New Jersey

Seashore-Gardens-Living-Center-Galloway-NJ

Lancaster Pollard Secures $23.1M Refinancing for Seniors Housing Property in New Jersey

by Amy Works April 23, 2018

GALLOWAY, N.J. – Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt-service payments each year. The loan features a fixed interest rate and 35-year term. Tony Ruberg led the transaction for Lancaster Pollard.

April 23, 2018

Acquisitions New Jersey Northeast Office

Colliers Brokers Sale of 218,500 SF Office Property Near Hackensack

by David Cohen April 20, 2018

ROCHELLE PARK, N.J. — Colliers International has brokered the sale of a 218,500-square-foot multi-tenant office property, located at 365 West Passaic St. in Rochelle Park, for an undisclosed price. Rochelle Park is about three miles northwest of Hackensack. Colliers represented the seller, Onyx Equities and Garrison Investment Group in the transaction. The buyer was a structured joint venture between TAK Group and Bergman Real Estate Group. The property was 77 percent occupied at the time of sale to a tenant roster that included healthcare, financial services, engineering, retail and transportation.

April 20, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Two Apartment Property Sales in New Jersey for Combined $3.5M

by David Cohen April 19, 2018

WEST NEW YORK, BAYONNE, N.J. — Marcus & Millichap has negotiated the sales of two apartment buildings in separate transactions in Hudson County, New Jersey, for a combined $3.5 million. In the first transaction, 5204 Palisade Ave., a 16-unit multifamily building in West New York, sold for $2.5 million. The property was 100 percent occupied at the time of sale. In the second deal, 265 Ave. B in Bayonne sold for $1 million. The property includes eight residential units and one storefront. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap’s New Jersey office represented the sellers, both private individuals, in the two transactions.

April 19, 2018

Acquisitions Loans New Jersey Northeast

HFF Arranges $7.6M in Acquisition Financing for Industrial Portfolio in Suburban Philadelphia

by David Cohen April 17, 2018

LOGAN TOWNSHIP, N.J. — HFF has arranged $7.6 million in acquisition financing for a three-building industrial portfolio in the suburban Philadelphia community of Logan Township. The borrower is a joint venture between Novaya and Foxfield Ventures. The lender for the first mortgage financing was not disclosed. Totaling 193,379 square feet, the portfolio comprises the 103,241-square-foot 1 Killdeer Court, the 46,888-square-foot 614 Heron Drive and the 43,251-square-foot 603 Heron Drive. All three of the light industrial facilities were built between 1975 and 1977 and are located in Gloucester County off I-295.

April 17, 2018

Acquisitions New Jersey Northeast

Marcus & Millichap Brokers $1.8M Sale of Retail Property in New Jersey

by David Cohen April 17, 2018

OAKLYN, N.J. — Marcus & Millichap has brokered the $1.8 million sale of a 7,480-square-foot retail property net-leased to Dollar General in Oaklyn. Located at 301 White Horse Pike, the property is situated on a busy retail corridor nine miles east of Philadelphia. Nearby retailers include CVS, 7-Eleven, Dunkin’ Donuts and Wawa. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented both the buyer and seller, both developers, in the transaction.

April 17, 2018

Acquisitions Industrial New Jersey Northeast Retail

Sheldon Gross Realty Arranges Sale of 41,500 SF Warehouse, Retail Facility in East Brunswick

by David Cohen April 16, 2018

EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $1.5M Sale of Retail Property in New Jersey

by David Cohen April 16, 2018

ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.

April 16, 2018

Loans Multifamily New Jersey Northeast

NorthMarq Capital Arranges $30M Refinancing of Multifamily Portfolio in New Jersey

by David Cohen April 13, 2018

MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.

April 13, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.6M Sale of Retail Property in Parsippany

by David Cohen April 13, 2018

PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

April 13, 2018

Leasing Activity New Jersey Northeast

Duke Realty Signs RAB Lighting to 264,085 SF Industrial Lease in New Jersey

by David Cohen April 13, 2018

CRANBURY, N.J. — Duke Realty has signed RAB Lighting to a 264,085-square-foot industrial lease in Cranbury. RAB Lighting will relocate and expand its distribution center operations in the Northeast at the newly developed building, which was acquired by Duke Realty in October. RAB Lighting is a manufacturer of indoor and outdoor LED lighting and controls. The facility, located at 10 Broadway Road, features a 36-foot clear height, 42 dock doors and two drive-in doors. The property also includes a 130-foot trailer court and parking for 89 automobiles and 11 trailers. Chuck Fern of Cushman & Wakefield represented both parties in the transaction.

April 13, 2018

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