MONROE TOWNSHIP, WOODRIDGE, CARTERET AND CRANBURY TOWNSHIP, N.J. — Bridge Development Partners has agreed to sell a 10-building industrial portfolio totaling 3.4 million square feet, along with two land parcels, to Duke Realty for $515 million. Each of the assets are newly constructed facilities in the infill industrial markets in Northern New Jersey, Southern California and South Florida. The transaction will be completed in phases, with the first two phases having closed Sept. 27 and Oct. 25, and the final phase expected to close near the end of the year. In addition to the 10 completed properties, the acquisition includes two land parcels on which two properties totaling 852,745 square feet will be constructed, beginning this year. Once fully constructed the total cost of the portfolio will be nearly $700 million and span 4.3 million square feet. The first two phases include four properties in New Jersey: Bridge Point South Brunswick, a 488,884-square-foot facility at 773 Davidson Mill Road in Monroe Township; Bridge Point Meadowlands, an under construction 193,805-square-foot facility at 5 Ethel Blvd. in Woodbridge; Bridge Point Carteret, a 206,500-square-foot property at 900 Federal Blvd. in Carteret; and Bridge Point Cranbury, a 264,085-square-foot building in Cranbury.
LAWRENCEVILLE, N.J. — AvalonBay Communities has completed the disposition of Avalon Run East, a garden-style apartment community located at 100 Avalon Bay Drive in Lawrenceville. A joint venture between Rockpoint Group and The Brooksville Co. acquired the property free and clear of existing debt for an undisclosed price. Situated on 69 acres, Avalon Run East features 312 apartments in a mix of one-, two- and three-bedroom units averaging 1,094 square feet. Residences feature gas fireplaces, direct access to personal garages, patios/balconies, in-unit washer and dryers, individual alarm systems and walk-in closets. On-site community amenities include a heated outdoor pool, tennis courts, a playground, picnic and grilling areas, a fully equipped fitness center, an indoor basketball court and a resident lounge. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.
HFF Secures $17.4M in Acquisition Financing for 120,349 SF Shopping Center in Toms River, New Jersey
TOMS RIVER, N.J. — HFF has arranged $17.4 million in acquisition financing for Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River. A partnership between Unison Realty Partners and ALTO Real Estate Fund is the borrower. OceanFirst Bank provided the five-year, fixed-rate loan, as well as a $3.4 million construction line that will be used for capital and tenant improvements as well as leasing commissions. Constructed in 1987, the 120,349-square-foot center is 86 percent leased by 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. The borrower plans to lease the remaining available space, extend tenants with pending maturities early and invest in capital improvements. The improvements will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. Additionally, the partnership may construct a 2,500-square-foot pad site at the center. Michael Klein and Greg Labine of HFF arranged the financing for the borrower.
BELLMAWR, N.J. — CBRE has facilitated the sale of a newly constructed retail property located at 12 S. Black Horse Pike in Bellmawr. Hammonton 1 LLC acquired the property from Mark Bellmawr LLC for $6.5 million. Royal Farms occupies the property, which is slated to open this month. The location is the first New Jersey location for the Baltimore-based convenience and gas store company. Matthew Gorman and Michael Shover of CBRE represented the seller, while Stephen Schrenk, also of CBRE, procured the buyer in the 1031 exchange transaction.
CLIFFSIDE PARK, N.J. — DMG Investments has closed a $71.6 million construction loan for One Park, a 204-unit condominium building located in Cliffside. The financing was secured by DMG with the assistance of Cooper-Horowitz Inc. through AIG. Designed by Architectura with interiors by VLDG, One Park will feature 204 one-, two, three- and four-bedroom for-sale residences priced from $495,000. On-site amenities will include a 24-hour attended front desk; an aquatic center with an indoor heated pool with adjoining outdoor sun deck, sauna and steam rooms; and a private furnished roof deck, including dining terrace with grilling stations, fire pits, intimate seating areas and an outdoor movie theater. Additional amenities include a fitness center, a children’s playroom, a pet spa, guest suites and a secure parking garage. The 14-story building topped out in August and is slated for completion in fall 2018.
CLIFTON, N.J. — NAI James E. Hanson has arranged the sale of a 10,876-square-foot office space located at 1030 Clifton Ave. in Clifton. Realty Investment Associates sold the property for an undisclosed price. The space is located within a two-story, 21,734-square-foot office building. The undisclosed buyer acquired the entire second floor on a condominium basis and plans to renovate, upgrade and occupy the space as a medical office. Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.
MORRIS TOWNSHIP, N.J. — Vision Real Estate Partners, along with a partner firm, has purchased 64 acres of the former Honeywell headquarters campus on Columbia Road in Morris Township for an undisclosed price. The site is approved for office, research and laboratory development, and Vision plans to develop up to 715,000 square feet of premier, build-to-suit corporate headquarters space at the site. Vision Real Estate Partners will oversee the development of the project on Columbia Road.
JERSEY CITY, N.J. — A partnership between Mack-Cali Realty and SJP Properties has unveiled the design for Harborside Tower, a Class A office building in downtown Jersey City. Designed by FXFOWLE, the 40-story tower will feature 1.2 million square feet of office space outfitted with the high-performance infrastructure to enhance the operations of established companies and growing businesses. Situated on the waterfront, the building will feature a 600-car parking garage and is in close proximity to the Exchange Place PATH station and the Hudson-Bergen light rail station. Additionally, the building will feature two retail units offering 12,000 square feet and 25,000 square feet, a two-story lobby with concierge and security personnel, and a rooftop garden and lounge area with views of Manhattan.
HOBOKEN, N.J. — Funds managed by Greystar Real Estate Partners have acquired Observer Park, a multifamily property located at 51 Garden St. in Hoboken, for an aggregate purchase price of $70.3 million. The seller was Invesco. Constructed in 1991, the 12-story building features 115 units. On-site amenities include a fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks Coffee, 24-hour laundry facilities, dry cleaning pickup and delivery, and controlled-access lobbies. Brian Whitmer, Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield represented the seller in the transaction.
VINELAND, N.J. — Cushman & Wakefield has arranged the sale of a manufacturing and warehouse facility located at 500 W. Elmer Road in Vineland. F&S Produce Co. acquired the 580,000-square-foot property for an undisclosed price. The buyer will use the new facility to accommodate its future expansion. Matthew Marshall, Brian Hilger and Gerry Blinebury of Cushman & Wakefield represented the undisclosed seller in the deal.