MICKLETON, N.J. — San Francisco-based mortgage banking firm Gantry has arranged a $10.2 million acquisition loan for a 454-unit self-storage facility located at 350 Swedesboro Ave. in the Southern New Jersey community of Mickleton. The facility includes climate-controlled space, drive-up units and vehicle storage spaces. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry arranged the loan on behalf of the borrower, Moove In Storage. The direct lender was not disclosed.
MILLVILLE, N.J. — New tenants have signed leases totaling 46,000 square feet at Union Lake Crossing, a 393,000-square-foot retail center located in Millville in southern New Jersey. Old Navy will open a 15,000-square-foot store at the property, joining Fun City in backfilling a former Dick’s Sporting Goods space. Food-and-beverage concepts Five Guys, Poke Bros. and Crumbl have also signed leases at the center, as have Skechers, Inspira Health and Rally House. Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. represented the owner, Irgang Group, in all lease negotiations.
MOUNT LAUREL, N.J. — Colliers has negotiated the sale of a 17,768-square-foot industrial building located just outside Philadelphia in Mount Laurel. The building, which according to LoopNet Inc. was built in 1970 and features a clear height of 16 feet, was renovated in 2017 and fully leased at the time of sale. Marc Isdaner and Ian Richmond of Colliers represented the seller, East Capital Partners, in the transaction. The buyer was an undisclosed 1031 exchange investor.
HADDONFIELD, N.J. — New Jersey-based developer Woodmont Properties will undertake a multifamily redevelopment project in Haddonfield, about 15 miles east of Philadelphia. The project will convert a portion of the former 8.2-acre site of the Bancroft School into a 120-unit apartment complex. Fifteen percent (18) of the residences will be reserved as affordable housing. A construction timeline has not yet been finalized.
EDISON, N.J. — Locally based developer Garden Communities is nearing completion of Millbrook Horizon, a 40-unit multifamily project located in the Central New Jersey community of Edison. Millbrook Horizon comprises three buildings that house one- and two-bedroom units. Two buildings are complete, and the third building will be complete later this summer. Rents start at $2,600 per month for a one-bedroom apartment.
CHATHAM, N.J. — Northwestern Mutual has provided a $103 million loan for the refinancing of The Ivy, a 245-unit apartment building located in the Northern New Jersey community of Chatham. The newly constructed building offers one-, two- and three-bedroom units with an average size of 1,158 square feet. Amenities include a pool, outdoor lounge, multipurpose lawn, media screening room, private BBQ and dining areas, a fitness center, multiple social lounges, coworking lounges with private offices, sports simulators, a kids’ playroom and a dog run. Michael Klein, Thomas Didio Jr. and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, locally based developer BNE Real Estate Group.
PATERSON, N.J. — Cushman & Wakefield has arranged a $22.5 million acquisition loan for a portfolio of two industrial properties totaling 192,000 square feet in the Northern New Jersey community of Paterson. The portfolio, which consists of a 102,000-square-foot building and a 90,000-square-foot building, features 26 dock-high doors, four drive-in doors, clear heights of 22 feet and 64 car parking spaces. GID Credit provided the loan to Eagle Cliff Real Estate Partners. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield originated the debt. The firm also represented the seller, Boston-based investment firm Marcus Partners, in the disposition of the portfolio, which was fully leased at the time of sale.
CARNEYS POINT, N.J. — New York City-based Rockefeller Group has broken ground on an approximately 1.1 million-square-foot industrial project in Carneys Point, located across the Delaware River from Wilmington in Southern New Jersey. Rockefeller Group Logistics Center at Carneys Point will consist of two buildings, one totaling 596,443 square feet and the other spanning 530,000 square feet, on a 141-acre site. Building features will include clear heights of 40 feet and parking for 658 cars and 328 trailers. Sumitomo Mitsui Trust Bank provided $114.8 million in construction financing for the project, which is slated for an early 2025 delivery. M+H Architects designed the project, and FCL Builders is serving as the general contractor. CBRE has been tapped as the leasing agent.
MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has sold Max on Morris, an 85-unit apartment complex located in the Northern New Jersey community of Morristown. Completed in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room and an outdoor amenity deck with grilling stations. The property also houses four affordable housing units and 14 supportive housing units designed for residents with special needs. Cushman & Wakefield represented the seller and the private buyer in the deal.
NEWARK, N.J. — A partnership between Deugen Investment Group and Devli Real Estate has acquired a seven-acre industrial outdoor storage facility in Newark. According to LoopNet Inc., the facility at 449 Doremus Ave. was completed earlier this year and totals 30,000 square feet. The site formerly housed a cogeneration power plant, and the new ownership plans to renovate the interior and exterior of the existing structure and repave the site for trailer parking, outdoor storage and car parking uses. The seller was not disclosed.