CHERRY HILL, N.J. — Five new tenants have signed leases totaling approximately 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center in Southern New Jersey. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. Pennsylvania Real Estate Investment Trust (PREIT) owns and manages the property.
PASSAIC, N.J. — BridgeInvest has provided a $34.5 million acquisition loan for The Pennington, a 147-unit apartment complex located in the Northern New Jersey community of Passaic. The Pennington is an adaptive reuse of the former St. Mary’s Hospital complex, a site that spans about 3.5 acres. Units come in one-, two- and three-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, children’s play area and a community room. The borrower was locally based investment and development firm The Birch Group.
CLINTON, N.J. — Berkadia has brokered the sale of Halstead Place Apartments, a 35-unit apartment building in Clinton, about 55 miles west of New York City. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of about 1,100 square feet, with 20 percent of the residences reserved as affordable housing. Amenities include a fitness center, storage lockers and outdoor grilling stations. The buyer was Acquivest Financial Group, and the seller was undisclosed. Nat Gambuzza, Zachary Pierce, Matthew Stefanski, Trevor Fiebel and Maura Spellman of Berkadia represented both parties in the transaction.
PENNSAUKEN, N.J. — An affiliate of SNS Real Estate Investment Group has purchased a 30,266-square-foot vacant warehouse in the Northern New Jersey community of Pennsauken. According to LoopNet Inc., the building at 7101 Airport Highway was constructed in 1962 and features a clear height of 14 feet and three exterior dock doors. The site also houses a fenced-in yard area for outdoor storage. Ian Richmond of Colliers brokered the deal. The seller and sales price were not disclosed.
FAIRFIELD, N.J. — Locally based brokerage firm Resource Realty has negotiated a 30,000-square-foot industrial lease renewal in Fairfield, about 30 miles west of New York City. The 50,000-square-foot building at 11 Madison Road was built on 2.3 acres in 1980. Greg Sabato and Dan Whitehead of Resource Realty represented the landlord, Richards & Robbins, in the lease negotiations. Cresa represented the tenant, PPI Time Zero, an affiliate of electronics manufacturer VIRTEX.
EAST HANOVER, N.J. — Locally based brokerage firm Resource Realty has negotiated a 42,116-square-foot industrial lease renewal in East Hanover, about 30 miles west of New York City. The 198,000-square-foot building at 905 Murray Road was built on 9.1 acres in 1963. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Morgan Stanley, in the lease negotiations. Steve Sander of Cushman & Wakefield represented the tenant, Givaudan Fragrances Corp., a Swiss company that provides scents for the food, beverage and cosmetics industries. Givaudan has been a tenant at the property since 2009.
LODI, N.J. — CBRE has negotiated the $29.2 million sale of a 169,205-square-foot industrial showroom in the Northern New Jersey community of Lodi. The building was originally constructed in 1968 and renovated in 2020. Brian Fiumara, Elli Klapper, Kevin Dudley, Jeremy Wernick, Mark Silverman, Chad Hillyer, Nicholas Klacik and Kate Granahan of CBRE represented the buyer, AAA Wholesale, in the transaction. The seller was not disclosed.
SAYREVILLE, N.J. — Marcus & Millichap has brokered the $7.2 million sale of a 25,898-square-foot retail center in Sayreville, about 40 miles south of Manhattan. The center was 97 percent leased at the time of sale to 14 tenants, with convenience store QuickChek serving as the anchor. Ala Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HILLSBOROUGH, N.J. — Bluestar Direct has signed a 13,500-square-foot industrial lease expansion in the Northern New Jersey community of Hillsborough. The wholesaler of various food products is expanding from a 5,000-square-foot space at the 596,315-square-foot Hillsborough Business Center, where it has been a tenant since 2020. Victor Kelly represented the landlord, Larken Associates, in the lease negotiations on an internal basis.
BEDMINSTER, N.J. — MetLife Investment Management has unveiled plans to reposition its 197-acre office campus in Bedminster, about 45 miles west of New York City, into a life sciences development named Bedminster Technology Center. MetLife has retained JLL to lead the repositioning of the property. Formerly home of AT&T and long known as One AT&T Way, the property consists of four interconnected buildings totaling 939,795 square feet. The campus includes a global network operations center, heliport and 15 acres of covered and surface parking. AT&T built the campus for its own use in 1975. MetLife acquired the property, which is now fully vacant, in 2006. The Township of Bedminster has rezoned the property to accommodate up to 2 million square feet of total development targeted toward biotech research and development and advanced manufacturing uses. Additionally, about 300,000 square feet is available for a conference center, hotel and amenities that could include a fitness center, restaurants and/or retail. Dan Loughlin is leading a JLL team that will market the property for single or multi-tenant lease, sale or site redevelopment with acreage for sale. According to JLL, Bedminster Technology Center presents an opportunity to create the first life sciences development in the …