ATLANTIC HIGHLANDS, N.J. — KRE Group, in partnership with Verde Capital, has acquired Thousand Oaks Village, a 304-unit garden-style apartment property in Atlantic Highlands. The 36-acre property sold for $56 million. The seller was not disclosed. Located at 165 Thousand Oaks Drive, the community will be renamed Atlantic Pointe after capital investments that will include unit renovations and upgrades to amenities. Thousand Oaks Village is KRE Group’s fifth garden apartment acquisition within New Jersey in three years.
BAYONNE, N.J. — Marcus & Millichap has brokered the sale of a mixed-use building in Bayonne for $1.9 million. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller, a private owner, in the transaction. The buyer was undisclosed. Located at 554-556 Broadway, the building contains 10,260 square feet of ground-floor retail space and 7,510 square feet of second-floor office space. The new owner plans to redevelop the property into a four-story mixed-use building.
NEWARK, N.J. — Cushman & Wakefield has arranged the $7.2 million sale of a parking facility in downtown Newark. Located at 1160 Raymond Boulevard, the four-story garage can accommodate 357 vehicles. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, and Ryan Larkin of Cushman & Wakefield represented the sellers, Lincoln Equities Group and Welcome Parking. Edison Properties purchased the property.
WAYNE, N.J. — Axiom Capital Corp. has arranged a $20.5 million construction loan for the development of a 418,000-square-foot industrial facility in Wayne. The lender was a life insurance company. Once complete, the property will include 40-foot clear heights and 42 truck dock positions as well as 40,000 square feet of office space. The borrower was a private investor.
NEWARK, N.J. — Progress Capital has secured a $4.8 million refinancing for a six-story multifamily property in Newark. Located at 469 Elizabeth Ave., the building contains 58 residential units and was built in 2016. Brad Domenico of Progress Capital arranged the loan with an initial five-year, 4 percent fixed-rate. After the initial term, the loan becomes a variable rate with a 20-year term and a 30-year amortization. The lender was undisclosed. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out to the undisclosed borrower, which will be used to fund additional property acquisitions.
SWEDESBORO, N.J. — HFF has arranged $9.1 million in financing for a 254,250-square-foot industrial facility in Swedesboro. The property is located at 405 Heron Drive, approximately 25 miles south of Philadelphia. HFF arranged a 10-year, fixed-rate loan for the borrower, Burton Real Estate through lender CUNA Mutual Group. The permanent fixed-rate loan will be added to an existing mortgage collateralized by a three-building industrial portfolio. Burton Real Estate purchased the property in November 2017. At the time, the property was 88 percent leased. Loan proceeds will be utilized to return equity to the sponsorship. Situated on more than 25 acres, 405 Heron Drive features 24- to 25-foot clear heights, nine dock-high doors and two drive-in doors.
KEARNY, N.J. — CBRE has secured a 110,147-square-foot industrial lease for global logistics provider Mainfreight in Kearny. CBRE represented Mainfreight in the full-building lease at RTC Properties’ 50 Cable Drive in Kearny. Terms of the lease were not disclosed. Mainfreight was founded in 1978 and is a provider of managed warehousing, as well as international and domestic freight forwarding services. The property features on-site management, 24-hour security and is located near the New Jersey Turnpike.
UNION CITY, N.J. — Marcus & Millichap has brokered the sale of a recently constructed apartment community in Union City. The 12-unit property sold for $3 million, or approximately $252,000 per door, which is the highest price per unit in the history of Union City, according to Marcus & Millichap. The property, which was built in 2015, is located at 536-538 29th St. Marcus & Millichap represented the seller, a private investor. The buyer was also a private investor.
MILLBURN, N.J. — Progress Capital has secured $6.8 million in acquisition financing for PRLog, a 21,834-square-foot medical office building in Millburn. Brad Domenico of Progress Capital arranged a 15-year loan with a 30-year amortization for the undisclosed borrower that includes a seven-year fixed rate of 4.75 percent. The lender was not disclosed. The two-story building is currently divided into 11 individual units and was fully occupied at the time of sale by nine medical tenants.
BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller and former operator was Friends Retirement Concepts. Based in Des Moines, Iowa, LCS Real Estate currently has an ownership stake in 37 seniors housing communities nationwide.