New Jersey

Prism, Northwestern to Develop 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams June 25, 2019

WOODBRIDGE, N.J. — A joint venture between Prism Capital Partners and Northwestern Mutual Insurance Co. has acquired land in Woodbridge, located south of Newark, for the development of a 232-unit apartment project. The transit-served community will also include 12,000 square feet of retail space. Construction will begin in July with the demolition of the former Lucas Chevrolet dealership that is located on the site. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the joint venture in the land sale. Northwestern is also providing construction financing for the project, which has a construction schedule of about 20 to 24 months.

June 25, 2019

Development Multifamily New Jersey Northeast

Woodmont Properties Opens 220-Unit Apartment Community in Bayonne, New Jersey

by Taylor Williams June 25, 2019

BAYONNE, N.J. — Woodmont Properties, a development firm based in Fairfield, New Jersey, has opened Woodmont Bay Club, a 220-unit apartment community in Bayonne, located across from Brooklyn. The waterfront property offers studio, one-, two- and three-bedroom units. The apartments feature quartz countertops, 9-foot ceilings and private balconies. Amenities include a pool, outdoor grilling area, fitness center, business center, game room, pet spa, golf simulator and a sky lounge. Residents can also enjoy access to a waterfront walkway and a network of nature trails.

June 25, 2019

Development Industrial New Jersey Northeast Top Stories

Joint Venture Breaks Ground on 4.1 MSF Industrial Park in Linden, New Jersey

by Taylor Williams June 24, 2019

LINDEN, N.J. — A joint venture between Advance Realty Investors, Greek Development and PGIM Real Estate has broken ground on Linden Logistics Center, a 4.1 million-square-foot industrial park in Linden, located south of Newark. Linden Logistics Center will consist of eight Class A buildings that will run the gamut of industrial uses: warehousing, distribution, logistics, fulfillment and manufacturing. The development team will complete the project in phases, with the first deliveries slated for late 2020. Upon completion, the property will be the largest industrial development in the region, according to the developers. The project is situated on 350 acres off Tremley Point Road near the Port of New York/New Jersey. Prior to the joint venture acquiring the plot in 2018, the land was vacant for 15 years. The site housed chemical manufacturing operations during the 20th century. Estimated development costs for the new property were not disclosed. In addition to being located within 10 miles of the port, Linden Logistics Center will offer proximity to the New Jersey Turnpike and Newark Liberty International Airport. Individual buildings will be designed with flexible layouts to suit specific tenants. Excess space will be available for car and trailer parking, cross-docking capabilities and rail …

June 24, 2019

Development Multifamily New Jersey Northeast

Ironstate, Kushner Begin Preleasing 46-Story Multifamily Tower in Jersey City

by Taylor Williams June 21, 2019

JERSEY CITY, N.J. — Local firms Ironstate Development Co. and Kushner Real Estate Group have begun preleasing 235 Grand, a 46-story multifamily tower in Jersey City. Designed by HLW International, the property comprises 546 units in studio, one- and two-bedroom floor plans. Amenities include a pool, movie theater, outdoor grilling areas, a playground and a dog run. Initial occupancy is scheduled for September. Monthly rents start at $2,060 for a studio unit, $2,540 for a one-bedroom unit and $3,680 for a two-bedroom residence.

June 21, 2019

Acquisitions Hospitality New Jersey Northeast

MCR Acquires 150-Room Marriott-Branded Hotel in Newark

by Taylor Williams June 20, 2019

NEWARK, N.J. — MCR, a hospitality owner-operator based in Dallas and New York City, has acquired the 150-room Courtyard by Marriott Newark Downtown. The property, which opened in 2012, is located near Newark Penn Station, Newark Liberty International Airport and the Prudential Center, a live music venue. Hotel amenities include a restaurant, coffee shop, snack shop, a fitness center and more than 4,000 square feet of meeting and event space. The seller and sales price were not disclosed.

June 20, 2019

Acquisitions New Jersey Northeast Office

HFF Negotiates Sale of 120,000 SF Office Property in Montvale, New Jersey

by Taylor Williams June 20, 2019

MONTVALE, N.J. — HFF has negotiated the sale of 5 Paragon Drive, a 120,000-square-foot office property in Montvale, located near the New York border. The site also houses a Wegmans grocery store and a Life Time Fitness center. Tenants at the property, which was 71 percent leased at the time of sale, include BMW, Benjamin Moore, KPMG and Sharp Corp. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of HFF represented the seller, a private equity firm, in the transaction. The buyer and sales price were not disclosed.

June 20, 2019

Loans New Jersey Northeast Office

CBRE Arranges $53.6M Acquisition Loan for Office Building in Morristown, New Jersey

by Taylor Williams June 19, 2019

MORRISTOWN, N.J. — CBRE has arranged a $53.6 million loan for the acquisition of 445 South Street, a 320,274-square-foot office building in Morristown, located west of Newark. James Gunning, Donna Falzarano and Kyle Saviano of CBRE sourced the financing through Morgan Stanley to finance the sponsor’s prior all-cash acquisition of the property. The borrower was Strategic Real Estate LLC. The building is leased to tenants such as Travelers Insurance, Covanta Energy Corp. and Arch Reinsurance Co., and offers amenities such as a outdoor basketball court, a fitness center, two conference rooms and a full-service cafeteria.

June 19, 2019

One-Tower-Center-East-Brunswick-New-Jersey

Acquisitions New Jersey Northeast Office

American Equity Partners Buys Office Property in East Brunswick, New Jersey, for $38M

by Taylor Williams June 19, 2019

EAST BRUNSWICK, N.J. — American Equity Partners has purchased One Tower Center, a 23-story office property in East Brunswick, located roughly midway between Trenton and Newark, for $38 million. The property was 39 percent leased at the time of sale, and the new ownership will implement a value-add program that will reimagine the lobby and expand the amenity package. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale of CBRE represented the seller, an institutional investor, and procured the buyer in the transaction.

June 19, 2019

150-Milford-Road-East-Windsor-New-Jersey

Acquisitions Industrial New Jersey Northeast

Dermody Properties Acquires 615,000 SF Logistics Center in New Jersey

by Taylor Williams June 17, 2019

EAST WINDSOR, N.J. — Dermody Properties has acquired a 615,000-square-foot logistics center in East Windsor, a northern suburb of Trenton. Built in 1998 and expanded in 2003, the 51.5-acre property features a clear height of 36 feet, 41 dock-high doors, 413 automobile parking spots and 28 trailer parking spots. Dermody, an investment firm based in Reno, Nevada, plans to upgrade the building and make the space available for occupancy by 2020. CBRE is handling leasing of the center.

June 17, 2019

Colwick-Business-Center-Cherry-Hill-New-Jersey

Acquisitions New Jersey Northeast Office

JLL Negotiates $17.4M Sale of 172,500 SF Office Park in Cherry Hill, New Jersey

by Taylor Williams June 17, 2019

CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.

June 17, 2019

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