PARSIPPANY, N.J. — RD Management, JMF Properties and Ripco Real Estate Corp. have broken ground for Waterview Marketplace, a shopping center located at the intersection of Waterview Boulevard and Route 46 in Parsippany. A 48,000-square-foot Whole Foods Market will anchor the 150,150-square-foot shopping center, which is slated to open in 2018. The Whole Foods Market will be the third location in the Morris County and will feature indoor and outdoor dining space for customers.
SADDLE BROOK, N.J. — Marcus & Millichap has arranged the sale of the leasehold interest of Park 80 East, an office building located at 160 Pehle Ave. in Saddle Brook. A private investor acquired the 83,160-square-foot property for $2.3 million. At the time of sale, the property was 50 percent occupied. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
JERSEY CITY, N.J. — Smart Living Development, formed by KSNY and Strategic Properties, has broken ground for the development of Nest Micro Apartments, located at 184-190 Academy St. in Jersey City. The property will feature 122 fully furnished apartments, all of which are studio units less than 300 square feet, with rents starting at less than $1,300 per month. On-site amenities include coffee house/lounge, laundry facilities, bike storage, a gym, a roof deck lounge with grill and outdoor showers and storage units. Leasing is slated to commence in August 2018.
SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.
WEEHAWKEN, N.J. — Hartz Mountain Industries has broken ground for Whole Foods Market 365 at Lincoln Harbor, a mixed-use development on the Weehawken waterfront. The 32,949-square-foot grocery store will join the 2.5 million-square-foot development, which includes residential, commercial, hospitality and restaurant space. Whole Foods Market 365 delivers the same quality of foods and products as the traditional Whole Foods Market, but in a new format that with a focus on value.
BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.
PENNSAUKEN, N.J. — Markeim Chalmers has arranged the sale of an industrial building located at 1395 Suckle Highway in Pennsauken. 153 Suckle Highway LLC acquired the 37,215-square-foot building for $1.2 million. Adam Dembo of Markeim Chalmers represented the seller, Suckle Properties, in the deal.
GARFIELD, N.J. — Marcus & Millichap has brokered the sale of Davison Apartments, an apartment building located at 500 Lanza Ave. in Garfield. A limited liability company sold the eight-unit property for $1.1 million. Daniel Aviles of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
JERSEY CITY, N.J. — A joint venture between Hartz Mountain Industries and Panepinto Properties has completed the development of 3 Journal Square, an apartment building located at 2935 John F. Kennedy Blvd. in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the 13-story building features 240 apartment units, an indoor pool, 24-hour concierge and maintenance, a health and fitness center, resident lounge and a rooftop terrace.
SHREWSBURY AND MT. LAUREL, N.J. — Capitol Seniors Housing is developing two seniors housing communities in New Jersey. Construction is slated to begin this month on Chelsea Senior Living of Shrewsbury, a $29.3 million, 73,000-square-foot property located at 515 Shrewsbury Road. Slated to open in third quarter 2018, the community will feature 85 apartments, with 58 for assisted living and 27 for memory care, as well as a sunroom, bistro, tavern, outdoor patio, theater, art studio and gallery. The company is also breaking ground in July for Arbor Terrace Mt. Laurel. Located at the intersection of Creek and Centerton roads, the $28.4 million, 75,000-square-foot community will feature 88 apartments, a bistro, theater room, art studio, technology lounge, fitness/rehab center, sports theater, patio, courtyard and two-story water feature. The community is scheduled to open in the third quarter of 2018. Capitol Seniors Housing also recently completed Arbor Terrace Morris Plains, an 82-unit assisted living and memory care community in Morris Plains, N.J., and has two additional properties under development. The 83-unit Atria of Norwood in Norwood, N.J., is slated to open in March 2018 and the 82-unit Arbor Terrace of Mountainside in Mountainside, N.J., is expected to open in May 2018.
