LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.
NEW JERSEY — Seagis Property Group, an industrial investment firm based in metro Philadelphia, has acquired four assets in northern New Jersey totaling 274,000 square feet. The seller and sales price were not disclosed. The properties, which were fully leased at the time of sale, include 100 Frontage Road in Newark (180,000 square feet), 400 County Avenue in Secaucus (45,000 square feet), 27 Engelhard Avenue (26,000 square feet) in Avenel and 360 Allwood Road (23,000 square feet) in Clifton. Seagis now owns 32 buildings totaling 4.7 million square feet throughout Northern New Jersey.
Shifting consumer preferences for convenience and variety have become key drivers for brick-and-mortar retail. And when it comes to creating co-tenancies that drive traffic to retail properties, dining, personal services and fitness are among today’s most desirable categories. Fortunately, they also are among the sector’s most active space users in today’s market. Strong restaurant demand among brands new to, and expanding in, the regional market continues unabated, and year-to-date activity reflects a new level of diversity. From national brands to regional chains like café and bakery Dulce De Leche to expanding local mom-and-pop businesses, these tenants are serving as “internet-proof” placemakers for the retail properties they occupy. And many tenants are looking to step up the dining experience with outdoor seating, revolving menus and entertainment, among other offerings that spark return visits. The same holds true for personal services, where boutique concepts have become sought-after shopping center additions. Again, diversity is a common theme, with activity involving traditional salons as well as specialized concepts like Sport Clips, which caters to men and boys, and local businesses that offer makeup services, waxing and other niche beauty treatments. We also are watching with interest the emergence of brands offering coworking space for …
JERSEY CITY, N.J. — A partnership between BNE Real Estate Group, Hoboken Brownstone Co. and McKinney Properties has opened The Enclave, a 260-unit multifamily community in Jersey City. Designed by local architecture firm Minno & Wasko, The Enclave features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, in-home washers and dryers and private balconies in select units. Amenities include a rooftop terrace with a pool, private grilling areas and an outdoor bar, as well as a dog run and spa, multiple entertainment lounges, a game room, coworking space, fitness center and a children’s play area. Residents can also enjoy certain services, such as concierge, package handling, pet care and bike storage.
WOODLAND PARK, N.J. — Mountain Development Corp. (MDC) will reposition 5 Garret Mountain Plaza, a 101,880-square-foot office building in Woodland Park, located in the northern part of the Garden State. The freestanding property is situated on Interstate 80 and is part of a 30-acre campus. MDC will undertake a full renovation, including upgrades to HVAC systems and the introduction of new amenities like a rooftop deck and surrounding walking trails. Newmark Knight Frank will handle leasing of the property following completion of the project, a timeline for which was not disclosed.
SEASIDE HEIGHTS, N.J. — Locally based developer Walters has completed Cornerstone at Seaside Heights, a 91-unit seniors housing community on the Jersey Shore. Apartments at the income-restricted community range from $995 per month for a one-bedroom unit and $1,250 per month for a two-bedroom apartment. In addition to quick access to the beach and boardwalk, residents can also enjoy a fitness center, clubroom, outdoor decks and other common gathering areas. An open house for the property will be held Saturday, June 15.
We all know that e-commerce has become a significant driver of the industrial market. It now fuels activity that moves beyond clothes and books to the food supply chain, and the associated complexities of meeting consumer demand for food preparation and delivery. Increasing numbers of consumers have shifted to buying prepackaged meals, shopping for organic foods or ordering groceries and meal kits online. This expansion is translating into significant demand for industrial warehouse and distribution space to accommodate the food industry. One sector of this robust market is facing challenges, however, as demand for cold storage warehouses has skyrocketed in recent years. These facilities are used to store fresh and organic produce and to create and distribute processed foods. Food businesses are typically looking for spaces near large population centers as they seek to tap into demand for last-mile delivery. The cold storage shortage is playing out in many markets across the country, but is particularly problematic in New Jersey due to a low vacancy rate and the construction challenges in this sector. Driving Location Decisions Food businesses are looking for spaces near their customer bases to reduce travel times, so they often choose infill locations. The scarcity of land …
SOMERSET, N.J. — CenterPoint Properties has broken ground on a 72,816-square-foot expansion project at the Somerset, New Jersey, manufacturing plant of PIM Brands LLC, a producer of candies and other sweets. The project will bring the facility’s size to roughly 250,000 square feet. Illinois-based CenterPoint has also signed a 15-year lease extension with PIM Brands. This extra space will accommodate new production lines and facilitate product distribution through the establishment of 40-foot clear heights, six tailboard doors and 20 auto parking stalls. Chuck Fern of Cushman & Wakefield and Bob Nathin of Sheldon Gross Realty represented PIM Brands in the lease negotiations. David Nenner represented CenterPoint internally.
RIDGEWOOD, N.J. — The STRO Companies, a locally based investment firm, has purchased a 35,000-square-foot, stand-alone industrial facility fully leased to FedEx in Ridgewood, located in Union County. The building is positioned near I-78 and I-95, as well as the Garden State Parkway and State Route 28. John Zieran, Zach Bermudez and Lubna Syed of Signature Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.
EDISON, N.J. — Bridge Development Partners, a privately owned industrial development and acquisition firm, has purchased 7.4 acres in Edison, located south of Newark, for the construction of a 124,650-square-foot industrial building. The Class A facility, which will be branded Bridge Point Edison, will feature 36-foor clear heights, 23 exterior loading docks and parking for up to 62 vehicles. Bridge Point Edison will be located within two miles of I-287, a FedEx Ground facility and an Amazon sorting center. Barry Cohorsky, Andrew Kirshenbau, Barry Mayer and Arthur Hixson of NAI James E. Hanson represented Bridge in the land sale. Completion of the project is slated for the first quarter of 2020.