WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.
EDISON, N.J. — HREC has arranged the sale of the Sheraton Edison Raritan Center in Edison, about 33 miles south of Manhattan. The sales price for the 276-room hotel was not disclosed. The hotel is located in the Raritan Center business park, which is home to local cable television station News 12 New Jersey and the regional operations for both UPS and FedEx. Kevin Hanley, Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the undisclosed seller in the transaction. The buyer was also not disclosed. Edison has recently attracted a large amount of commercial business to the area, according to HREC.
MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.
BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.
HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.
NEWARK, N.J. — Progress Capital has arranged $5.2 million in permanent financing on behalf of West of Hudson Properties for the acquisition of a two-building apartment community in Newark. The lender was Sabal Financial. The terms of the loan include a $5.2 million non-recorse permanent mortgage with five years of interest-only payments at a fixed rate of 3.86 percent. The loan represents a 65 percent loan-to-purchase price accompanied by a 20-year term and 30-year amortization. After the five-year interest-only period expires, the rate will reset. Located at 10-36 Osbornse Terrace and 9 Hedden Terrace, the 70-unit community was fully renovated in 2007. Brad Domenico of Progress Capital arranged the loan on behalf of West of Hudson Properties.
PENNSAUKEN, N.J. — Colliers International has negotiated the sale of three industrial buildings in Southern New Jersey for a combined $7.5 million. The three properties located in Pennsauken include: 9240 Commerce Highway, a 67,600-square-foot warehouse acquired by a private investor for $3.2 million; 6995 Airport Highway Lane, a 60,800-square-foot manufacturing facility purchased by Heat Makers Sense for $2.7 million; and 9265 Commerce Highway, a 33,500-square-foot warehouse acquired by Draco Broadcast for $1.6 million. The seller was the Bloom Organization. Ian Richman and Marc Isdaner of Colliers arranged the sale of the three properties.
PISCATAWAY, N.J. — Levin Management Corp. has signed shoe wholesaler R&J Warehouse to a 103,350-square-foot, full building lease at the Rutgers Industrial Center in Piscataway. Located at 140 Circle Drive North, R&J Warehouse’s new space offers close proximity to I-287 and is five miles from exit 10 of the New Jersey Turnpike. This transaction is the third new lease signing at the five-building, 535,000-square-foot industrial complex in the past 18 months. Levin Management is the asset manager for the property.
JERSEY CITY, N.J. — Developer Strategic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The waterfront condominium project consists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 stories and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 boutique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings feature views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The general contractor for the project is Plaza Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pricing for one-bedroom homes starting at $640,000. Both buildings are slated to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construction America.
TOTOWA, N.J. — Tulfra Real Estate and The Hampshire Companies have completed the disposition of a 91,000-square-foot self-storage facility in Totowa. The property, located at 930 Riverside Drive, was acquired by an undisclosed public company for $230 per square foot. Tulfra and Hampshire acquired the property in 2016 and redeveloped it into a self-storage facility with 1,500 units. Located 17 miles from Manhattan, the facility is part of the 225,000-square-foot Totowa Business Center office park.