JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.
UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.
BEDMINSTER, N.J. — Cushman & Wakefield has brokered the sale of the Somerset Financial Center, a 233,000-square-foot office property in Bedminster. Kevin Donner, David Bernhaut, Gary Gabriel, and Ryan Larkin of Cushman & Wakefield represented the seller, Related Cos., in the transaction. P3 Properties purchased the asset for an undisclosed amount. The property currently serves as the New Jersey headquarters of pharmaceutical company Mallinckrodt, which houses 480 employees at Somerset.
ALLENDALE, N.J.— Cushman & Wakefield has brokered the $50.5 million sale of the Allendale Industrial Park, a seven-building, 368,863-square-foot industrial property in Allendale. The 35-acre industrial park, which includes 985 parking spaces, is currently occupied by a tenant roster that includes Volkswagen Group of America and Stryker Spine, a global medical company. Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the property.
EDISON, N.J. — Gordon Logistics has signed a 269,424-square-foot industrial lease at 180 Raritan Center Parkway in Edison. The logistics provider to food and beverage wholesalers and distributors will occupy the majority of the 354,000-square-foot warehouse facility. Scott Belfer, Lou Belfer and Nicholas Nitti of CBRE arranged the lease on behalf of building ownership, NJIND Raritan Center LLC.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $6.4 million sale of a four-building, 56-unit multifamily portfolio in Plainfield. The properties include 1003 Park Ave., 122-124 E. 7th St., 128 E. 7th St. and 138 E. 7th St. Adam Zweibel of Gebroe-Hammer represented the seller, Plainfield MF LLC., in the transaction. The buyer was undisclosed.
BLOOMFIELD, N.J. — G.S. Wilcox & Co. has secured $7.2 million in refinancing for a 76,192-square-foot office building in Bloomfield. The seven-story property is located in the central business district of Bloomfield. Gretchen Wilcox, David Fryer and Wesley Wilcox of G.S. Wilcox & Co. arranged a 10-year term and 25-year amortization through Securian Financial for an undisclosed borrower.
DELRAN, N.J. — Marcus & Millichap has negotiated the sale of a 10,000-square-foot net-leased retail property in Delran. The property, which is occupied by a day care franchisee, sold for $3.6 million. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller, a private investor, in the transaction. The seller was undisclosed.
MORRISTOWN, N.J. — HFF and Transwestern have arranged the $5 million sale of a 20,000-square-foot office building in downtown Morristown. Located at 62 Elm St., the three-story building was built in 2006 and features a brick façade, flexible floorplates and 40 parking spaces. HFF and Transwestern represented the seller, Cornerstone Family Programs, in the transaction. A private buyer purchased the property.
HOBOKEN, N.J. — Spirit Bascom Ventures has acquired Columbus Park Apartments, a 37-unit multifamily community in Hoboken for $17.6 million. Located at 1024 Clinton St., the eight-story property is a former warehouse that was converted to multifamily use in the 1990s. The community also includes a 37-space parking structure. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the undisclosed seller in the transaction. HFF arranged acquisition financing through CIT Group. Spirit Bascom Ventures is a partnership between The Bascom Group LLC and Spirit Investment Partners LLC. The buyer plans to reposition the asset as a boutique institutional-quality property.
