New Jersey

Toys ‘R’ Us Opens 6,500 SF Store in Paramus, New Jersey

by Alex Patton December 2, 2019

PARAMUS, NJ. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access an online directory of additional inventory through touch screen displays. Toys ‘R’ Us plans to open a second store of similar design in Houston, Texas, on Saturday, Dec. 7.

December 2, 2019

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Acquires 315,389 SF Industrial Asset in Jersey City

by Alex Patton November 26, 2019

JERSEY CITY, N.J. — CenterPoint Properties has acquired a 315,389-square-foot industrial property in Jersey City, a western suburb of New York City. Situated on 44 acres at 1049 Secaucus Road, the property features 36-foot clear heights, 99 dock doors and 371 trailer parking spots. The location offers close access to the New Jersey Turnpike, New York City and nearby ports. Brian Fiumara of CBRE represented the seller, which was undisclosed.

November 26, 2019

Industrial Leasing Activity New Jersey Northeast

Peloton Signs 156,068 SF Industrial Lease in Carteret, New Jersey

by Alex Patton November 26, 2019

CARTERET, N.J. — Fitness platform Peloton Interactive has signed a 156,068-square-foot industrial lease in Carteret, a western suburb of New York City. Located at 1500 Blair Road, the property features 36-foot ceilings and close access to Midtown Manhattan, Newark Liberty International Airport and the Ports of Newark and Elizabeth. Peloton began utilizing the space as a warehouse and distribution center starting in October 2019. Scott Belfer and Lou Belfer of CBRE Peloton Interactive represented Peloton in the lease negotiations. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Griffith and Gerard Monahan of CBRE represented the landlord, AEW.

November 26, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Negotiates Sale of 5,000 SF Office Building in Mount Olive, New Jersey

by Alex Patton November 25, 2019

MOUNT OLIVE, N.J. — NAI James Hanson has negotiated the sale of a 5,000-square-foot office building in Mount Olive, located approximately 40 miles west of New York City. The property, located at 425 Sand Shore Road, is a two-story office building that has sat vacant for several years. Joseph Vindigni of NAI James Hanson represented the seller, Mendham Associates LLC, in the transaction. Vindigni also represented the buyer, Snap Creative Marketing LLC. The sales price was undisclosed.

November 25, 2019

Industrial Leasing Activity New Jersey Northeast

Romark Logistics Signs 249,853 SF Industrial Lease in Edison, New Jersey

by Alex Patton November 21, 2019

EDISON, N.J. — E-commerce distributor Romark Logistics has signed a 249,853-square-foot industrial lease in Edison, a southwestern suburb of New York. Located at 145 Talmadge Road, the property offers 28-foot ceiling heights as well as close access to the New Jersey Turnpike, Newark Liberty International Airport and the Port of Newark. Scott Belfer of CBRE represented Romark Logistics in the lease negotiations. Scott Belfer, Nicholas Nitti and Lou Belfer of CBRE represented the landlord, which was undisclosed.

November 21, 2019

Development Multifamily New Jersey Northeast

NRIA Underway on 97-Unit Apartment Building in West New York, New Jersey

by Alex Patton November 21, 2019

WEST NEW YORK, N.J. — National Realty Investment Advisors is underway on development of The Station, a $49 million apartment building in West New York, located across the Hudson River in New Jersey. The property will comprise 97 one- and two-bedroom apartments with a rooftop deck, fitness center and club room. The building is located directly across the street from the Bergenline Light Rail Station. The Station will be open to residents in 2021.

November 21, 2019

Leasing Activity New Jersey Northeast Retail

NAI James Hanson Negotiates 12,000 SF Retail Lease for Indian Grocer in Parsippany, New Jersey

by Alex Patton November 20, 2019

PARSIPPANY, N.J. — NAI James Hanson has negotiated a 12,000-square-foot retail lease for specialty grocer Indian Stream LLC in Parsippany, located approximately 30 miles west of New York City. The building features 122 feet of highway frontage as well as attached warehouse space. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, Peak Realty Associates LLC, in the lease negotiations. The duo also represented Indian Stream.

November 20, 2019

Development Multifamily New Jersey Northeast Retail

Paramount Breaks Ground on 70-Unit Multifamily, Retail Project in Plainfield, New Jersey

by Alex Patton November 19, 2019

PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include 4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.

November 19, 2019

Loans New Jersey Northeast Retail

JLL Secures $32M Loan for Refinancing of Shopping Center in Lyndhurst, New Jersey

by Taylor Williams November 18, 2019

LYNDHURST, N.J. — JLL has secured a $32 million loan for the refinancing of Veterans Square Town Center, a 136,928-square-foot shopping center in Lyndhurst, a western suburb of New York City. Originally constructed in 2000, Veterans Square Town Center is fully occupied by 13 tenants, including anchor tenant ShopRite, HomeGoods, PetSmart and Supercuts. PGIM Real Estate Finance provided the nonrecourse loan, which carries a 10-year term and a fixed rate. Proceeds will be used to refinance an existing loan previously arranged by HFF prior to its acquisition by JLL. Jon Mikula, Michael Klein and Connor Van Cleef of JLL secured the loan for the borrower, The Hampshire Cos.

November 18, 2019

Leasing Activity New Jersey Northeast Office

Geosyntec Consultants Signs 8,886 SF Office Lease in Hopewell, New Jersey

by Taylor Williams November 18, 2019

HOPEWELL, N.J. — Environmental consulting and engineering firm Geosyntec Consultants has signed an 8,886-square-foot office lease at Princeton Place at Hopewell, an office campus located approximately 15 miles north of Trenton. The company will relocate its regional office from Ewing to the three-building, Class A office campus. Additional tenants at the campus include health insurance provider Horizon Blue Cross, pharmaceutical developer Janssen Research and Bank of America. Amenities include onsite dining services, a fitness ccenter and an outdoor space with a jogging trail, multiple sporting fields and courts. Steve Tolkach of Newmark Knight Frank represented Geosyntec Consultants in the lease negotiations. Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Lindy Communities.

November 18, 2019

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