PARSIPPANY, N.J. — Day Pitney LLP has signed a 56,000-square-foot office lease in the Northern New Jersey community of Parsippany. The law firm is relocating from the nearby building at 1 Jefferson Road to the entire second and third floors of 8 Sylvan Way, a 176,062-square-foot building that was originally constructed in 2009 to house the operations of pharmaceutical corporation Novartis. Tim Greiner, David Stifelman and Noah Stewart of JLL represented the landlord, Orion Office REIT, in the lease negotiations. Greiner also represented the tenant along with JLL’s Mike Pietrowicz, Dan Loughlin, Kimberly Smith, Brendan McBride and Jonathan Ortiz.
LYNDHURST, N.J. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $14.6 million construction loan for a Marriott-branded hotel project in the Northern New Jersey community of Lyndhurst. The hotel will total 128 rooms and will be operated under Marriott’s TownePlace Suites brand. David Turley of Cronheim Mortgage placed the loan through an undisclosed local bank on behalf of the borrower, regional hospitality owner-operator BDG Hotels. Construction is slated for a late 2025/early 2026 completion.
NEWTOWN, PA. — Norman’s Hallmark has signed leases to open nine stores that will range in size from 5,000 to 7,000 square feet in New Jersey and Pennsylvania. The New Jersey stores are located in Princeton, Somers Point, Marlton, Ocean Township, Manalapan, Turnersville and Mays Landing. The Pennsylvania stores are located in Allentown and Wyomissing. Rose Urban of Equity Retail Brokers represented the Pennsylvania-based home décor retailer in all lease negotiations.
DENVILLE, N.J. — Cushman & Wakefield has brokered the $2.5 million sale of 1 Stewart Court, a 14,100-square-foot industrial flex building in Denville, about 40 miles west of New York City. The building is located on a 2.2-acre site within Bridge View Business Park and features a clear height of 16 feet and two loading docks. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, an entity doing business as One Stewart Court LLC, in the transaction. The team also procured the undisclosed buyer.
ROCKAWAY, N.J. — California-based brokerage firm Graystone Capital Advisors has arranged the sale of a 34,177-square-foot shopping center in the Northern New Jersey community of Rockaway. Tractor Supply Co. anchors the center, which according to LoopNet Inc. was originally built in 1980. A developer based in the Southeast sold the property to a local institutional investor for $7.2 million, with both parties requesting anonymity. Julius Swolsky and Shannon Bona of Graystone brokered the deal.
ALPHA, N.J. — A partnership between locally based developer Woodmont Industrial Partners and Brookfield Properties will develop a 450,000-square-foot project in Alpha, located on the New Jersey-Pennsylvania border. Alpha 78 Logistics Center will be situated on a 33.6-acre site and feature a cross-dock configuration, clear height of 36 feet, 118 dock doors with four drive-ins, 6,000 square feet of office space and parking for 230 cars and 89 trailers. Completion is slated for the third quarter of 2025. CBRE will market the property for lease. CBRE also brokered the land deal, which closed in June and saw Woodmont sell the acreage to Brookfield.
IRVINGTON, N.J. — Marcus & Millichap has brokered the $3.2 million sale of a portfolio of three apartment buildings totaling 26 units in the Northern New Jersey community of Irvington. The buildings are collectively known as the Ellis Apartment Portfolio and house a mix of studio, one-, two- and three-bedroom units. Jed Matricaria and Daniel Aviles of Marcus & Millichap represented the seller and procured the buyer, both of which were private investment firms that requested anonymity, in the transaction.
FAIRFIELD, N.J. — Locally based investment firm The STRO Cos. has acquired a 76,560-square-foot industrial building in the Northern New Jersey community of Fairfield. The building, which was fully leased at the time of sale, houses small-bay units that range in size from 8,000 to 13,000 square feet and feature clear heights of 22 feet. Howard Weinberg of JLL represented the undisclosed seller in the transaction.
LITTLE FERRY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $75 million bridge loan for a 294-unit multifamily project that is nearing completion in the Northern New Jersey community of Little Ferry. The property at 110 Bergen Turnpike includes 8,356 square feet of retail space and is expected to receive its temporary certificate of occupancy during the current quarter. The borrower is Capodagli Property Co., a New Jersey-based family-owned development firm. Proceeds from the 18-month loan, which also carries two six-month extension options, will be used retire the existing $71 million construction loan (also provided by SCALE) and to complete lease-up of the project.
HAMILTON, N.J. — A partnership between New Jersey-based Saxum Real Estate and Meadow Partners, an investment firm with offices in New York and London, has purchased an 80,420-square-foot industrial flex building in Hamilton, located just outside of Trenton. The site at 1 Electronics Drive spans 16 acres, including land for future expansion. The building, which according to LoopNet Inc. was constructed in 1972 and renovated in 2000, includes 530 parking spaces and was 73 percent leased at the time of sale to three tenants. JLL represented the seller, BTR Capital Group, in the transaction and arranged the joint venture equity and acquisition financing for the deal. Zimmel Associates has been tapped as the leasing agent.