New Jersey

JLL Brokers Sale of 40,781 SF Industrial Property in Oakland, New Jersey

by Alex Patton September 27, 2019

OAKLAND, N.J. — JLL has brokered the sale of a 40,781-square-foot light industrial property in Oakland, located approximately 30 miles northwest of New York City. The building, which is located roughly a mile from Interstate 287, features 20-foot clear heights, two drive-in doors and several thousand square feet of office space. The property was fully leased at the time of sale. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented seller, North Jersey Development Group, in the transaction. A private investor purchased the asset.

September 27, 2019

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 8-Acre Retail Property in Jefferson, New Jersey

by Alex Patton September 26, 2019

JEFFERSON, N.J. — CBRE has brokered the $1.9 million sale of an 8-acre vacant property in Jefferson, located about 45 miles west of New York City. The property, located at 757 State Route 15, originally housed a Pathmark grocery store. The buyer, 757 Route 15 Realty LLC, plans to develop the site into a Class A medical office building that is slated for completion in summer 2020. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer in the transaction. Jefferson Sebastian-Parsippany LLC was the seller.

September 26, 2019

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates 24,000 SF Retail Lease in Old Bridge, New Jersey

by Alex Patton September 26, 2019

OLD BRIDGE, N.J. — R.J. Brunelli & Co. has negotiated a 24,000-square-foot retail lease for a Jersey Strong fitness center in Old Bridge, located about 35 miles south of New York City. The tenant will anchor the 84,900-square-foot Browntown Shopping Center along with a Walgreens. Danielle Brunelli and Richard Brunelli of R.J. Brunelli & Co. represented Jersey Strong in the lease negotiations, as well as the landlord.

September 26, 2019

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of 30,000 SF Retail Property in Plainfield, New Jersey

by Alex Patton September 25, 2019

PLAINFIELD, N.J. — R.J. Brunelli & Co. LLC has brokered the sale the sale of a vacant 30,000-square-foot retail building in Plainfield, a western suburb of New York City. The property is located at 165 E. Front St. and includes 10,000 square feet of space on each of three floors, plus a basement. Alan Gott of R.J. Brunelli represented the buyer, Paramount Assets, in the transaction. Gott also represented the seller, Abeco Management.

September 25, 2019

Industrial Leasing Activity New Jersey Northeast

Tecno Spa Signs 15,000 SF Industrial Lease in Somerset, New Jersey

by Alex Patton September 25, 2019

SOMERSET, N.J. — Office interior design firm Tecno Spa has signed a 15,000-square-foot industrial lease in Somerset, a southwestern suburb of New York City. The property, located at 65 Clyde Road, spans 160,000 square feet of industrial space with 24-foot ceiling heights, three loading doors and close proximity to the New Jersey Turnpike. Scott Perkins and Chris Todd of NAI James Hanson represented Tecno Spa in the lease transaction. TA Realty is the landlord.

September 25, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $19.9M Construction Loan for Multifamily Development in Netcong, New Jersey

by Alex Patton September 24, 2019

NETCONG, N.J — JLL has arranged a $19.9 million construction loan for the development of 34 Bank, a 126-unit multifamily property located in Netcong, located approximately 40 miles west of New York City. M&T bank provided the three-year, floating-rate loan. The property will feature a mix of one- and two-bedroom floor plans and amenities such as a fully equipped fitness facility and electric car charging stations. The location is within walking distance to the Netcong Train Station, downtown Netcong and the Musconetcong River. Jon Mikula and Michael Klein of JLL arranged the loan on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.

September 24, 2019

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 30,000 SF Industrial Lease in East Orange, New Jersey

by Alex Patton September 24, 2019

EAST ORANGE, N.J. — CBRE has negotiated a 30,000-square-foot industrial lease in East Orange, a western suburb of New York City. Prime Global Solutions, a quality supplier and manufacturer of bulk materials, will occupy the warehouse and distribution center beginning in October. ABC Supply Co. occupies the other half of the 60,000-square-foot facility. Lou Belfer and Scott Belfer of CBRE represented the landlord, J.G. Petrucci, in the lease negotiations. Monica Franco and Priscilla Teixeira of Commercial Realty Partners represented Prime Global Solutions.

September 24, 2019

Affordable Housing Loans Multifamily New Jersey Northeast

NorthMarq Secures $69M Refinancing for Four Affordable Housing Properties in New Jersey

by Alex Patton September 23, 2019

NEW JERSEY — NorthMarq has secured a $69 million loan for the refinancing of four affordable housing properties all in Hudson County, a western suburb of New York City. The properties include Church Square South, an 81-unit property in Hoboken; Eastview Apartments, a 79-unit property also in Hoboken; New Floral Gardens, a 91-unit property in North Bergen; and Parkview East, a 71-unit property in Weehawken. Gary Cohen of NorthMarq secured the refinancing through two New Jersey-based banks. The borrower was not disclosed.

September 23, 2019

Industrial Leasing Activity New Jersey Northeast

Josmo Shoes Inks 26,000 SF Industrial Lease in Carlstadt, New Jersey

by Alex Patton September 23, 2019

CARLSTADT, N.J. — Josmo Shoes has signed a 26,000-square-foor industrial lease in Carlstadt, a northwestern suburb of New York City. The building at 75 Triangle Blvd. features three loading docks and 18-foot ceiling heights. Josmo will use the property as a secondary warehouse and distribution center to support its New York headquarters. Shawn Roth, David Cantor and Greg Sholom of Team Resources Inc. represented Josmo in the lease negotiations.

September 23, 2019

Industrial Loans New Jersey Northeast

Provident Bank Provides $35M Construction Loan for Warehouse in Monroe, New Jersey

by Alex Patton September 20, 2019

MONROE, N.J. — Provident Bank has provided a $35 million construction loan for a new warehouse in Monroe, located approximately 40 miles south of New York City. Situated on 28 acres, the property will offer 382,400 square feet of rentable space, including 34,000 square feet of office space. The building is 100 percent preleased. Axiom Capital arranged the loan on behalf of the borrowers, KRE Group and TCH Docks Corner Lane LLC.

September 20, 2019

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