SPARTA, N.J. — Genworth Financial has provided a $12 million construction loan for an 80,000-square-foot ShopRite supermarket and an adjacent 15,000-square-foot ShopRite Wine & Spirits store in Sparta, a city located about 45 miles west of New York. The loan carries a 20-year term and 20-year amortization schedule. David Fryer of G.S. Wilcox & Co. arranged the loan on behalf of the borrower, a partnership between Sparta 283 Realty LLC and Ronetco Supermarkets Inc. Construction is slated for completion in October 2019.
JERSEY CITY, N.J. — Capital Realty Associates, a New Jersey-based firm, has brokered the sale of two multifamily buildings in Jersey City. The buildings, located at 458-460 and 549-551 Mercer St., consist of 14 residential units and a ground-floor retail space. The sales price represents a capitalization rate of 5 percent. Solomon Halberstam represented the seller in the and procured the buyer in the transaction, which were both undisclosed.
NEW JERSEY — Gebroe-Hammer Associates, a New Jersey-based firm, has brokered the $300 million sale of a multifamily portfolio with over 1,800 units in the Northeast Essex and Bergen counties of New Jersey. The portfolio comprises 134 buildings that primarily offer one- and two-bedroom layouts, as well as some duplex-style options. Ken Uranowitz, Joseph Brecher, Greg Pine, Debbie Pomerantz and Tim Blashford of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was a local investor.
MORRIS PLAINS, N.J. — JLL has arranged $43 million for the refinancing for Signature Place, a 197-unit multifamily community in Morris Plains, a city located about 30 miles east of New York City. Nationwide Life Insurance Co. provided the loan, which carries a fixed interest rate and a five-year term. Loan proceeds retired the existing construction loan. Signature Place offers one-, two- and three-bedroom units, with amenities including a fitness center, walking trail and tennis courts. Jon Mikula, Greg Nalbandian, Andrew Zilenziger and Carlos Silva of JLL arranged the loan on behalf of the borrower, New Jersey-based developer Roseland Residential Trust.
SADDLE BROOK, N.J. — NAI Hanson has negotiated a 31,550-square-foot industrial lease for Leco Plastics Inc. in Saddle Brook, a western suburb of New York City. The building features 5,000 square feet of office space and 20-foot ceiling heights. Steven Leitner and Scott Perkins of NAI Hanson represented the landlord, Wilbur ’96 LLC, in the lease negotiations. Dean Brody of JLL represented Leco.
EDISON, N.J. — Rockefeller Group, a New York-based developer, has broken ground on a 900,022-square-foot industrial property in Edison, about 30 miles southwest of New York City. The speculative distribution center will be located on 56 acres off Route 27 and will feature 40-foot ceiling heights, 150 dock doors and 464 parking stalls. New Jersey-based KSS Architects is designing the project, construction of which is slated for completion in August 2020.
HICKSVILLE, N.Y. — Hanley Investment Group (HIG) has brokered the $6.6M Sale of a 13,300-square-foot retail center in Hicksville. The center was 100 percent leased at the time of sale with tenants including Dunkin’, Pizza Hut and DTE Window Tinting. The final sale also included a single-family home near the property. Dylan Mallory and Jeff Lefko of HIG along with Marty Sass of New York-based Silber Investment Properties represented the seller, Riark LLC, in the transaction. Robert Sharfstein of RPS Capital Management represented the buyer, a local investor.
VOORHEES, N.J. — Edge Fitness Clubs has signed a 48,776-square-foot retail lease at the Echelon Village Plaza in Voorhees, a southeastern suburb of Philadelphia. The gym will anchor the 90,000-square-foot retail center, which also houses a Dunkin’ and Voorhees Veterinary. Scott Benson and Brandon Anapol of Metro Commercial represented Edge Fitness in the lease negotiation. David Dunkelman of Soloff Realty & Development represented the landlord, Site Centers.
BERNARDSVILLE, N.J. — JLL has negotiated an 8,474-square-foot office lease extension in Bernardsville, located about 30 miles west of New York City. The property, located at 150 Morristown Road, recently underwent a $500,000 capital improvement project that upgraded the lobby, lighting, HVAC system and walkway. Charlie Dillon of JLL represented the tenant, Decile.Ten Communications, in the lease negotiations. David Zimmel of Zimmel Associates represented the landlord, Denholtz Associates.
MADISON, N.J. — Gulf Islamic Investments LLC (GII), a United Arab Emirates-based firm, has purchased a 270,000-square-foot office building in Madison, a western suburb of New York City. The building was completed in 2012 and is the corporate headquarters of residential real estate firm Reology. F.D. Stonewater, a Washington D.C.-based firm, represented GII in the transaction, and The Hampshire Companies was the seller. The price was undisclosed.