MORRISTOWN, N.J. — JLL has negotiated two office leases for a total of 47,000 square feet in Morristown, 30 miles west of New York City. Investment bank Morgan Stanley renewed a 37,000-square-foot lease at 1200 Mount Kemble Ave. ANS Continuum Holdco LLC signed a 10,000-square-foot lease at 60 Columbia Road, which was recently renovated with a new roof and lobby. Bob Ryan of JLL represented Morgan Stanley and Tom Reilly of JLL represented ANS Continuum Holdco in the transactions.
BASKING RIDGE, N.J. — JLL has secured an undisclosed amount of acquisition financing for a 104,000-square-foot office portfolio in Basking Ridge, about 30 miles west of New York. TD Bank provided the loan, which carries a seven-year term and a fixed interest rate. The property, 180-188 Mount Airy Road, consists of two adjacent buildings and an ancillary structure. At the time of the closing, the buildings were 98 percent leased to a variety of tenants, including Global Bankers Insurance Group and Microchip Technology. The borrower was a partnership between PAG Investments and CIG Properties.
MONTVALE, N.J. — Cushman & Wakefield Markets has arranged $26.5 million of institutional equity capital from a private equity fund for the development of a 203-unit seniors housing project in Montvale, about 30 miles north of New York City. The community will feature a four-story building on an 11.5-acre site. Cushman & Wakefield acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate. Construction debt financing of $54.6 million has been secured an undisclosed seniors housing lender and is expected to close in late August. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield handled the debt placement.
BRIDGETON, N.J. — WinnCompanies, a Boston-based multifamily developer, has completed renovations of a 156-unit affordable housing community in Bridgeton, about 40 miles south of Philadelphia. The project, which was valued at $34 million, upgraded appliances and HVAC systems of every unit, replaced roofs on all residential buildings and constructed a new community building with a management office and gym.
PRINCETON, N.J. — Newmark Knight Frank (NFK) has brokered the $19.5 million sale of 1 Independence Way, a 113,998-square-foot office property in Princeton, New Jersey. The building was 100 percent leased at the time of the sale to financial information company S&P Global and navigation software provider Trimble MAPS. Kevin Welsh, Brian Schulz, Chuck Kohaut and Steve Tolkach of NKF represented the seller, Normandy Real Estate Partners. The team also secured the buyer, Guardian Realty.
MANALAPAN, N.J. — NAI Mertz has arranged the $5.2 million sale of thee office properties totaling approximately 78,000 square feet in Manalapan, roughly 30 miles east of Trenton. The three properties, 100, 200 and 300 Craig Road, are located within Century Office Park. The NAI Mertz team also executed leases with several tenants to the properties prior to the sale, increasing occupancy to 70 percent. Jonathan Klear and Fred Meyer of NAl Mertz represented the undisclosed seller in the transaction.
MONTVILLE, N.J. — Cushman & Wakefield has negotiated a 32,000-square-foot office headquarters lease for cooling and heating solutions specialist Fujitsu General America Inc. in Montville, about 35 miles west of New York City. The firm plans to move into the property, located at 340 Changebridge Road., in early 2020. Ben Brenner and MariaGrace Iantosca of Cushman & Wakefield represented Fujitsu in the transaction. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Real Capital Solutions.
EAST ORANGE, NEWARK, ASBURY PARK AND TRENTON, N.J. — CBRE has brokered the sale of a 1,035-unit multifamily workforce housing portfolio in New Jersey for $146 million. The portfolio benefits from high occupancy, 4.1 percent average annual rent growth and high resident retention. “The market demand for this type of property is as strong as we have experienced,” said Jeffrey Dunne of CBRE. ” Renter demand for well-maintained Class B apartments is also at historic levels and expected to continue for years ahead.” The sale included a generational collection of seven multifamily high-rise and garden properties, for a total of 1,035 units in the following locations: In East Orange, Washington Towers is a 14-story building with 197 units; Executive House is a 23-story building with 228 units; Ambassador Towers is a nine-story building with 161 units; Munn Heritage is a seven-story building with 75 units. In Newark, Parkview Gardens is a four-story building with 24 units. In Asbury Park, Munroe Towers is a 15-story building with 261 units. In Trenton, Lafayette House is a 12-story building with 89 units. Dunne, Gene Pride, Eric Apfel, Nat Gambuzza, John Veniero and John McFadden of CBRE represented the owner, Murnick Property Group, in …
PISCATAWAY, N.J. — Kiss Products Inc., a manufacturer and distributor of nail care products, based in New York, has purchased a distribution facility in Piscataway, located in northeast New Jersey, for $65.7 million. The 469,000-square-foot property is part of Rockefeller Group Logistics Center, a 2.2 million-square-foot distribution center with other tenants that include Best Buy and Fujitsu General America Inc. Jules Nissim, Stan Danzig and Marc Petrella of Cushman & Wakefield represented the Rockefeller Group in the transaction. Greg Brown and Tom Kirczow of NAI DiLeo-Bram & Co. represented Kiss Products. Citibank, City National Bank and Shinhan Bank America financed the acquisition.
UNION, N.J. — Jeffrey Realty has arranged a 46,800-square-foot retail lease in Union, a town just southwest of Newark, for Burlington Coat Factory. The property, formerly a Toys R Us, is located in the West Branch Commons shopping center, which is anchored by a Lowe’s and other retail businesses. Bill Farkas and Mike Testa of Jeffery Realty represented the landlord, Urban Edge, in the transaction. Cliff Simon of CNS Real Estate represented Burlington Coat Factory.