MONTCLAIR, N.J. — Marcus & Millichap has negotiated the $2.5 million sale of a 70 Park Montclair, a 12,000-square foot office property located in Montclair. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a partnership, in the transaction. 70 Park Montclair is located at 70 Park St. and currently 83 percent occupied.
TRENTON, N.J. — Arbor Realty Trust has provided a $25 million loan through Fannie Mae for the refinancing of an apartment property in Trenton. The borrower was undisclosed. The 169-unit multifamily property is known as The Village at Lambert Green. Built in 2017, the community features amenities that include chef-style kitchens, 24-hour emergency maintenance, a clubhouse and fitness center. Ronen Abergel of Arbor Realty originated the 12-year, fixed-rate loan.
LEBANON TOWNSHIP, N.J. — NAI James E. Hanson has arranged the sale of a 244-acre parcel of land in Lebanon Township. The sales price was undisclosed. The property features open and wooded land and is currently occupied by Pelio Farms. John J. Schilp and Sigmund Schorr of NAI James E. Hanson represented the buyers, New Jersey Conservation Foundation, New Jersey Green Acres Program, Lebanon Township, Hunterdon Land Trust, The Nature Conservancy, Victoria Foundation, 1772 Foundation, Leavens Foundation and the New Jersey Water Supply Authority. The seller was Earl Pelio of Pelio Farms. The buyers created a public-private partnership to acquire the land to preserve it from future development and link existing preserved lands to create a greenway of nearly 2,600 acres in northern Hunterdon County.
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $2.3 million sale of a 13,000-square-foot retail property in Somerville. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The two-story building is located at 130 W Main St. in downtown Somerville and is currently occupied by Stickley Furniture Company.
FLEMINGTON, N.J. — Marcus & Millichap has negotiated the sale of 31 North Office Center, a 33,000-square-foot medical office property in Flemington for $3.2 million. Ben Sgambati, Alan Cafiero, Anthony Asencio and Victor W. Nolletti of Marcus & Millichap represented the seller, a bank/financial institution. Anthony Asencio of Marcus & Millichap represented the buyer, a limited liability company. The class B building is located at 121 State Route 31.
SOMERSET, N.J. — Cushman & Wakefield has arranged an 86,000-square-foot, full-building industrial lease in Somerset. Andrew Stypa and Daniel Badenhausen of Cushman & Wakefield represented the landlord, Terreno Realty Corp., in securing a long-term lease for tenant Integrated Supply Network. The class A building is located at 70 Schoolhouse Road, within New Jersey’s Lower I-287 submarket.
PISCATAWAY, N.J. — Colliers International has negotiated the sale of a 138,629-square-foot office building in Piscataway. The sales price was undisclosed. The property, which is located at 371 Hoes Lane, was built in 1989 and renovated in 1997. Colliers represented the undisclosed seller in the transaction. The buyer was Brandon Rolnick, a private investor. Rolnick has hired Marner Architecture and Haas Construction to fully renovate the building. Colliers will maintain leasing at the property.
MOONACHIE, N.J. — Sitex Group has acquired an 83,000-square-foot warehouse located at 131 W. Commercial Ave. in Moonachie. Sitex purchased the property from a private seller. The sales price was not disclosed. The property, which is located approximately ten miles from New York City, can accommodate one or two occupants and features ceiling heights of up to 20 feet. The building is currently 50 percent occupied by a logistics company. Sitex plans to renovate the interior and exterior of the property in order to appeal to corporate tenants.
JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.
UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.