GARFIELD, N.J. — CBRE has brokered the sale of Transit Crossing, a 75-unit multifamily community in Garfield, a western suburb of New York City. Built in 2018, Transit Crossing comprises 21 one-bedroom and 54 two-bedroom apartments. Amenities include two lounges and a fitness center. Nat Gambuzza, John Veniero and Spencer Beriont of CBRE represented the seller. The property was sold to an out-of-state investor for an undisclosed price.
BRIDGEWATER, N.J. — Phillips Realty Capital has arranged a $28.7 million acquisition loan for a 205,000-square-foot, Class A office building in Bridgewater, located approximately 30 miles southwest of New York City. Bridge Investment Group provided the non-recourse financing to the borrower, Legacy Investing LLC, which acquired the asset from Senior Housing Properties Trust for $47.5 million. The building was 59 percent leased to multinational health information technology and clinical research company IQVIA at the time of sale. William Lawson and Adam Bieber of Phillips Realty Capital structured and placed the loan.
EAST GREENWICH, N.J. — A joint venture between Pacific Coast Capital Partners LLC (PCCP) and CRG is underway on development of The Cubes at East Greenwich, a two-building, Class A industrial warehouse project totaling 535,790 square feet in East Greenwich, a southern suburb of Philadelphia. The first building, located at 100 Huff Road, will comprise a 283,040-square-foot structure with 36-foot clear heights, 43 exterior docks, two drive-in doors, 60 trailer parking spaces and a 130-foot truck court. The second building, located at 191 Harmony Road, will consist of a 252,750-square-foot structure with 36-foot clear heights, 38 exterior docks, two drive-in doors, 79 trailer parking spaces and a 130-foot truck court. Construction of both buildings, which are being developed on a speculative basis, is slated for completion in the third quarter of 2020.
PISCATAWAY, N.J. — Rockefeller Group has opened Rockefeller Group Logistics center, a 2.1 million-square-foot industrial park in Piscataway, a southwestern suburb of New York City. The property comprises five buildings, the largest of which is a 725,000-square-foot distribution center with 36-foot clear ceiling heights preleased to Best Buy. Other tenants include Fujitsu General America Inc., Humanscale, KISS Products, SHI and Kuehne + Nagel.
JERSEY CITY, N.J. — CT Realty has completed construction of a 95,808-square-foot industrial facility in Jersey City, an eastern suburb of New York City. The property, located at 79 Thomas McGovern Drive, offers 36-foot ceiling heights, eight dock doors and approximately 2,000 square feet of office space. CBRE is leasing the property on behalf of CT Realty.
JERSEY CITY AND NORTH BERGEN, N.J. — Redwood Realty Advisors has brokered the combined $4 million sale of two multifamily properties in Jersey City and North Bergen, two western suburbs of New York City. The Jersey City property, 481-487 Communipaw Avenue, is an eight-unit community comprised of two- and three-bedroom duplexes. The original developer sold the property. The North Bergen asset, 7328 Kennedy Boulevard, comprises 17 apartment units in two-bedroom floor plans. Steven Matovski of Redwood Realty Advisors procured sellers and buyers in both transactions. Individual sales prices were undisclosed.
ENGLEWOOD, N.J. — NAI James Hanson has negotiated a 3,900-square-foot retail lease for Tiger Schulmann’s Martial Arts in Englewood, an eastern suburb of New York City. The space is situated within l28-46 South Dean Street, a 41,000-square-foot building anchored by New York Sports Club, which occupies 20,500 square feet on the second floor. Ronald Fotiu and Anthony Cassano of NAI James Hanson represented the landlord, JPM 2006 – LDP8 24-42 S. Dean St., in the lease negotiations.
RARITAN, N.J. — Burlington Stores has signed a 46,000-square-foot retail lease in Raritan, located approximately 40 miles west of New York City. The apparel retailer will occupy a free-standing box formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us in the 150,000-square-foot Somerville Circle Shopping Center, which is anchored by Staples, Petco and department store P.C. Richard & Son. Burlington plans to open the new store in spring 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord, which was undisclosed, in the lease negotiations. Clifford Simon and David Rosen of CNS Real Estate represented Burlington.
LOGAN, N.J. — NAI Mertz has arranged the sale of an 80,300-square-foot industrial building in Logan, a southwestern suburb of Philadelphia. Zoned for food processing, the building offers cooler and freezer space as well as 30-foot clear ceiling heights, 19 dock doors and 10,403 square feet of office space. The facility is part of the six-acre Pureland Industrial Complex, which is home to tenants including Amazon, Mitsubishi, Mercedes-Benz and Home Depot. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller and sales price were undisclosed.
OLD BRIDGE, N.J. — Cushman & Wakefield has negotiated 72,628 square feet of new office leases and renewals of existing leases at 100 Matawan Road, a 132,000-square-foot office building in Old Bridge, located approximately 30 miles south of New York City. Contract manufacturing and turnkey supply chain solutions firm Coda Resources leased 7,319 square feet on the third floor. Supermarket Key Food leased 38,311 square feet on the building’s first and second floors. Electronic health record and practice management solutions provider CentralReach, leased 14,287 square feet on the building’s plaza level. Steel distributor Duferco Steel Inc. renewed its 10,961-square-foot lease on the fourth floor. Rossow USA renewed its 1,750-square-foot lease. Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Signature Acquisitions, in the lease negotiations. Carton and Elfand also represented Coda Resources. Joe Sarno, Wes Moore and Joe Sarno III of CBRE represented Key Food and CentralReach. Moore also represented Duferco Steel.
