New Jersey

Hackensack Meridian Health Opens 100,000 SF Seniors Housing Community Near New York City

by Alex Patton February 19, 2020

MANALAPAN, N.J. — Hackensack Meridian Health has opened The Villas in Manalapan, a seniors housing community located approximately 30 miles east of Trenton. The property spans 100,000 square feet across seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. The company is marketing the property to Staten Island residents looking to downsize. Independent living residences are available as studio, one- or two-bedroom apartments with monthly rates starting at $4,950.

February 19, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Lutheran Crossings Community in Moorestown, New Jersey

by Alex Patton February 14, 2020

MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.

February 14, 2020

Development Industrial New Jersey Northeast Self-Storage

StorageBlue Opens 650-Unit Self-Storage Facility in Garfield, New Jersey

by Alex Patton February 13, 2020

GARFIELD, N.J. — StorageBlue, a storage operator serving the New York metropolitan area, has opened a 650-unit self-storage facility in Garfield, a northwestern suburb of New York City. Located at 170 River Drive, the 60,000-square-foot facility was redeveloped from a former macaroni factory. The conversion project began in August 2019 and is valued at $6 million. The facility offers amenities such as outdoor drive-up units, surveillance and U-Haul truck rental.

February 13, 2020

Industrial Leasing Activity New Jersey Northeast

Hall’s Warehouse Corp. Renews 135,000 SF Industrial Lease in Piscataway, New Jersey

by Alex Patton February 12, 2020

PISCATAWAY, N.J. — Third party logistics provider Hall’s Warehouse Corp. has renewed its 135,000-square-foot industrial lease in Piscataway, a southwestern suburb of New York City. The property is situated within Rutgers Industrial Center, a five-building, 535,000-square-foot complex located at 120 Circle Drive N. The tenant has leased space at the property since 2003. Brian Dudzinski of Atlantic Real Estate Services represented Hall’s in the lease negotiations. Levin Management Corp. is the asset manager of the complex.

February 12, 2020

Acquisitions New Jersey Northeast

Cushman & Wakefield Brokers Sale of 42,653 SF Fox Hollow Industrial Science Center in Branchburg, New Jersey

by Alex Patton February 12, 2020

BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $6.4 million sale of Fox Hollow Industrial Science Center, a 42,653-square-foot industrial property in Branchburg, a southwestern suburb of New York City. Situated at 3434 Route 22, the property features 22-foot ceiling heights and convenient access to Interstates 28 and 78. Andrew Schwartz, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, DLP Real Estate Capital, in the transaction. The team also procured the buyer, a private investor.

February 12, 2020

Development New Jersey Northeast Office

Avison Young Completes 45,000 SF Medical Office Building in Glen Ridge, New Jersey

by Alex Patton February 11, 2020

GLEN RIDGE, N.J. — The Avison Young New Jersey project management group has completed the ground-up construction of a 45,000-square-foot, Class A medical office building in Glen Ridge, an eastern suburb of New York City. The facility features adaptable medical office units for physicians and specialists and is situated adjacent to Mountainside Medical Center. Existing buildings on the site were demolished as part of the project. NK Architects designed the facility. One Bay Urban Renewal LLC, an affiliate of The Hampshire Cos. LLC., owns the property.

February 11, 2020

Loans New Jersey Northeast

Ready Capital Closes $15.8M Acquisition Loan for Industrial Property in Rahway, New Jersey

by Alex Patton February 11, 2020

RAHWAY, N.J. — Ready Capital has closed a $15.8 million loan for the acquisition, renovation and stabilization of an approximately 270,000-square-foot, Class C, industrial warehouse property in Rahway, a southwestern suburb of New York City. The property is situated in the Linden submarket. Upon acquisition, the sponsor intends to implement capital expenditures for roof repairs, façade work and deferred maintenance. The, nonrecourse loan carries a hybrid interest rate, or part-fixed- and part-floating rate. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

February 11, 2020

Loans New Jersey Northeast Office

JLL Arranges $31.1M Acquisition Loan for Office Building in Parsippany, New Jersey

by Alex Patton February 10, 2020

PARSIPPANY, N.J. — JLL has arranged a $31.1 million bridge loan for the acquisition of 5 Wood Hollow Road, a 330,631-square-foot office building in Parsippany, an eastern suburb of New York City. Prime Finance provided the three-year, floating-rate loan, which has two one-year extension options. The borrower, PAG Investments, will use a portion of the proceeds to fund future capital expenditures and leasing advances. Michael Klein and Andrew Zilenziger of JLL secured the loan.

February 10, 2020

Acquisitions New Jersey Northeast Retail

JLL Brokers $25M Sale of Grocery-Anchored Retail Center in Lumberton, New Jersey

by Alex Patton February 6, 2020

LUMBERTON, N.J. — JLL has brokered the $25 million sale of Cross Roads Plaza, a 99,650-square-foot retail center in Lumberton, an eastern suburb of Philadelphia. A 70,818-square-foot ShopRite grocery store anchors the property, along with a Wawa convenience store and a Wells Fargo bank. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Ltd. purchased the asset.

February 6, 2020

Leasing Activity New Jersey Northeast Retail

Katz & Associates Secures 3,699 SF Retail Lease for First Watch in Montvale, New Jersey

by Alex Patton February 6, 2020

MONTVALE, N.J. — Katz & Associates has secured a 3,699-square-foot retail lease for breakfast restaurant First Watch at The Shoppes at DePiero Farm, a 231,000-square-foot retail center in Montvale, a northwestern suburb of New York City. A 128,000-square-foot Wegmans grocery store anchors the property, along with a Starbucks, Wind Wellness and other tenants. Hugh Scullin and Amy Staats of Katz & Associates represented First Watch in the lease negotiations. Brian Silbert of Silbert Management represented the landlord, The S.Hekemian Group.

February 6, 2020

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