New Jersey

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

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 105,000 SF Office Building in Parsippany, New Jersey

by Alex Patton November 15, 2019

PARSIPPANY, N.J. — JLL has negotiated the sale of 4 Sylvan Way, a 105,000-square-foot, Class A office building in Parsippany, located approximately 30 miles west of New York City. The property is situated within the 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to incorporate retailers including Wegmans, 24-Hour Fitness, Panera, Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of JLL represented the seller, Torchlight Investors, in the transaction. The JLL team also procured the buyer, a private regional investor.

November 15, 2019

Acquisitions Industrial New Jersey Northeast

NAI James Hanson Brokers Sale of 130,000-Square-Foot Industrial Property in North Bergen, New Jersey

by Alex Patton November 15, 2019

NORTH BERGEN, N.J. — NAI James Hanson has brokered the sale of a 130,000-square-foot industrial building in North Bergen, an eastern suburb of New York City. Located at 7300 West Side Ave., the property features 22-foot ceiling heights. Scott Perkins, Greg James and Chris Todd of NAI James Hanson represented the buyer, a partnership between Blackstone and Roman Real Estate Holdings Inc. Bonnie Heller of Cushman & Wakefield represented the seller, which was undisclosed. The sales price was also undisclosed.

November 15, 2019

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates 233,000 SF Industrial Lease in Cranbury, New Jersey

by Taylor Williams November 14, 2019

CRANBURY, N.J. — Cushman & Wakefield has negotiated a 233,000-square-foot industrial lease for pharmaceutical manufacturer CMIC CMO USA in Cranbury, a northeastern suburb of Trenton. The company will be the sole occupant of the facility, which was previously leased to Sun Pharmaceutical and will retain much of the same research and manufacturing equipment. Shawn Straka, Chuck Fern, Todd Elfand, Jason Barton, Thomas Tucci, Stephen Shoemaker, Paul Giannone, Kevin Carton, Jaclyn Marques, Elizabeth Rouse and Joseph Vacca of Cushman & Wakefield represented the tenant in the lease negotiations. Gary Hans of Matrix Development represented the landlord, which was undisclosed.

November 14, 2019

Leasing Activity New Jersey Northeast Office

Dental Practice Signs 2,300 SF Office Lease in Glen Rock, New Jersey

by Taylor Williams November 14, 2019

GLEN ROCK, N.J. — Glen Rock Pediatric Dentistry LLC has signed a 2,300-square-foot office lease in Glen Rock, a northwestern suburb of New York City. The practice will occupy a corner suite of 201 Rock Road, a 30,000-square-foot building leased to a mix of medical, retail and office users. Randy Horning and Darren Lizzack of NAI James Hanson represented the landlord, 201 Glen Rock Road LLC, in the lease negotiations. Joe Lobardi and John Masserano of Masserano Real Estate & Consulting LLC represented the tenant.

November 14, 2019

Loans Multifamily New Jersey Northeast

Arbor Provides $55.3M Acquisition Loan for Multifamily Portfolio Near New York City

by Alex Patton November 13, 2019

HASBROUK HEIGHTS, N.J. — Arbor Realty Trust Inc. has provided a $55.3 million Fannie Mae acquisition loan for a multifamily portfolio totaling 388 units in Hasbrouk Heights, an eastern suburb of New York City. Skyline Apartments, built in 1950, comprises 124 one- and two-bedroom units. The Boulevard Apartments, built in 1951, consists of 214 one- and two-bedroom units. The loan carries a 12-year fixed interest rate with six years of interest-only payments. Stephen York of Arbor’s New York City office originated the loan. The borrower was undisclosed.

November 13, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.4M Sale of Retail Property in Hazlet, New Jersey

by Alex Patton November 13, 2019

HAZLET, N.J. — Marcus & Millichap has negotiated the $4.4 million sale of a 14,112-square-foot retail property in Hazlet, located approximately 25 miles south of New York City. At the time of sale, CVS occupied the property’s anchor space on a 20-year lease.Alan Cafiero, Ben Sgambati and David McLaughlin of Marcus & Millichap represented the seller, a limited liability company. Other terms of sale were not disclosed.

November 13, 2019

Acquisitions New Jersey Northeast Office

Colliers Brokers Sale of 96,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton November 12, 2019

MOUNT LAUREL, N.J. — Colliers International has brokered the $10.6 million sale of the Fellowship Business Center, a 96,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The five-building complex is situated within the East Gate Business Park and was 96 percent occupied at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. The buyer was a private investor.

November 12, 2019

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Warehouses totaling 200,000 SF in Linden, New Jersey

by Alex Patton November 11, 2019

LINDEN, N.J. — Cushman & Wakefield has brokered the sale of two industrial warehouses totaling approximately 200,000 square feet in Linden, an eastern suburb of New York City. Located at 2401 E. Linden Ave. and 1501-1525 W. Blancke St., the properties are situated three miles apart and comprise 84,220 and 115,913 square feet, respectively. The location offers close access to the Port of New York and New Jersey. Both warehouses were fully leased to five tenants at the time of sale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, Penwood Real Estate Investment Management, in the transaction. Link Industrial Properties was the buyer.

November 11, 2019

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