New Jersey

CMT Developers Underway on 514-Unit Multifamily Project in Elizabeth, New Jersey

by Alex Patton March 11, 2020

ELIZABETH, N.J. — CMT Developers LLC is underway on development of Jersey Walk, a 514-unit multifamily project in Elizabeth, a southwestern suburb of New York City. The Class A project, which will be located at 901 E. Jersey St., will be developed in two phases. Phase I will include two buildings totaling 218,292 square feet, which will feature 274 units in studio, one- and two-bedroom floor plans. Phase I will also include 3,000 square feet of ground-floor retail space and amenities including a gym, indoor pool and rooftop lounge. Phase II will include two six-story buildings featuring 240 units. The project is a repositioning of the former Elizabeth General Hospital, which has been vacant for more than 20 years. The new development plans to renovate and incorporate a 540-space, freestanding parking garage retained from the hospital. Parkview Financial has provided a $56 million construction loan for Phase I, which is slated for completion in spring 2021. The construction timeline for Phase II has not yet been determined.

March 11, 2020

Development Multifamily New Jersey Northeast

TFE Properties Opens 117-Unit Luxe Apartments in Woodbridge, New Jersey

by Alex Patton March 11, 2020

WOODBRIDGE, N.J. — TFE Properties has opened Luxe Apartments, a 117-unit multifamily property in Woodbridge, a southwestern suburb of New York City. Located at 1 Woodbridge Center across from Woodbridge Center Mall, the property features one- and two-bedroom floor plans with amenities including a fitness center and a yoga studio. The residential space is located on floors three through nine, and the second floor features 18,000 square feet of office space.

March 11, 2020

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 4,420 SF Office Lease Renewal in Florham Park, New Jersey

by Alex Patton March 9, 2020

FLORHAM PARK, N.J. — CBRE has negotiated a 4,420-square-foot office lease renewal for the Morris County Chamber of Commerce (MCCC) in Florham Park, located approximately 30 miles west of New York City. The tenant will continue to occupy its space at 325 Columbia, a Class A office building near the Morristown Airport Turnpike, for an additional 10 years. Thomas Mallaney of CBRE represented MCCC in the lease negotiations. Jack O’Hearn represented the landlord, Mack-Cai Realty Corp., on an internal basis.

March 9, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Love Funding Provides Two Construction Loans Totaling $55.6M for Seniors Housing Projects in Paterson, New Jersey

by Alex Patton March 6, 2020

PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.

March 6, 2020

Development Multifamily New Jersey Northeast

Walters Nears Completion of 60-Unit Multifamily Property in West Creek, New Jersey

by Alex Patton March 4, 2020

WEST CREEK, N.J. — The Walters Group has completed three of the five buildings at its 60-unit Cornerstone at Grassy Hollow development in West Creek, located approximately 55 miles southeast of Philadelphia. The property offers one-, two- and three-bedroom floor plans and amenities including a community clubhouse, fitness center and picnic area. Walters expects to complete the remaining two buildings this spring.

March 4, 2020

Acquisitions Industrial New Jersey Northeast

Cannabis-Based Healthcare Provider Buys 50,274 SF Industrial Property Near Philadelphia

by Alex Patton March 4, 2020

VINELAND, N.J. — Columbia Care, a cannabis-based health and wellness company, has purchased a 50,274-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Situated at 1560 N.W. Blvd., the property features 27-foot ceiling heights and 2,749 square feet of office space. The property was vacant at the time of sale. Jonathan Klear and Fred Meyer of NAI Mertz represented the seller, LS Capital, in the transaction. The sales price was undisclosed.

March 4, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 12,000 SF Retail Strip Center in Middletown, New Jersey

by Alex Patton March 4, 2020

MIDDLETOWN, N.J. — Marcus & Millichap has arranged the $3.9 million sale of The Lincroft Grove, a 12,000-square-foot retail strip in Middletown, located approximately 50 miles south of New York City. Located at 644 Newman Springs Road, the property was leased to several restaurants at the time of sale. ACME Markets and Bank of America Financial Center anchor an adjacent retail center. Jason Petrick of Marcus & Millichap represented the seller in the transaction. Michael Lombardi of Marcus & Millichap represented the buyer. Both investors were limited liability companies that requested anonymity.

March 4, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates $16M Sale of Industrial Portfolio in West Berlin, New Jersey

by Alex Patton March 3, 2020

WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.

March 3, 2020

Acquisitions New Jersey Northeast Retail

First National Acquires Walmart-Anchored Shopping Center in Hamilton, New Jersey, for $19.2M

by Alex Patton March 2, 2020

HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.

March 2, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Capital Funding, Bank Leumi Provide $27.8M Acquisition Loan for Seniors Housing Facility in New Jersey

by Alex Patton February 28, 2020

WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.

February 28, 2020

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