SOMERSET, N.J. — Office interior design firm Tecno Spa has signed a 15,000-square-foot industrial lease in Somerset, a southwestern suburb of New York City. The property, located at 65 Clyde Road, spans 160,000 square feet of industrial space with 24-foot ceiling heights, three loading doors and close proximity to the New Jersey Turnpike. Scott Perkins and Chris Todd of NAI James Hanson represented Tecno Spa in the lease transaction. TA Realty is the landlord.
NETCONG, N.J — JLL has arranged a $19.9 million construction loan for the development of 34 Bank, a 126-unit multifamily property located in Netcong, located approximately 40 miles west of New York City. M&T bank provided the three-year, floating-rate loan. The property will feature a mix of one- and two-bedroom floor plans and amenities such as a fully equipped fitness facility and electric car charging stations. The location is within walking distance to the Netcong Train Station, downtown Netcong and the Musconetcong River. Jon Mikula and Michael Klein of JLL arranged the loan on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.
EAST ORANGE, N.J. — CBRE has negotiated a 30,000-square-foot industrial lease in East Orange, a western suburb of New York City. Prime Global Solutions, a quality supplier and manufacturer of bulk materials, will occupy the warehouse and distribution center beginning in October. ABC Supply Co. occupies the other half of the 60,000-square-foot facility. Lou Belfer and Scott Belfer of CBRE represented the landlord, J.G. Petrucci, in the lease negotiations. Monica Franco and Priscilla Teixeira of Commercial Realty Partners represented Prime Global Solutions.
NEW JERSEY — NorthMarq has secured a $69 million loan for the refinancing of four affordable housing properties all in Hudson County, a western suburb of New York City. The properties include Church Square South, an 81-unit property in Hoboken; Eastview Apartments, a 79-unit property also in Hoboken; New Floral Gardens, a 91-unit property in North Bergen; and Parkview East, a 71-unit property in Weehawken. Gary Cohen of NorthMarq secured the refinancing through two New Jersey-based banks. The borrower was not disclosed.
CARLSTADT, N.J. — Josmo Shoes has signed a 26,000-square-foor industrial lease in Carlstadt, a northwestern suburb of New York City. The building at 75 Triangle Blvd. features three loading docks and 18-foot ceiling heights. Josmo will use the property as a secondary warehouse and distribution center to support its New York headquarters. Shawn Roth, David Cantor and Greg Sholom of Team Resources Inc. represented Josmo in the lease negotiations.
MONROE, N.J. — Provident Bank has provided a $35 million construction loan for a new warehouse in Monroe, located approximately 40 miles south of New York City. Situated on 28 acres, the property will offer 382,400 square feet of rentable space, including 34,000 square feet of office space. The building is 100 percent preleased. Axiom Capital arranged the loan on behalf of the borrowers, KRE Group and TCH Docks Corner Lane LLC.
NEWARK, N.J. — Cronheim Mortgage has arranged a $10 million financing loan for Ferry Plaza, a retail center in Newark. One America provided the loan, which carried a10-year term and a 22-year amortization schedule. Seabra Supermarket anchors the 63,433-square-foot retail center, which also houses a post office, bank and several other retailers and restaurants. Cronheim arranged the loan on behalf of the borrower, an entity affiliated with Urstadt Biddle Properties Inc.
EDISON, N.J. — Twin Boro Physical Therapy has signed a 1,600-square-foot retail lease in Edison, located approximately 30 miles southeast of New York City. The property is situated within the 20,000-square-foot Colonial Village Shopping Center, which is 100 percent leased. Twin Boro specializes in orthopedic pediatrics, sports-related injuries and worker’s compensation cases. Steve Battista of Jeffrey Realty represented Twin Boro in the lease negotiations. Matthew Weiss of Weiss Realty represented the landlord, Colonial Village Associates LLC.
SPARTA, N.J. — NAI James Hanson has arranged the sale of a 5.7-acre industrial development site in Sparta, located about 45 miles west of New York City. The property in situated within the 31.5-acre White Lake Commerce Park, which is comprised of 12 lots zoned for warehouse, office, distribution or manufacturing development. The buyer was Tomco Construction. NAI Hanson’s Sig Schorr and John Schilp represented the seller, Berardi Development Co., in the transaction. The NAI team also represented Tomco Construction.
EAST BRUNSWICK, N.J. —Toy wholesaler Y&W International Inc. has renewed a 10,000-square-foot industrial lease for in East Brunswick, located approximately 35 miles south of New York City. The building is situated within Edgeboro Corporate Center, a two-building, 84,000-square-foot flex property located one mile from the New Jersey Turnpike. The tenant will continue to utilize the building as a showroom and distribution center for its products. David Zimmel of Zimmel Associates represented the landlord, Denholtz Properties, in the lease negotiations.
