CARLSDADT, N.J. — Michael Halebian & Co., a provider and distributor of specialty flooring products, has signed a 35,000-square-foot industrial lease at 700 Gotham Parkway in Carlsdadt, a city located directly across from Manhattan in New Jersey. The property’s location offers proximity to major thoroughfares like the New Jersey Turnpike and Garden State Parkway, as well as Teterboro Airport. The owner of the 80,000-square-foot facility, Key Properties, purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997 and repositioned the building from single- to multi-tenant use.
LAWRENCEVILLE, N.J. — Marcus & Millichap has arranged the sale of Princeton Plaza, a 29,600-square-foot retail center in Lawrenceville, located roughly midway between New York City and Philadelphia. The asset, which was fully occupied at the time of sale, fetched a sales price of $2.9 million. Shannon Bona led the Marcus & Millichap team in marketing the property on behalf of the seller, a private investor, with help from Mark Taylor and Derrick Dougherty of Marcus & Millichap. Brian Hosey of Marcus & Millichap acted as the broker of record. Additional terms of the sale were not disclosed.
SOMERVILLE, N.J. — Sterling Properties has completed the leasing efforts of Soma, a 69-unit, four-story apartment complex in Somerville, about 45 miles southwest of New York City. The property, which offers studio, one- and two-bedroom floor plans ranging from 594 to 1,290 square feet, is currently at full occupancy. SOMA opened earlier this year and offers amenities such as a fitness center, tech lounge, bike share program and package acceptance. Located at 110 S. Bridge St., SOMA sits less than a mile from downtown Somerville and two blocks from the New Jersey Transit Somerville train station stop.
NEW JERSEY — Greystone has provided a $24 million Fannie Mae loan to refinance a 138-unit assisted living facility in New Jersey. D.J. Elefant of Greystone’s New York office originated the transaction on behalf of Sage Healthcare Partners. Neal Raburn of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction. The name and location of the property were not disclosed. The loan carries a 10-year term and 30-year amortization schedule with an interest-only payment period of two years. Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.
WATCHUNG, N.J. — Cinemark Holdings Inc. (NYSE: CNK) has opened a 10-screen theater at 1670 Route 22 East in Watchung, N.J., located about 30 miles west of New York City. The theater will feature wall-to-wall screens, oversized recliners, reserved seating services and a party room for private events. The venue will be the third in the state for Cinemark, which currently operates 546 theaters across 41 states and various Latin American countries.
SOMERS POINT, N.J. — Berkadia has provided an $18.5 million loan to refinance Bayview Court, a 202-unit apartment community in Somers Point. Located at 555 Shore Road, the property was built in the 1960s. Jim Badolato of Berkadia’s Philadelphia office arranged the financing for the borrower, The Streamwood Co. Terms of the Freddie Mac loan included an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The Freddie Mac Optigo loan offers an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The property was 75 percent occupied at closing with steady leasing velocity.
FLORHAM PARK, N.J. — Commercial-stage cell therapeutics company Celularity has signed a full-building, 147,215-square-foot office lease in Florham Park. The property is part of a two-building office campus at 170-180 Park Ave. that totals 368,780 square feet. The lease marks the largest new office lease in New Jersey for the first quarter of 2019. James Postell, Matt McDonough and Dan Ligorner of Transwestern Commercial Services represented the building owner in the transaction. Charlie Hatfield and Ryan Healy of Colliers International represented Celularity in the transaction.
JERSEY CITY, N.J. — HFF has arranged the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment community in Jersey City. Located at 273 16th St., the property was completed in 2018 and consists of studio through three-bedroom units as well as eight townhouses. The property also includes 17,300 square feet of ground-floor retail and 375 parking spaces. The property features resort-style amenities that include an infinity edge pool, poolside cabanas, fireside seating with outdoor TV, cinema room, fitness center, 10-person sauna, demonstration kitchen, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms. Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky of HFF represented the seller, AEW, in the transaction. The buyer was Mack-Cali Corp.
SHREWSBURY, N.J. — Investment and development firm Capitol Seniors Housing and operator Chelsea Senior Living have opened The Chelsea at Shrewsbury, an assisted living and memory care community located approximately 20 miles south of New York City. Development costs were estimated at $29.3 million for the three-story, 73,000-square-foot property. The community features a total of 85 units, 27 of which are for memory care. Meyer Senior Living Studio, based in the Philadelphia area, designed the community. Chelsea will collaborate with Shrewsbury’s Guild of Creative Arts, the oldest and largest art community in New Jersey, for amenities and activities. Chelsea Senior Living operates more than 17 communities, including 14 in New Jersey. In addition to The Chelsea at Shrewsbury, Capitol Seniors Housing is currently building another community Chelsea will operate in Greenburgh, N.Y., slated to open this September.
Rising costs of homeownership and the lack of SALT deductions on federal income tax returns will help maintain the strong demand for apartments in Northern New Jersey. We are seeing an increase in construction activity as municipalities settle their affordable housing lawsuits with developers and long-awaited projects, especially those located along major public transportation hubs, are completed. In Jersey City and Hoboken, these new projects are placing upward pressure on Class A vacancy as they take time to lease. We see an increase in more concessions being offered, which will dampen the appreciation of monthly rates. This could impact the upgraded Class B buildings, which find themselves battling for renters with recent finished projects and more affordable options that can be found inland. In areas west of the Gold Coast, we see continued higher occupancy rates with many landlords reporting well under 30 day turnover rates, unless major renovations are needed. Outside of Hudson County, the overall vacancy factor trends between 2 and 3 percent allowing for increased revenue, according to research from Marcus & Millichap. Landlords in strict rent control markets are faced with the decision of either renovating to increase rents via capital improvement programs or take advantage …