CHERRY HILL, N.J. — Eastern Consolidated has brokered the acquisition of a free-standing retail property located at 504 Kings Highway North in Cherry Hill. A private investor acquired the property from Phoenix Realty Group for $8.9 million. Walgreens occupies the property under a long-term triple-net lease. Evan Street and Matthew Leist of Eastern Consolidated represented the buyer, while Horvath & Tremblay represented the seller in the transaction.
PLAINSBORO TOWNSHIP, N.J. — KRE Group and Oxford Realty Group have acquired Addison at Princeton Meadows, a garden-style apartment complex located at 2821 Pheasant Hollow Drive in Plainsboro. An undisclosed seller sold the property for $73.3 million. Built in 1981, Addison at Princeton Meadows features 439 apartment units in a mix of one- and two-bedroom layouts. On-site community amenities include an outdoor pool with sundeck, 24-hour fitness center, lighted tennis courts, basketball courts, a fenced-in bark park and exterior patios and balconies on each unit. Joseph Brecher of Gebroe-Hammer Associates arranged the sale and procured the buyer in the transaction.
PISCATAWAY, N.J. — Colliers International has negotiated the sale of 15 Corporate Place South, an office building in Piscataway. 15 Corporate Place LLC acquired the building from Corporate Place Partners for $9.1 million. Built in 1983 and renovated in 2013, the four-story building features 138,266 rentable square feet in 40,000-square-foot floorplates. At the time of sale, the property was 98 percent occupied by 75 tenants. Jacklene Chesler, Matthew Brown and Jack Callahan of Colliers arranged the transaction.
BOUND BROOK, N.J. — The Carlton Group has arranged $46 million in high-leverage first mortgage financing for Queen’s Gate Apartments, a recently built 144-unit apartment complex in Bound Brook. The stretch senior loan allowed the undisclosed borrower to pay off its construction financing and cash out of the project before the property reaches stabilization. Steven Weiss and Jeff Kosow of The Carlton Group negotiated the three-year loan for the borrower.
HADDON TOWNSHIP, N.J. — Kimco Realty Corp. has signed a lease with Target at its Westmont Plaza in Haddon Township. The 48,000-square-foot, small-format Target is scheduled to open this month. The signing of Target is the first step in a Kimco’s repositioning program for the 173,000-square-foot open-air shopping center. As Target’s third small-format store in New Jersey, the store will provide residents with a quick-trip shopping experience featuring the brand’s curated assortment of apparel and accessories, grocery and grab-and-go items, beauty products, electronics, toys and more. The store will also feature a CVS/pharmacy and Target’s Order Pickup service.
GUTTENBERG, N.J. — Marcus & Millichap has negotiated the sale of two multifamily buildings located Guttenberg. A private investor acquired the properties for $2.2 million. Combined, the buildings offer 16 apartment units. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
WAYNE, N.J. — Peykar Family Properties is developing a speculative industrial facility at 150 Totowa Road in Wayne. The project includes the demolition of a long-vacant office building and the construction of a 418,500-square-foot industrial facility and more than 40,000 square feet of mezzanine office space, totaling a 459,822-square-foot facility on the 32-acre site. The warehouse space will feature 40-foot clear ceiling heights, 42 tailgates, two drive-in doors and parking for 70 trailers and 224 cars. The facility is designed with office space on each end of the building to allow for multiple users. Completion is scheduled for the first half of 2018. Stan Danzig and Stephen Elman of Cushman & Wakefield are marketing the facility for the developer, which also owns Nourison Industries, a large carpet manufacturing company.
BURLINGTON, N.J. — Colliers International has arranged the sale of an industrial building located at 105 Connecticut Drive in Burlington. Crossroads Industrial acquired the building for $2.5 million, or $63.50 per square foot. The 40,500-square-foot building features 18,000 square feet of office space, 20-foot clear heights in the warehouse, four tailgate doors and one van-height door. The buyer plans to use the site as a warehouse for NYB Distributors. Financing for the acquisition was provided by Morgan Stanley Bank. Marc Isdaner of Colliers represented the undisclosed seller, while NAI Mertz represented the buyer in the deal.
PISCATAWAY, N.J. — Rockefeller Group has acquired a 228-acre industrial site located at 171 River Road in Piscataway. Lincoln Equities Group and Real Capital Solutions sold the former brownfield site for $57 million. The remediated site is fully entitled to build 2.4 million square feet of space for industrial distribution and light manufacturing space. The buyer will break ground on two new buildings later this summer with an anticipated overall project cost between $225 million and $250 million. David Bernhaut of Cushman & Wakefield represented the sellers in the transaction.
HOBOKEN, N.J. — Bijou Properties and Intercontinental Real Estate Corp. have broken ground for a multi-faceted project located at 700 Jackson St. in Hoboken. The project will include a 424-unit residential rental building, a state-of-the-art 6,835-square-foot public gymnasium and a two-acre resiliency park, which is designed to withstand and recover from storm and catastrophic flooding. Designed by Marchetto Higgins Stieve Architects, the 14-story residential building will feature 90,000 square feet of upscale amenities, including a penthouse pool and roof deck, and 25,000 square feet of ground-floor retail space. The two-acre park will include an open grass area, children’s playground and public plaza. Completion of the project is slated for mid-2019.