HILLSBOROUGH, N.J. — Third-party logistics and distribution company Barrett Distribution Centers has signed a 171,560-square-foot lease at Midpoint Logistics Center, a 750,000-square-foot industrial facility in Hillsborough. Located at 152 Route 206, the property was developed by Los Angeles-based Industrial Realty Group. Ben Shapiro, Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine and David Gheriani of CBRE represented Industrial Realty Group in the transaction. Chris Hile of Jones Lang LaSalle represented Barrett Distribution Centers.
EATONTOWN, N.J. — Stafford Smith Realty has arranged the $4.4 million sale of Tower Market Shopping Center in Eatontown. Located at 37 Highway 35, the 23,000-square-foot, fully leased shopping center is anchored by Dollar General. Ray Smith of Stafford Smith Realty represented the seller, Eatontown Commons Associates, in the transaction. The buyer was Binyan Partners of New York. A façade renovation is planned as well as further upgrades.
BRICK, N.J. — Progress Capital has secured $10 million in acquisition financing for a mixed-use building in Brick. Located at 101 Prosper Way, the four-story property consists of 20,000 square feet of ground-floor retail space and 44 residential units on the upper three floors. Kathy Anderson of Progress Capital represented the undisclosed borrower in the transaction. The lender was Lakeland Bank. Terms of the financing included a 4.6 percent fixed rate for seven years and a 30-year amortization schedule. The loan amount represents a 70 percent loan-to-value ratio.
WOOD-RIDGE, N.J. — Metro Storage LLC has opened an 883-unit self-storage facility in Wood-Ridge. Located at 765 Route 17, the 85,000-square-foot property features climate-controlled units, interior loading bays and elevator access to all floors. The facility is located on the former site of a manufacturing facility. It is Metro’s eigth self-storage facility in the New Jersey market.
BRIDGEWATER, N.J. — HFF has negotiated the sale of the Hyatt House Bridgewater in the central New Jersey community of Bridgewater. Located at 530 Route 22 East, the hotel comprises one two-story building and five three-story buildings. Amenities include a guest market, fitness center, outdoor swimming pool and hot tub, fire pit and 1,500 square feet of meeting space. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and Kevin O’Hearn of HFF represented the seller, an institutional investor, in the transaction. HFF also secured a seven-year, fixed-rate acquisition loan for the buyer, Gulph Creek Hotels.
BLOOMFIELD, N.J. — Marcus & Millichap has arranged the $2 million sale of an 11,000-square-foot office property in Bloomfield. Located at 57 Park St., the property is less than half a mile from the Glen Ridge and Bloomfield Train Station. Fahri Ozturk and Richard D. Gatto of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors. The property was vacant at the time of sale.
MOORESTOWN, N.J. — NAI Mertz has brokered the $13.5 million sale of a 209,000-square-foot industrial property in Moorestown. Located at 540 Glen Ave., the property is currently fully leased to two tenants and features 18- to 24-foot clear heights as well as 40-by-40 foot column spacing. Fred Meyer and Jonathan Klear of NAI Mertz represented the seller, 540 Glen LLC, in the transaction. The buyer was One Liberty Properties Inc.
HARRISON, N.J. — HFF has arranged a $70 million loan to refinance Steel Works, a recently completed, 286-unit apartment community in Harrison. Located at 1200 Frank E. Rodgers Boulevard South, the five-story property is currently 96 percent occupied and consists of a mix of studio, one- and two-bedroom floor plans. Amenities include an outdoor swimming pool with sundeck, fitness center, resident clubroom, dog park and electric car charging stations. Greg Nalbandian and Jim Cadranell of HFF secured financing for the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure a 10-year, fixed-rate loan through an institutional lender. Loan proceeds were used to retire existing construction financing.
PISCATAWAY, N.J. — NAI James E. Hanson has negotiated the sale of a 41,700-square-foot industrial building in Piscataway. The sales price was not disclosed. Located at 727 S. Ave., the property features 14-foot ceilings, five loading platforms and one drive-in door as well as 2,500 square feet of office space. Eric Demmers and Russell Verducci of NAI James E. Hanson represented the buyer, cabinet manufacturer Cavalli Cabinets LLC, in the transaction. The seller was Deals for Less LLC. Cavalli Cabinets plans to use the space for kitchen cabinet manufacturing, warehouse and distribution.
SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business Center in South Plainfield. The fully leased portfolio totals 150,192 square feet. Cronheim secured the 10-year, fixed-rate loan on behalf of borrower National Realty and Development Corp. The lender was Farm Bureau Life Insurance Co. Middlesex Business Center is a 420,000-square-foot office and industrial complex in South Plainfield.