New Jersey

NorthMarq Arranges $8M in Financing for Office Building in Newark

by Alex Patton August 14, 2019

NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were undisclosed.

August 14, 2019

Acquisitions Industrial New Jersey Northeast

Colony Industrial Acquires 33-Property Industrial Portfolio in New Jersey

by Alex Patton August 13, 2019

NEW JERSEY — Dallas-based Colony Industrial has acquired a 33-property industrial portfolio totaling more than 1.3 million square feet in New Jersey. The portfolio comprises assets located in several cities in northern New Jersey that are currently 99 percent occupied. The sale included three development sites located in Carteret and West Caldwell. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, New Jersey-based developer Hampshire Real Estate Cos., in the transaction. The sales price was undisclosed.

August 13, 2019

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 105,000 SF Industrial Lease in Moonachie, New Jersey

by Alex Patton August 13, 2019

MOONACHIE, N.J. — CBRE has negotiated a 105,000-square-foot industrial lease in Moonachie, located in metro New York City. Online fashion accessory company Fashionphile will base its Northeast operations from the property. Denver-based EverWest Real Estate investors purchased the building in August 2017 and is currently redeveloping it. Larry Schiffenhaus, Thomas Monahan, Stephen D’Amato, Anastasia Lazarides, Gerard Monahan and Lauren Griffith of CBRE represented Fashionphile in the lease negotiations.

August 13, 2019

Leasing Activity Lee & Associates New Jersey Northeast Office

Lee & Associates Arranges 35,000 SF Office Lease in Warren, New Jersey

by Alex Patton August 13, 2019

WARREN, N.J. — Lee & Associates has arranged a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. The tenant, energy supplier Matheson Tri-Gas, will occupy the entire top floor at 3 Mountainview Road. Brian Lynch and Peter Rasmusson of Lee & Associates represented Matheson Tri-Gas in the lease negotiations. Jamie Drummond, Andrew Perrotti and Dan Reider of Newmark Knight Frank represented the landlord, KRE Group.

August 13, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $42.5M in Financing for Multifamily Property in Jersey City

by Alex Patton August 12, 2019

JERSEY CITY, N.J. — JLL has arranged $42.5 million in financing for RIVET, a 163-unit multifamily property located in Jersey City, less than one mile from the New Jersey City University campus. The loan refinanced existing construction debt on the property, which includes retail space. Commercial tenants include Five Guys, a nail salon and a pharmacy. Jon Mikula and Michael Klein of JLL represented the borrower, a joint venture between The Hampshire Companies, Claremont Cos. and Circle Squared Alternative Investments. The lender was undisclosed.

August 12, 2019

Acquisitions New Jersey Northeast Office

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton August 9, 2019

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

August 9, 2019

Loans Multifamily New Jersey Northeast

Greystone Provides $6.5M Freddie Mac Loan for Refinancing of Multifamily Property in New Jersey

by Alex Patton August 9, 2019

EAST ORANGE, N.J. — Greystone has provided a $6.5 million Freddie Mac loan to refinance 49 South Clinton Street, a 53-unit multifamily property located in East Orange, a city about 10 miles west of New York City. The non-recourse loan carries an adjustable-rate mortgage with a fixed rate for five years and 30-year amortization period. Jason Yuen of Greystone originated the loan. Morristown-based Red Oak Capital Advisors arranged the financing for the borrower.

August 9, 2019

Acquisitions New Jersey Northeast Office

JLL Arranges Sale of 330,000 SF Office Property in Princeton, New Jersey

by Alex Patton August 8, 2019

PRINCETON, N.J. — JLL has arranged the sale of 1 University Square, a 330,000-square-foot office property in Princeton. Global investment management firm BlackRock anchors the building. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of JLL represented the seller, a partnership between RXR Realty and The Blackstone Group, in the transaction, and procured the buyer, investment firm Argent Ventures. The sales price was undisclosed.

August 8, 2019

Loans Multifamily New Jersey Northeast Seniors Housing

Greystone Provides $16.5M Freddie Mac Acquisition Loan for Seniors Housing Community in New Jersey

by Alex Patton August 8, 2019

MONROE, N.J. — Greystone has provided a $16.5 million Freddie Mac loan for the acquisition of Waterside Villas, a 100-unit seniors housing community located in Monroe, a city about 20 miles northeast of Trenton. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. Sela Realty, an apartment rental agency based in New Jersey, was the borrower and buyer. John Williams and Ephraim Kantor of Greystone’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction.

August 8, 2019

Acquisitions Leasing Activity New Jersey Northeast

NRDC Signs Three New Tenants at Liberty Square Center in Burlington, New Jersey

by Alex Patton August 7, 2019

BURLINGTON, N.J. — National Realty & Development Corp. (NRDC) has signed three new retail tenants totaling 58,000 square feet at the Liberty Square Center in Burlington, a city located southwest of Trenton. The shopping center owned by NRDC is anchored by a Walmart, Marshalls and HomeGoods. Planet Fitness will open a 25,000-square-foot location at the property. Ross Dress for Less will move into a 22,000 square-foot portion of a former Toys ‘R’ Us location. Five Below will occupy the remaining 11,000 square feet of the former Toys ‘R’ Us location.

August 7, 2019

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