ELIZABETH, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged an $11 million loan for the refinancing of a 223,000-square-foot shopping center located at 750 Dowd Ave. in the Northern New Jersey community of Elizabeth. Wesley Wilcox and Albert Raymond of G.S. Wilcox arranged the loan, which carries a 10-year term and a 25-year amortization schedule, through a correspondent life insurance company. The borrower was locally based firm Elberon Development Group.
MOUNT LAUREL, N.J. — Colony Hills Capital has acquired Mount Laurel Crossing, a 296-unit apartment community in Southern New Jersey, for $79 million. The 14-building property was originally constructed in 1999 and offers one-, two- and three-bedroom units with an average size of 944 square feet. Amenities include a pool, fitness center, clubhouse, dog park and an outdoor lounge. Mount Laurel Crossing was 98 percent occupied at the time of sale. John Alascio, Alex Hernandez, Aaron Graves and John Spreitzer of Cushman & Wakefield arranged equity investments with Heitman (preferred) and Balfour Beatty Communities (common) on behalf of Colony Hills Capital. Fran Coyne, Carl Fiebig, Jose Cruz, Mike Oliver, Samantha Kupersmith and Tyler Margraf of JLL represented the undisclosed seller in the transaction.
DAYTON, N.J. — CBRE has arranged a 285,362-square-foot industrial lease in Dayton, about 20 miles north of Trenton. The tenant, global logistics and fulfillment company Staci Group, is consolidating several locations into a single facility at 10 Sigle Lane. The newly constructed, single-tenant building features a clear height of 40 feet, 36 loading doors, an ESFR sprinkler system and 4,185 square feet of office space. Chad Hillyer, Kevin Dudley, Nicholas Klacik and Kate Granahan of CBRE represented Staci Group in the lease negotiations. Heller Industrial Parks Inc. owns the property.
BAYONNE, N.J. — An entity doing business as Togus Urban Renewal LLC will develop 1888 Studios, a 1.5 million-square-foot film and TV production campus in the Northern New Jersey community of Bayonne. The 58-acre project will ultimately feature 17 buildings, 23 sound stages ranging in size from 18,000 to 60,000 square feet and 350,000 square feet of production support space. The development will also include office, storage and amenity space, as well as a parking garage and a five-acre public green space. Construction is expected to be complete by late 2026. The New Jersey Economic Development Authority provided an unspecified amount of tax credit equity to help finance the project.
NEWARK, N.J. — Seagis Property Group has completed a 178,200-square-foot industrial project at 2013 McCarter Highway in Newark. Two tenants — the Newark Board of Education and skincare products provider Deciem — preleased space at the building, which features a clear height of 40 feet, 37 dock doors, an ESFR sprinkler system and parking for 127 cars and 42 trailers. Colliers serves as the landlord’s leasing agency. A CBRE team of Kate Granahan, Kevin Dudley, Chad Hillyer and Nicholas Klacik represented the tenants in both deals.
FLORHAM PARK, N.J. — Marquis Health Consulting Services has opened Florham Park Rehabilitation & Healthcare Center, a 101-bed skilled nursing facility in Florham Park, about 30 miles west of New York City. The 43,000-square-foot facility is located on the former Lutheran Ministries healthcare campus and is undergoing a multi-phase renovation and modernization following an ownership change. Phase I focused on the updating and remodeling of patient areas and is complete. Phase II is underway and will introduce the largest rehabilitation therapy gym in the greater Morris County region.
SOUTH BRUNSWICK, N.J. — Locally based developer Woodmont Industrial Partners has completed a 210,000-square-foot expansion and renovation project in South Brunswick, about 50 miles south of Manhattan. Woodmont, in partnership with Sagard Real Estate, the Denver-based firm formerly known as EverWest Real Estate Investors, renovated a 145,000-square-foot facility at 461 Ridge Road and developed a new, 65,000-square-foot facility. The property now features a clear height of 32 feet, 30 loading doors and four drive-in doors. JLL is marketing the property for lease.
NEWPORT, N.J. — The LeFrak Organization has begun leasing Bisby, a 34-story apartment tower in Newport, located across the Hudson River from Lower Manhattan. Designed by Minno & Wasko Architects & Planners with interiors by Woods Bagot, Bisby houses 385 units in studio, one-, two-, three- and four-bedroom configurations. Amenities include a coworking center, golf simulator, dedicated content studio and a dog spa, as well as a 33,000-square-foot landscaped rooftop terrace with a pickleball court, dog run and an outdoor kitchen. Rents start at $3,445 per month for a studio apartment.
ROCKVILLE, MD. — Everhome Suites, which is part of the family of brands of Maryland-based owner-operator Choice Hotels International Inc., will open three new hotels totaling 334 rooms in the Northeast. The properties include a 106-room hotel in Portsmouth, N.H.; a 114-room hotel in Somerset, N.J.; and a 114-room hotel in Rochester, N.Y. All rooms will feature fully equipped kitchens. Construction of the hotels is underway, and the openings are scheduled for 2025.
LAKEHURST, N.J. — Marcus & Millichap has brokered the $6.5 million sale of a retail building in Lakehurst, about 60 miles east of Philadelphia, that is net leased to convenience store Wawa. The building at 604 Pine St. was completed in 2023 and totals 5,000 square feet, according to LoopNet Inc. Derrick Dougherty, Scott Woodard, Mark Krantz and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.