KEARNY, N.J. — Terreno Realty Corp. has acquired a 16-acre industrial property in Kearny. The sales price was $25 million. Located at 81 North Hackensack Ave., the property is fully leased to one tenant. The property was acquired as partial repayment of a $55 million senior secured loan that Terreno Realty made in 2018 to an unnamed borrower. The acquisition reduces the seller’s outstanding loan balance to approximately $30 million.
TOMS RIVER, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 28,400-square-foot, mixed-use property in Toms River. Located at 26 Main St., the property is currently occupied by 26 tenants. Alan Cafiero and Ben Sgambati in Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. The buyer was a personal trust.
NEWTON, N.J. — Gebroe-Hammer Associates has brokered the $17.9 million sale of Landmark West Apartments, a 168-unit apartment community in Newton. Located at 100 Swartzwood Road, the 11-building community is comprised of one- and two-bedroom units. Stephen Tragash and Adam Zweibel of Gebroe-Hammer represented the seller, Newton West Limited, in the transaction. The buyer was a private investor.
ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a 271,988-square-foot office tower in Iselin. The sales price was undisclosed. Located at 99 Wood Ave., the property features a recently renovated full-service cafeteria, fitness center with locker rooms and a three-story parking structure. At the time of sale, the property was 84 percent leased to a roster of tenants that includes Citibank, Wells Fargo, Ernst & Young and Cushman & Wakefield. Andrew Merin, Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, a private real estate investment firm, in the transaction. The buyer was Mack-Cali Realty.
MORRISTOWN, WESTFIELD AND MURRAY HILL, N.J. — HREC has negotiated the sale of a three-property hotel portfolio in New Jersey. The sales price was undisclosed. The properties include the 60-room Best Western Plus Morristown, the 40-room Best Western Westfield, and the 76-room Best Western Plus Murray Hill. Mike Cahill and Ketan Patel of HREC represented the seller, Boyle Hotels, in the transaction. The buyer was undisclosed.
NEW PROVIDENCE, N.J. — NAI Hanson has secured a 7,791-square-foot industrial lease for United Brewing in New Providence. The microbrewery will occupy 140 Spring St., Unit C, at the 66,000-square-foot property. United Brewing plans to set up a full production brewery as well as a tasting room at the site. Barry Cohorsky of NAI James E. Hanson represented the landlord, Davanne Realty Co. & 19-25 Columbia Street Corp., in the transaction. Terms of the lease were not disclosed.
MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company.
AVENEL, N.J. — Marcus & Millichap has brokered the $2.6 million sale of St. George Plaza, a 16,050-square-foot retail property in Avenel. Located at 1144-1162 St Georges Ave., the property is anchored by UPS and H&R Block. Jason Petrick of Marcus & Millichap’s New Jersey office represented the seller in the transaction, the original developer of the property. The buyer was an out-of-state investor.
NORTH BERGEN, N.J. — Cushman & Wakefield has arranged a $51.5 million loan to refinance two distribution centers in North Bergen. The properties are located at 5903 and 7300 Westside Ave. Originally constructed for Liz Claiborne in 1987, 5903 Westside Ave. is a four-story, 600,000-square-foot industrial warehouse utilized as a fashion logistics center by Bergen Logistics. 7300 Westside Ave. is a single-story, 130,000-square-foot industrial warehouse also owned and operated by Bergen Logistics. Cushman & Wakefield’s Equity, Debt & Structured Finance group secured the financing on behalf of the borrower, Bergen Shippers Corp. The lender was JP Morgan Chase. Funds will be used to refinance current debt, with additional proceeds for equipment financing and the construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.
PENNSVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Cranberry Plaza, a 106,165-square-foot shopping center in Pennsville. Located at 233 S. Broadway, the 18-acre center features a tenant roster that includes Save A Lot, Metro PCS and local tenant PV Pets and Tap & Bottle. Michael Cebula represented the seller, a private investor in the transaction. The buyer was a New Jersey-based private investor.