JERSEY CITY, N.J. — Progress Capital has secured an $11.8 million loan for the acquisition of a former manufacturing facility in Jersey City. The property is the former site of Elementis Specialties Inc. and is located at 400 Claremont Ave. The buyer, 400 Claremont Urban Renewal LLC, plans to redevelop the site into a mixed-use building with residential, parking and retail components. Progress Capital arranged the financing on behalf of the borrower through an undisclosed lender. The timeline for the project was not disclosed.
ATLANTIC HIGHLANDS, N.J. — Berkadia has secured a $51.9 million acquisition loan for Thousand Oaks Village, a garden-style multifamily community in Atlantic Highlands. Bob Falese and Jeff Heath of Berkadia secured the financing through Freddie Mac on behalf of the borrower, Delaware-based 165 Thousand Oaks Drive LLC. The borrower plans to renovate and upgrade all units at the property. Berkadia utilized the Freddie Mac Mod Rehab Loan Program, allowing the borrower to have a floating rate during the renovation period that will automatically convert to a fixed rate upon the completion of renovations. Located at 165 Thousand Oaks Drive, Thousand Oaks Village features one-, two- and three-bedroom floor plans. Amenities include air conditioning, large closets, hardwood floors and private patios.
EDISON, N.J. — Avanath Capital Management has acquired Menlo Manor, a 240-unit affordable senior housing community in Edison. Avanath acquired the property through its institutional fund, Avanath Affordable Housing III. The five-story property was built in 1980 and features a community room, exterior courtyard, library, dining area, community kitchen and automatic front doors. Located at 161 Inman Ave., the community includes a mix of studios, one-, and two-bedroom units. Alex Medeiros of CBRE represented the seller, Jeff Spragens.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has secured a 450,000-square-foot, full-building lease for moving services provider Clutter at 1065 Cranbury South River Road in South Brunswick. The newly constructed facility is a speculative development by IDI Logistics. Andrew Stypa and Daniel Badenhausen of Cushman & Wakefield represented Clutter in the transaction. Cushman & Wakefield’s Jason Goldman, Andrew Siemsen and Marc Petrella represented IDI Logistics. Clutter will move into the facility by the end of Summer 2018.
TETERBORO, N.J. — Cushman & Wakefield has arranged the sale of a 616,992-square-foot industrial building in Teterboro. Goodman acquired the property for an undisclosed price. Situated on 27 acres, the building is climate controlled, has clear heights of up to 32 feet and includes cross-docking. Gary Gabriel, Adam Spies, Andrew Merin, David Bernhaut, Marcella Fasulo, Kyle Schmidt, and Ryan Larkin of Cushman & Wakefield represented the undisclosed seller in the transaction. At the time of sale, the building was fully net leased to an investment-grade tenant.
KRE Group, National Real Estate Advisors Secure $210M Financing for Multifamily Tower in Jersey City
JERSEY CITY, N.J. — KRE Group and National Real Estate Advisors have secured $210 million in permanent financing for a 563-foot multifamily tower at Journal Squared, a mixed-use development in Jersey City’s Journal Square neighborhood. American International Group provided the financing with Meridian Capital Group serving as broker in the transaction. The 53-story building is the first phase of the planned three-building, mixed-use development. When completed, Journal Squared will consist of 36,000 square feet of retail and restaurant space as well as 1,840 residential units. KRE and National broke ground on the project’s second tower this spring, which will top out at 70 stories.
WOODLAND PARK, N.J. — Encore Real Estate Investment Services has negotiated the $12 million sale of a net leased Best Buy in Woodland Park. The absolute net corporate-backed lease had four years of term remaining at the time of sale with three, five-year options to extend. Michael Gaggo, Brandon Hanna, Ryan Vinco, and Deno Bistolarides of Encore represented both the buyer, a Midwest based investment fund, and the seller, a California based investment fund.
FRANKLIN PARK, N.J. — Marcus & Millichap has arranged the $12.7 million sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail center in Franklin Park, located about 40 miles south of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. The buyer was a local private investor. The tenant roster at the center includes Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
MOUNT LAUREL, N.J. — MidCap Financial has provided a $5.1 million acquisition loan for a 112,000-square-foot multi-tenant industrial property in Mount Laurel, just east of Philadelphia. MidCap provided Burton Real Estate with $5.1 million in floating-rate financing for the $6.3 million acquisition of the property. Other loan terms were not disclosed. Mike Klein of HFF’s New York office arranged the transaction.
HAMPTON, N.J. — Cushman & Wakefield has arranged the sale of 15 Route 173, a 30,000-square-foot warehouse in Hampton. Daniel Badenhausen and Andrew Stypa represented the buyer, Kal Freight Inc., in the transaction. The seller was undisclosed. The 13-acre property features up to 20-foot clear heights, cross-docking and 50 loading doors. The price was undisclosed.