WARREN, N.J. — Locally based investment firm Accordia has purchased a three-building, 57,000-square-foot healthcare property in the Northern New Jersey community of Warren. Warren Medical Campus has been a part of Accordia’s portfolio in some form since the firm’s inception in 2005. Accordia purchased the property four months into its founding, owned it until 2015 and continued to manage the property post-sale. Now, as owners for the second time, the firm is making capital improvements to the complex, including updated corridors and doors, renovated common areas, a new courtyard and new signage. The seller and sales price were not disclosed.
HOBOKEN, N.J. — Advance Realty Investors has broken ground on a 52-unit multifamily project in Hoboken. The site at the intersection of 14th Street and Willow Avenue formerly housed a Hertz car rental depot. The new building will feature studio, one-, two- and three-bedroom units that will have an average size of 903 square feet, with five residences to be set aside as affordable housing. Amenities will include a lobby lounge, fitness center, coworking space, landscaped terrace and a rooftop deck equipped with barbeque grilling stations. The building will also house 6,800 square feet of retail space. Completion is slated for the third quarter of 2026.
WATCHUNG AND MIDDLESEX, N.J. — Planet Fitness will open two new gyms totaling 37,350 square feet in Central New Jersey. The New Hampshire-based chain has committed to a 21,850-square-foot space at the 420,000-square-foot Blue Star Shopping Center in Watchung and a 15,500-square-foot space formerly occupied by ACME Supermarket at Middlesex Corner. E.J. Moawad of Levin Management Corp. represented the landlord in the Watchung deal, and Jack Chera of RIPCO Real Estate represented the tenant. Levin’s Ed Vasconcellos III acted as the landlord representative in the Middlesex deal, with Raymond Villafana of Franchise Realty representing Planet Fitness.
TEANECK, N.J. — Interstate Waste Services has signed a 30,000-square-foot office lease expansion at Glenpointe, a 670,000-square-foot, four-building mixed-use development in the Northern New Jersey community of Teaneck. The deal brings the company’s total footprint at Glenpointe to 47,545 square feet. Jeff Schotz, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Andrew Zezas of Real Estate Strategies Corp. represented the tenant.
BERKELEY HEIGHTS, N.J. — Local developer The Connell Co. has broken ground on a 55,000-square-foot entertainment building at The Park, a 185-acre mixed-use development in the northern New Jersey community of Berkeley Heights. The building will be located within The District, a 60-acre section of the larger campus. Tenants that have committed to the new building include craft beer provider Emberside Brewery, Mexican restaurant Rosa Azul and speakeasy-style steakhouse and entertainment concept BASH. Completion is slated for 2026.
MORRISTOWN, N.J. AND NEW YORK CITY — Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, has sold $925 million worth of commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM). Of the $925 million loan pool, $823 million had been previously identified and transferred to held for sale as of Sept. 30, 2024, as the firm sought to reduce its exposure to the commercial real estate sector. The loans were sold at a discount of 1 percent to value, which the bank expects will result in an immaterial net loss during the fourth quarter. Valley will retain customer-facing servicing responsibilities for the financings following the transaction. “The sale of this performing commercial real estate loan pool has helped to accelerate progress toward our strategic balance sheet goals,” says Ira Robbins, chairman and CEO of Valley. Valley is a regional bank with over $62 billion in assets under management. The company operates retail branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois. The Morristown, N.J.-based bank’s stock price closed on Wednesday, Dec. 4 at $10.48 per share, up slightly from $9.29 a year ago. Morgan Stanley & Co. …
EAST HANOVER, N.J. — Ares Commercial Real Estate has provided a $135 million construction loan for High Point on 10, a 584,000-square-foot industrial project that will be located in East Hanover, about 25 miles west of New York City. The development will have 380,000 square feet of build-to-suit cold storage space that is preleased to operator RealCold. Jordan Roeschlaub, Jonathan Firestone and Nick Scribani of Newmark arranged the debt on behalf of the developer, a partnership between Related Fund Management, Onyx Equities and Russo Development. An expected completion date was not announced.
PARSIPPANY, N.J. — Cushman & Wakefield has arranged construction debt and joint venture equity for an industrial redevelopment project in the Northern New Jersey community of Parsippany. The amounts were not disclosed, but the project, which will convert an existing office property, carries a total price tag of $40 million. John Alascio, T.J. Sullivan, Chuck Kohaut, Chris Lentz, Jason Blankfein and Ethan Sokolow of Cushman & Wakefield worked on behalf of the sponsor, Altman Logistics Properties, to secure construction debt from Truist Bank and joint venture equity from a European investor.
RINGWOOD, N.J. — The Fresh Grocer has debuted a 31,096-square-foot store in Ringwood, located near the New York-New Jersey border. The store is located within Fieldstone Park Shopping Center, and the space was formerly occupied by Stop & Shop. The grocer plans to implement a multimillion-dollar renovation over the next year that will coincide with a larger capital improvement program to the center’s parking, landscaping and building façades and exteriors. The Azarian Group manages the property.
MOUNT HOLLY, N.J. — Marcus & Millichap has brokered the $33.6 million sale of Mi-Place @ West Rancocas, a 108-unit apartment complex in the Southern New Jersey community of Mount Holly. The property comprises 96 apartments and 12 two-story townhouses, each with an attached garage. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and a dog park. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Fernmoor Homes, in the transaction. The buyer was Universe Holdings.