NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 9,400-square-foot mixed-use property in Jersey City. The property is located at 253 Academy St. Jonathan Zamora and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a developer.
ALLENDALE, N.J. — Avison Young has secured a $21.1 million loan to refinance a 114,200-square-foot industrial flex facility in Allendale. Located at 75 Commerce Drive, the property is fully occupied by a tenant roster that includes Hitachi Chemical Advanced Therapeutics Solutions and Telemetrics Inc. George Gnad of Avison Young represented the borrower, a venture between Red Pine Capital Partners and Double Z Management, in securing financing through lender Potomac Business Services. Terms of the financing were not disclosed.
TETERBORO, N.J. — Hanley Investment Group Real Estate Advisors has negotiated the $37.4M sale of a Walmart ground lease in Teterboro. Ed Hanley of Hanley Investment Group represented the seller, Catellus Development Corp., in the transaction. The buyer was a 1031 exchange private investor. Located at 1 Teterboro Landing Drive, the 159,542-square-foot property was built in 2015. The building is located within the fully leased Teterboro Landing shopping center, which includes a tenant roster of Costco, Chipotle Mexican Grill, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chick-fil-A, CityMD Urgent Care, European Wax Center, GNC, Habit Burger Grill, KicksUSA, Panera, Petco, Texas Roadhouse, The Halal Guys, and T-Mobile.
PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale and leaseback of a 540,103-square-foot industrial facility in Parsippany. The sales price was undisclosed. Located at 100 Jefferson Road, the property currently serves at the global headquarters for the seller, PNY Technologies. Gary Gabriel, Kyle Schmidt, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin of Cushman & Wakefield represented PNY Technologies in the transaction. The buyer was a joint venture between Turnbridge Equities and Harbor Group International. PNY Technologies leased back approximately 25 percent of the building on a long-term basis, leaving 400,000 square feet of industrial space for Turnbridge Equities to rent. Turnbridge and HGI have commenced a $4.5 million capital improvement program at the facility that will include new parking and loading areas, new office space and building entrances, as well as new mechanical systems.
MARLTON, N.J. — NKF Capital Markets has brokered the sale of an 88,000-square-foot office building in Marlton. The sales price was undisclosed. Located at 50 Lake Center, the Class A office building was built in 2006 and features a two-story granite atrium. The property is located three miles from the New Jersey Turnpike. Steven M. Schultz and John Howley represented the undisclosed seller in the transaction. The buyer was Twenty Lake Holdings.
SEWELL, N.J. — Marcus & Millichap has negotiated the $5.4 million sale of a 2,000-square-foot retail property net leased to Wawa in Sewell. The property is located at 485 Woodbury Glassboro Road. The sales price represents a 4.5 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
WASHINGTON, N.J. — HFF has brokered the $16.2 million sale of The Village Shoppes at Hawk Pointe and Hunterdon Medical Office Building in Washington. The Village Shoppes at Hawk Pointe comprises an 81,415-square-foot, fully leased, ShopRite-anchored retail center. Other tenants at the retail property include Anytime Fitness and Visions Federal Credit Union. Built in 2016, the Hunterdon Medical Office Building is a 25,000-square-foot, single-tenant property occupied by Hunterdon Healthcare. HFF represented the seller, Asbury Farms, in the transaction. The buyer was Larken Associates.
PATERSON, N.J. — Silver Arch Capital Partners and Procida Funding & Advisors LLC have provided a $12.5 million refinancing for Art Factory Studios, a 170-year-old, 21-building creative office park situated on 4.7 acres in Paterson. The borrower, Great Falls Industrial Park Inc., will use the loan proceeds to pay off debt and make capital upgrades. Located at 60-70 Spruce St., the property is the former home of the American Hemp Co. Past redevelopment of the campus has included retail stores, event spaces and light industrial spaces as well as more office and studio space. Terms of the financing were not disclosed.
TRENTON, N.J. — Monmouth Real Estate Investment Corp. has acquired a 347,145-square-foot industrial facility in Trenton for $85.2 million. Located at 584 U.S. Highway 130, the 62-acre property is currently net-leased to FedEx Ground Packaging System Inc. with 14 years remaining on the term. The seller was undisclosed.