office lease in North Bergen, just north of Jersey City. The space is located on the seventh floor of West Side Center, a 300,000-square-foot, Class A office property located at 5901 West Side Ave. Beginning in the fall, the office will house Imperial Dade’s executive team, as well as its finance, human resources and customer service departments. The firm’s current Jersey City facility will serve as its largest distribution center. Palestina Scrivo Properties Inc. represented Imperial Dade in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Real Capital Solutions.
ROCHESTER, N.Y. — Rochester-based regional grocer Wegmans Food Markets will hire approximately 900 full- and part-time workers across its stores in Massachusetts (400 jobs) and New Jersey (500 jobs) in response to increased grocery shopping amid the novel coronavirus outbreak. Positions will be filled across the grocer’s six stores in Massachusetts and nine stores in New Jersey, as well as its warehouses and inventory replenishment centers in both states. As of March 31, the New Jersey Department of Health tracked 18,696 cases in the state. The Massachusetts Department of Public Health tracked 6,620 cases in the state.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.
HACKENSACK, N.J. — Audiovisual technology company MetroMultimedia has signed an 18,000-square-foot industrial lease at 211 S. Newman St. in Hackensack, a northwestern suburb of New York City. The landlord, The Stro Companies, acquired the property in June 2019 and implemented a capital improvement plan that included upgrades to the roof, parking area, truck court, windows and façade, and also expanded the building’s loading capabilities. Andrew Somple, Scott Perkins and Justin Allessio of NAI James Hanson represented the landlord in the lease negotiations. MetroMultimedia was represented internally.
BURLINGTON, N.J. — Wolf Commercial Real Estate (WCRE) has negotiated a 3,400-square-foot office lease for Innovative Life of New Jersey LLC in Burlington, a northeastern suburb of Philadelphia. The space is situated within Burlington Professional Campus, which is located at 1900 Mount Holly Road. The tenant is a regional division of Innovative Life Solutions Inc., a disability services organization based in the Washington, D.C., metro area. Ryan Barikian of WCRE represented the tenant in the lease negotiations. Barikian also represented the landlord and developer of the property, Zaman International Development LLC.
MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a fitness center. The property is positioned at 116-118 Chestnut Street, adjacent to the Red Bank Train Station. Construction is slated for completion later this year. Jon Mikula, Michael Klein and Andrew Zilenziger arranged the loan.
MAGNOLIA, N.J. — Vantage Real Estate Services has brokered the sale of a 3,150-square-foot retail property in Magnolia, a southeastern suburb of Philadelphia. The property is located at 130 S. White Horse Pike near a Walmart store and several other retail and restaurant businesses. Monica Walsh, Aran Ploshansky and Bruce Goldstein of Vantage represented the seller, East Coast Enterprises LLC. The buyer was Makellos Cabinetry, a Philadelphia-based kitchen renovation company.
ELMWOOD PARK, N.J. — NAI James Hanson has negotiated the sale of a 16,000-square-foot industrial building in Elmwood Park, a northwestern suburb of New York City. Located at 55-57 Bushes Lane, the single-story building features 15-foot clear heights and approximately 3,500 square feet of office space. Josh Levering and Nick DePaolera of NAI James Hanson represented the seller, RN Foster Associates LLC, in the transaction. Mission Realty represented the buyer, Bushes Lane Realty Corp. The sales price was undisclosed.
