HACKENSACK, N.J. — NAI James Hanson has brokered the sale of 300 S. Summit Avenue, a 2,331-square-foot office building in Hackensack, a northwestern suburb of New York City. The buyer, All Souls Evangelical Church, is relocating from Bogota to provide more accessibility to its congregation. Darren Lizzack and Randy Horning of NAI James Hanson represented the seller, a private investor, in the transaction. Allegra House of Prominent Properties represented All Souls Evangelical Church.
NEW YORK CITY — Children’s fitness concept My Gym has signed a 3,262-square-foot retail lease on the ground floor of 207 West 79th Street on the Upper West Side of Manhattan. The concept offers physical education, pre-gymnastics and sports programs to children ages six weeks to 10 years. My Gym signed a lease for 10 years at the location, which will be the brand’s second in Upper West Side and fourth in Manhattan. Michael Watson of Lee & Associates represented My Gym in the lease negotiations. Barry Fishbach, David Abrams and Brandon Miller of Newmark Knight Frank represented the landlord, Anbau Enterprises Inc.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.
Employment growth in New Jersey continues to trend higher. Since the low point of the last recession in 2010, the state’s private sector has seen almost 409,000 new jobs added (through July). Of the office-using industries, professional and business services have shown healthy annual job growth — up 13,900 jobs — while financial services jobs have recorded declines over the past year. Meanwhile, the state’s unemployment rate continued to tick lower to 3.3 percent (as of July), the lowest in its recorded history. Within this context, the fundamentals of the New Jersey office market remain healthy as we enter the final quarter of 2019, with absorption totals remaining in the black, vacancies sinking lower and asking rents trending upward. Regional Discrepancies Northern New Jersey’s vacancy rate had dropped to 18.3 percent by the middle of 2019, the lowest point since the end of 2012, while central New Jersey checked in at 15.5 percent, marking four consecutive quarterly decreases. Space has tightened in some key submarkets, making landlords increasingly bullish. As a result, asking rents in Northern New Jersey have risen to $31.62 per square foot — an all-time high and a jump of 17.8 percent over the last four years. …
JERSEY CITY, N.J. — A joint venture between KRE Group and Northwestern Mutual is underway on development of 351 Marin, a 507-unit multifamily building in Jersey City. The building will feature 8,000 square feet of commercial space, a 4,500-square-foot public plaza and two floors of amenities for residents. The property is located in close proximity to numerous retail and restaurant options, as well as the Grove Street PATH transit station. Leasing is slated to begin in fall 2021.
NEW JERSEY — Capital Funding LLC has provided a $13.8 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in New Jersey. Preferred Care operates the property, which features 126 beds. Further details on the name, location and borrower were not disclosed. Craig Casagrande originated the transaction for Capital Funding.
PISCATAWAY AND JAMESBURG, N.J. — CBRE has arranged the $11.3 million sale of two office properties in Piscataway and Jamesburg, both located approximately 40 miles southwest of New York City. Heritage at Piscataway is an income-restricted active adult seniors housing community for residents age 55 and over, which consists of 30 one-bedroom apartments and sold for $3.2 million. Brookside Village is a newly constructed multifamily property that consists of 42-apartments and sold for $8.1 million. Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers and procured the buyers in both sales, which were all undisclosed.
HILLSIDE, N.J. — Dallas-based design-build firm ARCO/Murray has completed a 1,200-unit self-storage facility for CubeSmart in Hillside, located just west of Newark Liberty International Airport. The six-story facility spans 145,800 square feet, features climate-controlled space and includes a 1,200-square-foot office.
ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group are underway on construction of Vinty, a $91.5 million mixed-use project in Elizabeth, a western suburb of New York City. Vinty will offer 267 apartment units and 37,000 square feet of ground-floor retail and office space. Amenities will include a fitness center, dog park, outdoor theater, golf simulator, pool and a greenhouse. The location’s close proximity to the Elizabeth train station offers direct access to Manhattan, Newark Penn Station and Newark Liberty National Airport. JLL arranged construction financing for the project through Citizen’s Bank. Humphreys & Partners Architects is designing the project, and March Associates is the general contractor. Residences are expected to be available for lease in spring 2021.
PHILADELPHIA AND EWING, NEW JERSEY — Dallas-based fast casual restaurant Wingstop has signed retail leases in Philadelphia and Ewing, New Jersey. Wingstop will open a 1,650-square-foot store in Philadelphia’s Morrell Plaza, a 103,251-square-foot retail center with tenants including ShopRite and T-Mobile. The company will also open a 2,200-square-foot store in Ewing, New Jersey’s Capitol Plaza, a 354,993-square-foot shopping center with tenants including Marshalls, Dollar Tree and Planet Fitness. David Dunkelman of Soloff Realty & Development Inc. represented Wingstop in the Philadelphia negotiations, and Sidney Singer of Levin Management Corp. (LMC) represented the landlord. Marta Villa of JLL represented Wingstop in the Ewing negotiations , and Andrea Kyriacou of LMC represented the landlord.