LINDENHURST AND HAUPPAUGE, N.Y. — Simply Self Storage has opened two facilities on Long Island totaling 1,945 units. The first property, located in Lindenhurst, totals 1,022 units and offers security cameras, a keypad entry, indoor and outdoor lighting, vehicle storage and packing supplies. The second facility, located in Hauppauge, includes 923 units and offers the same services and amenities as the Lindenhurst facility.
HAMILTON, N.J. — Marcus & Millichap has arranged the $3 million sale of Olden Plaza, an 11,500-square-foot retail center in Hamilton, located just east of Trenton. The property was fully leased at the time of sale to seven tenants, six of which have occupied their spaces for more than 10 years. Michael Lombardi, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller, a private investor, in the transaction, which drew 10 offers and closed at full asking price. The buyer was not disclosed.
CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property, which spans five buildings with 95,528 square feet of industrial space and 61,254 square feet of office space, was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel detectors for X-ray equipment. Aaron Niedermayer, Michael Diaz, Chris Byrns and Brendan Collins of JLL placed the loan with M&T Bank on behalf of the borrower, Reuten Associates, which originally developed the property in the mid-1980s.
LONG BRANCH, N.J. — Extell Development Co. has topped out The Lofts Pier Village, a 245-unit multifamily project located in the Jersey Shore area. The property will feature condominiums available in one-, two-, three- and four-bedroom formats with floor-to-ceiling windows, open layouts and private outdoor terraces. Amenities will include a pool, private 1.5-acre park, lounge area with fire pits and grills, fitness center with men’s and women’s locker rooms, children’s play area, as well as package reception and bike storage services. Prices run from $569,000 to $2.4 million, with the first sales expected to close later this year. ShorePoint Architecture designed the community.
MAHWAH, N.J. — Dressbarn, a women’s apparel retailer, plans to eventually close all 650 of its stores nationwide. The New Jersey-based company is winding down its retail operations and plans to assist its 6,800 associates with transition support as individual stores close. “For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers,” says Steven Taylor, Dressbarn’s chief financial officer. “This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment.” No information was made available about how the store closures will affect Dressbarn’s lease agreements in place with landlords, but the company has retained A&G Realty Partners to assist on all real estate-related matters during the wind down process. A&G Realty Partners is actively marketing Dressbarn’s available locations to interested tenants. According to A&G Realty’s marketing materials, Dressbarn’s available stores range in size from a 3,300-square-foot store in Michigan to a 15,000-square-foot location in Virginia Beach. Approximately 165 Dressbarn stores have leases that expire in 2020. In 2021, an additional 111 Dressbarn leases are expected to come due. The …
SAYREVILLE, N.J. — AMS Acquisitions LLC, a New York City-based investment firm, has purchased a two-building, age-restricted housing community in Sayreville, located in northern New Jersey. AMS acquired the property from New Jersey-based development firm Gillette for $13 million. The property includes an 80-unit building, known as Gillette Towers, with one-bedroom floor plans reserved for persons age 55 or older. AMS will break ground on a 56-unit building later this spring. Amenities include a library/media room, outdoor gazebos and bocce and shuffleboard courts., and rents range from $1,400 to $1,550 per month. New York-based Castellan Real Estate Partners provided an undisclosed amount of acquisition financing for the deal, with AMS using its own equity to complete the transaction.
Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and business leaders motivated to work on those areas identified as falling short. But that doesn’t take away from what the state offers both corporate occupiers and institutional investors. To start, building owners are increasingly investing significant capital to improve and expand New Jersey’s aging supply of office properties. This is music to a tenant’s ears and, as a result, the office market continued its streak of growing occupancy with 302,577 square feet of positive absorption in the fourth quarter, according to Transwestern. Where many of the new leases were signed, landlords committed to substantial capital improvement programs. For the past several years, the best lease-up success stories have come from owners that upgraded their properties to current standards and added amenities preferred by today’s dynamic workforce. …
EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.
MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county’s median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and dryers and emergency alarm systems. Amenities include a full kitchen, outdoor grilling areas, exercise areas and a resident clubhouse.
BAYONNE, N.J. — New Jersey-based development and management firm KRE Group has received a $45 million construction loan for Harbor Station North, a 200-unit apartment project in Bayonne, located across from Brooklyn. The three-building property will include 10,000 square feet of retail space and offers access to multiple public transit lines. PNC Bank and People’s United Bank provided the three-year loan, which was placed by George Gnad of Avison Young. The project is expected to be complete by spring 2020.
