New Jersey

Colliers Negotiates $16M Sale of Industrial Portfolio in West Berlin, New Jersey

by Alex Patton March 3, 2020

WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.

March 3, 2020

Acquisitions New Jersey Northeast Retail

First National Acquires Walmart-Anchored Shopping Center in Hamilton, New Jersey, for $19.2M

by Alex Patton March 2, 2020

HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.

March 2, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Capital Funding, Bank Leumi Provide $27.8M Acquisition Loan for Seniors Housing Facility in New Jersey

by Alex Patton February 28, 2020

WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.

February 28, 2020

Acquisitions Mixed-Use New Jersey Northeast

Lennar, U.S. Home Corp. Acquires Land for $125M Mixed-Use Development in Eatontown, New Jersey

by Alex Patton February 27, 2020

EATONTOWN, N.J. — A partnership between Miami-based homebuilder Lennar Corp. and U.S. Home Corp. has acquired a 73-acre site in Eatontown, located approximately 50 miles south of New York City for the development of a $125 million mixed-use project. The Fort Monmouth Economic Revitalization Authority approved the sale of Parcel B, which is located on a former military installation, on Feb. 24, though the deal is subject to a 10-day veto period. Preliminary plans call for 302 residential units and 150,000 to 250,000 square feet of commercial space. A tentative construction timeline was not released.

February 27, 2020

Acquisitions New Jersey Northeast Retail

TEI Acquires 403,050 SF Hamilton Commons Retail Center in Mays Landing, New Jersey

by Alex Patton February 26, 2020

MAYS LANDING, N.J. — Time Equities Inc. (TEI) has acquired Hamilton Commons, a 403,050-square-foot retail center in Mays Landing, located approximately 50 miles southeast of Philadelphia. The sales price was $60 million. Located at 190 Hamilton Commons Drive, the property was 93 percent leased at the time of sale to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls and Big Lots. Ami Ziff, Jonathan Kim and Grant Scott represented TEI on an internal basis. Chris Munley, Jim Galbally and James Graf of JLL represented the seller, Ohio-based national REIT Retail Value Inc.

February 26, 2020

Development Multifamily New Jersey Northeast

Wallabout Underway on 170-Unit Multifamily Project in Jersey City

by Alex Patton February 26, 2020

JERSEY CITY, N.J. — Wallabout Realty Holdings is developing Parkview Apartments, a 170-unit multifamily project in Jersey City. The project will consist of two adjacent, seven-story buildings located at 87-99 Van Horne St. and 72-78 Woodward St. near Berry Lane Park. The buildings will feature a total of 65 one-bedroom, 95 two-bedroom and 10 three-bedroom units. Dresdner Robin and Montefiore Architectural Studio are serving as project and landscape architects, respectively. Construction is slated to complete by the end of 2021.

February 26, 2020

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $120M in Construction Financing for Jersey City Multifamily Project

by Alex Patton February 25, 2020

JERSEY CITY, N.J. — Progress Capital has arranged $120 million in construction financing for The Element, a multifamily project located at 400 Claremont Ave. in Jersey City. Tall Pines Capital provided an $84 million construction loan while private investors contributed $36 million in equity. The Element will include 631 units, including 277 studios with less than 500 square feet, which are also known as “micro-units.” The six-story building will also include approximately 70,000 square feet of amenities, including a fitness center, heated pool and rooftop terrace, as well as 15,500 square feet of additional retail space. The borrower was 400 Claremont Urban Renewal LLC.

February 25, 2020

New Jersey Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Embraces Change in ’20s

by Alex Patton February 25, 2020

As our economy fades out of one decade and cruises into the next, a look in the rearview mirror reveals more than 10 years of expansion and 10-year GDP growth in excess of 26 percent. Sean Beuche, Marcus & Millichap The Philadelphia and Northeastern retail investment sales markets should be both thankful for progress made and road bumps navigated and mindful of several current trends affecting transactions and challenges looming on the horizon for owners and tenants of single and multi-tenant retail assets alike. Savvy Investors enter 2020 with the wind at their backs in many respects while also facing some familiar and unconventional challenges ahead. The 3.7 percent unemployment remains near a 50-year low, meaning that consumers are gainfully employed with money to spend. Mixed-use developments that capture the live-work-play lifestyle are ubiquitous and keep placemaking everywhere they spring up. Millennials and baby boomers alike are demanding walkable communities and opportunities to spend more of their money closer to home via dining out, signing up for memberships at gyms and fitness centers. Both these groups are enjoying the experiential retail that every landlord desires in their centers and portfolios. Stocks of publicly traded retailers like Target, Walmart, and Home …

February 25, 2020

Acquisitions New Jersey Northeast Retail

NAI James Hanson Brokers Sale of 3,401 SF Retail Building in Jersey City

by Alex Patton February 20, 2020

JERSEY CITY, N.J. — NAI James Hanson has brokered the sale of a 3,401-square-foot retail building in Jersey City. The two-story property is located at 356 Central Ave. in the Central Avenue neighborhood. Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction. The buyer and sales price were undisclosed.

February 20, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $20.5M Acquisition Loan for Jersey City Apartment Community

by Alex Patton February 19, 2020

JERSEY CITY, N.J. — JLL has arranged a $20.5 million loan for the acquisition of The Ashton, a newly completed, 93-unit apartment community in Jersey City. Rialto Capital Management provided the two-year, floating-rate loan to Normandy Opportunity Zone Fund LP, an investment fund managed by Columbia Property Trust. The Ashton offers one- and two-bedroom units with amenities including an 8,000-square-foot deck and a fitness center. Jon Mikula, Andrew Zilenziger and Zachary Chaikin of JLL placed the loan.

February 19, 2020

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