MONTVALE, N.J. — Northeast Capital Group has acquired a 93,916-square-foot office property in Montvale for $9.9 million. Located at 3 Paragon Drive, the property is currently 96 percent leased to two tenants, Pentax of America and Turner Construction Co. The property is on a nine-acre site. Michael Klein and Porter Terry of HFF represented Northeast Capital Group in securing acquisition financing through Valley National Bank. The seller was undisclosed.
FAIRVIEW, N.J. — J.P. Management has acquired the Fairview, a 12-story apartment property in Fairview for $43 million. Located at 371 Bergen Boulevard, the property consists of 146 units and was fully renovated in 2017. Amenities at the property include a swimming pool, fitness center, covered parking and views of the New York City skyline. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson of HFF represented the seller, Roizman Development Inc., in the transaction.
FORKED RIVER, N.J. — HFF has negotiated the sale of Sunrise Plaza, a 255,940-square-foot retail center in Forked River. Located on more than 27 acres, the center is fully occupied by a tenant roster that includes Aldi, Kohl’s and The Home Depot. The center was built in 2007. Jose Cruz, Stephen Simonelli, Kevin O’Hearn and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was a public entity.
SAYREVILLE, N.J. — Marcus & Millichap has negotiated the $1.1 million sale of a nine-unit apartment building in Sayreville. Located at 107 MacArthur Ave., the property was recently fully renovated, including all kitchens, bathrooms and windows. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 9,400-square-foot mixed-use property in Jersey City. The property is located at 253 Academy St. Jonathan Zamora and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a developer.
ALLENDALE, N.J. — Avison Young has secured a $21.1 million loan to refinance a 114,200-square-foot industrial flex facility in Allendale. Located at 75 Commerce Drive, the property is fully occupied by a tenant roster that includes Hitachi Chemical Advanced Therapeutics Solutions and Telemetrics Inc. George Gnad of Avison Young represented the borrower, a venture between Red Pine Capital Partners and Double Z Management, in securing financing through lender Potomac Business Services. Terms of the financing were not disclosed.
TETERBORO, N.J. — Hanley Investment Group Real Estate Advisors has negotiated the $37.4M sale of a Walmart ground lease in Teterboro. Ed Hanley of Hanley Investment Group represented the seller, Catellus Development Corp., in the transaction. The buyer was a 1031 exchange private investor. Located at 1 Teterboro Landing Drive, the 159,542-square-foot property was built in 2015. The building is located within the fully leased Teterboro Landing shopping center, which includes a tenant roster of Costco, Chipotle Mexican Grill, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chick-fil-A, CityMD Urgent Care, European Wax Center, GNC, Habit Burger Grill, KicksUSA, Panera, Petco, Texas Roadhouse, The Halal Guys, and T-Mobile.
PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale and leaseback of a 540,103-square-foot industrial facility in Parsippany. The sales price was undisclosed. Located at 100 Jefferson Road, the property currently serves at the global headquarters for the seller, PNY Technologies. Gary Gabriel, Kyle Schmidt, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin of Cushman & Wakefield represented PNY Technologies in the transaction. The buyer was a joint venture between Turnbridge Equities and Harbor Group International. PNY Technologies leased back approximately 25 percent of the building on a long-term basis, leaving 400,000 square feet of industrial space for Turnbridge Equities to rent. Turnbridge and HGI have commenced a $4.5 million capital improvement program at the facility that will include new parking and loading areas, new office space and building entrances, as well as new mechanical systems.
MARLTON, N.J. — NKF Capital Markets has brokered the sale of an 88,000-square-foot office building in Marlton. The sales price was undisclosed. Located at 50 Lake Center, the Class A office building was built in 2006 and features a two-story granite atrium. The property is located three miles from the New Jersey Turnpike. Steven M. Schultz and John Howley represented the undisclosed seller in the transaction. The buyer was Twenty Lake Holdings.
