ROCHELLE PARK, N.J. — Tulfra Real Estate has secured a $10.3 million construction loan for a self-storage facility in Rochelle Park. Located at 120 W. Passaic St., the planned 100,0000-square-foot property will include 823 units. The lender was First Bank of Hamilton. Terms of the financing were not disclosed. The new self-storage facility will be managed by CubeSmart.
BELLEVILLE, N.J. — Marcus & Millichap has arranged the $1.6 million sale of an apartment building in Belleville. Located at 242 Mill St., the property consists of 15 units and 11 parking spaces. Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.
JERSEY CITY, N.J. — HFF has brokered the sale of a 134,500-square-foot vacant industrial facility in Jersey City. The sales price was undisclosed. Located at 21 Caven Point Ave., the five-acre property is seven miles from New York City and nine miles from Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. The facility includes a solar panel system and 13 docks. Michael Oliver, Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn and Steve Simonelli of HFF represented the private seller in the transaction. The Avidan Group and Elberon Development Group purchased the property.
HOBOKEN, N.J. — Spirit Bascom Ventures has acquired a 30-unit apartment building in Hoboken. The sales price was $15.5 million. Located at 204 Grand St., the six-story property was built in 2000. The building consists of a mix of one- and two-bedroom apartments. Nat Gambuzza and Manny Sanghera of CBRE represented the undisclosed seller in the transaction. Jamie Leachman of HFF arranged acquisition financing for Spirit Bascom through Citizens Bank.
EDISON, N.J. — Avison Young New Jersey has secured a 10-year, 208,391-square-foot lease for Concordance Healthcare Solutions in Edison. The healthcare distribution company will use the facility, which is located at 60 Distribution Blvd., as a new warehouse and distribution center for medical supplies and healthcare equipment. Timothy J. Cadigan, Matthew C. Turse and John Recchia of Avison Young negotiated the deal as a direct lease with the building owner, Heller Industrial Parks Inc.
RAHWAY, N.J. — HFF has negotiated the $34.9 million sale of Park Square, a 159-unit apartment complex in downtown Rahway. Park Square consists of two adjacent four-story buildings completed in 2009 and 2011. The property also includes 6,000 square feet of ground-floor retail space. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Mark Mahasky of HFF represented the seller, Roseland Residential Trust, in the transaction. The buyer was One Wall Partners.
KEASBEY, N.J. — Cushman & Wakefield has brokered the sale of a 302,500-square-foot industrial facility in Keasbey. The sales price was undisclosed. Located at 19 Crows Mill Road, the property features 50-by-72 foot column spacing as well as an on-site truck repair shop. A Cushman & Wakefield team of New Jersey industrial specialists represented the seller, Lefcourt Associates, in the transaction. The buyer was Liberty Property Trust. Cushman & Wakefield also secured a long-term, full-property lease with Gilbert Co., which will take occupancy in the first quarter of this year.
SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre property was built in 1972 and renovated in 1995. Currently the center is fully occupied by Christmas Tree Shoppes. Cronheim secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was American United Life Insurance Co.
HILLSBOROUGH, N.J. — Third-party logistics and distribution company Barrett Distribution Centers has signed a 171,560-square-foot lease at Midpoint Logistics Center, a 750,000-square-foot industrial facility in Hillsborough. Located at 152 Route 206, the property was developed by Los Angeles-based Industrial Realty Group. Ben Shapiro, Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine and David Gheriani of CBRE represented Industrial Realty Group in the transaction. Chris Hile of Jones Lang LaSalle represented Barrett Distribution Centers.
EATONTOWN, N.J. — Stafford Smith Realty has arranged the $4.4 million sale of Tower Market Shopping Center in Eatontown. Located at 37 Highway 35, the 23,000-square-foot, fully leased shopping center is anchored by Dollar General. Ray Smith of Stafford Smith Realty represented the seller, Eatontown Commons Associates, in the transaction. The buyer was Binyan Partners of New York. A façade renovation is planned as well as further upgrades.
