New Jersey

Partnership Opens 260-Unit Multifamily Community in Jersey City

by Taylor Williams June 11, 2019

JERSEY CITY, N.J. — A partnership between BNE Real Estate Group, Hoboken Brownstone Co. and McKinney Properties has opened The Enclave, a 260-unit multifamily community in Jersey City. Designed by local architecture firm Minno & Wasko, The Enclave features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, in-home washers and dryers and private balconies in select units. Amenities include a rooftop terrace with a pool, private grilling areas and an outdoor bar, as well as a dog run and spa, multiple entertainment lounges, a game room, coworking space, fitness center and a children’s play area. Residents can also enjoy certain services, such as concierge, package handling, pet care and bike storage.

June 11, 2019

5-Garret-Mountain-Plaza-Woodland-Park-New-Jersey

Development New Jersey Northeast Office

MDC to Redevelop 101,880 SF Office Building in Woodland Park, New Jersey

by Taylor Williams June 11, 2019

WOODLAND PARK, N.J. — Mountain Development Corp. (MDC) will reposition 5 Garret Mountain Plaza, a 101,880-square-foot office building in Woodland Park, located in the northern part of the Garden State. The freestanding property is situated on Interstate 80 and is part of a 30-acre campus. MDC will undertake a full renovation, including upgrades to HVAC systems and the introduction of new amenities like a rooftop deck and surrounding walking trails. Newmark Knight Frank will handle leasing of the property following completion of the project, a timeline for which was not disclosed.

June 11, 2019

Development Multifamily New Jersey Northeast Seniors Housing

Walters Completes 91-Unit Seniors Housing Community in Seaside Heights, New Jersey

by Taylor Williams June 7, 2019

SEASIDE HEIGHTS, N.J. — Locally based developer Walters has completed Cornerstone at Seaside Heights, a 91-unit seniors housing community on the Jersey Shore. Apartments at the income-restricted community range from $995 per month for a one-bedroom unit and $1,250 per month for a two-bedroom apartment. In addition to quick access to the beach and boardwalk, residents can also enjoy a fitness center, clubroom, outdoor decks and other common gathering areas. An open house for the property will be held Saturday, June 15.

June 7, 2019

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Cold Storage Demand Grows as Consumers Expect More From Their Grocers

by Kristin Harlow June 5, 2019

We all know that e-commerce has become a significant driver of the industrial market. It now fuels activity that moves beyond clothes and books to the food supply chain, and the associated complexities of meeting consumer demand for food preparation and delivery. Increasing numbers of consumers have shifted to buying prepackaged meals, shopping for organic foods or ordering groceries and meal kits online. This expansion is translating into significant demand for industrial warehouse and distribution space to accommodate the food industry. One sector of this robust market is facing challenges, however, as demand for cold storage warehouses has skyrocketed in recent years. These facilities are used to store fresh and organic produce and to create and distribute processed foods. Food businesses are typically looking for spaces near large population centers as they seek to tap into demand for last-mile delivery. The cold storage shortage is playing out in many markets across the country, but is particularly problematic in New Jersey due to a low vacancy rate and the construction challenges in this sector. Driving Location Decisions Food businesses are looking for spaces near their customer bases to reduce travel times, so they often choose infill locations. The scarcity of land …

June 5, 2019

Development Industrial New Jersey Northeast

CenterPoint Breaks Ground on 72,816 SF Industrial Expansion Project in New Jersey

by Taylor Williams June 4, 2019

SOMERSET, N.J. — CenterPoint Properties has broken ground on a 72,816-square-foot expansion project at the Somerset, New Jersey, manufacturing plant of PIM Brands LLC, a producer of candies and other sweets. The project will bring the facility’s size to roughly 250,000 square feet. Illinois-based CenterPoint has also signed a 15-year lease extension with PIM Brands. This extra space will accommodate new production lines and facilitate product distribution through the establishment of 40-foot clear heights, six tailboard doors and 20 auto parking stalls. Chuck Fern of Cushman & Wakefield and Bob Nathin of Sheldon Gross Realty represented PIM Brands in the lease negotiations. David Nenner represented CenterPoint internally.

June 4, 2019

Acquisitions Industrial New Jersey Northeast

STRO Buys 35,000 SF Industrial Facility Leased to FedEx in Northern New Jersey

by Taylor Williams June 3, 2019

RIDGEWOOD, N.J. — The STRO Companies, a locally based investment firm, has purchased a 35,000-square-foot, stand-alone industrial facility fully leased to FedEx in Ridgewood, located in Union County. The building is positioned near I-78 and I-95, as well as the Garden State Parkway and State Route 28. John Zieran, Zach Bermudez and Lubna Syed of Signature Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.

June 3, 2019

Development Industrial New Jersey Northeast

Bridge Development Partners to Build 124,560 SF Industrial Facility in Edison, New Jersey

by Taylor Williams May 30, 2019

EDISON, N.J. — Bridge Development Partners, a privately owned industrial development and acquisition firm, has purchased 7.4 acres in Edison, located south of Newark, for the construction of a 124,650-square-foot industrial building. The Class A facility, which will be branded Bridge Point Edison, will feature 36-foor clear heights, 23 exterior loading docks and parking for up to 62 vehicles. Bridge Point Edison will be located within two miles of I-287, a FedEx Ground facility and an Amazon sorting center. Barry Cohorsky, Andrew Kirshenbau, Barry Mayer and Arthur Hixson of NAI James E. Hanson represented Bridge in the land sale. Completion of the project is slated for the first quarter of 2020.

May 30, 2019

Acquisitions Multifamily New Jersey Northeast

Maya, Harbor Group Acquire Multifamily Building in Union City, New Jersey, for $31M

by Taylor Williams May 30, 2019

UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.

May 30, 2019

Loans New Jersey Northeast Retail

JLL Arranges $46.5M in Refinancing for Retail Power Center in Howell, New Jersey

by Taylor Williams May 29, 2019

HOWELL, N.J. — JLL has arranged a $46.5 million loan for the refinancing of Greenleaf at Howell, a 290,000-square-foot retail power center in Howell, approximately 30 miles east of Trenton. Aaron Appel, Jonathan Schwartz, Keith Kurland, Brett Rosenberg, Adam Schwartz and Brandon Krupetsky of JLL placed the debt through JPMorgan Chase on behalf of the borrower, Sun Equity Partners LLC. A B.J.’s Wholesale Club anchors the property, which is located at the intersection of U.S. Route 9 North and Lanes Mill Road. Approximately 87,000 people live within a three-mile radius of the center, which sees a daily traffic count of roughly 40,000 vehicles.

May 29, 2019

Acquisitions Industrial New Jersey Northeast

STRO Acquires Two Industrial Properties Totaling 83,000 SF in Hackensack

by Taylor Williams May 29, 2019

HACKENSACK, N.J. — The Stro Companies (STRO), which specializes in industrial investment throughout Northern New Jersey, has acquired two industrial buildings totaling 83,000 square feet in Hackensack. One property is a 65,000-square-foot divisible building and the other is an 18,000-square-foot freestanding structure. The properties offer convenient access to I-80 and the New Jersey Turnpike. SB One Bank provided acquisition financing for the deal. Zach La Motta of STRO oversaw the acquisition in conjunction with Scott Perkins, Justin Allessio, and Andrew Somple of NAI James E. Hanson. The seller and sales price were not disclosed. With this transaction, STRO has now acquired 11 industrial properties within the last 18 months.

May 29, 2019

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