UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.
RIVER EDGE, N.J. — NAI James E. Hanson has negotiated the sale of a 3,112-square-foot office condo in River Edge. The condo is located at 63 Grand Ave., a three-story, 10,000-square-foot office building. Darren Lizzack, Randy Horning, and Michael Guerra of NAI Hanson represented the buyer, Dr. Dan S. Landmann, in the transaction. Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave LLC. The buyer was searching for an opportunity to purchase space as a long-term home for his surgery practice currently based in Maywood.
PARAMUS, N.J. — NIA National Realty has arranged five lease transactions totaling 20,000 square feet at a retail and office building in Paramus. Located at 66 Route 17 North, the two-story, 40,000-square-foot building recently underwent a $1 million renovation that included a new façade and windows. A high-end rug company signed a new 10-year lease for 5,000 square feet on the ground floor; Lois Law Firm has signed a 12,500-square-foot lease and Primerica has signed a 1,500-square-foot lease. Educational consultant Shift New Jersey and the Forman Holt law firm both extended their current leases. NIA is also headquartered at the property.
EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.
PISCATAWAY, N.J. — Bussel Realty Corp. has negotiated the $4.1 million sale of 150 Ethel Road West, a 33,000-square-foot industrial buildingin Piscataway. The property features 20-foot ceiling heights, 3,000 square feet of offices and one oversized drive-in door for loading. Steve Bussel and Anthony Mircovich of Bussel Realty represented the seller, Preferred Management, in the transaction. Resource Realty of North Jersey represented the buyer, East Coast International Tire Group.
ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 45,000-square-foot industrial and flex building at 475 Mola Blvd. in Elmwood Park. The sales price was undisclosed. NAI James E. Hanson represented the seller, 475 Boulevard LLC, in the transaction. The buyer was Millstein Acquisitions. The property includes 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the building’s remaining vacant space into two 5,000 square feet units and one 23,000-square-foot unit.
NUTLEY, N.J. —HFF has arranged $10.2 million in financing for the development of a 925-unit, CubeSmart-branded self-storage facility at 10 Kingsland St. in Nutley. The three-story, 125,000-square-foot facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. HFF represented the developer, Tulfra Real Estate, in securing the construction loan with Bank of New Jersey. Loan proceeds will be used for acquisition costs, site improvements, construction and facility lease up.
LINDENWOLD, N.J. — Gebroe-Hammer Associates has negotiated the sale of Woodland Village Apartments in Lindenwold for $32.1 million. The property, which is located at 401 E. Gibbsboro Road is a 546-unit, two-story, garden-style apartment complex. Gebroe-Hammer represented the seller, Odin Properties, in the transaction. The buyer was undisclosed. Odin purchased the property for $15.8 million in 2014 and fully renovated the 30-building, 28.4-acre complex.
JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which was collateralized by two parcels of land, include a 65 percent loan-to-cost (LTC) ratio, an 18-month interest-only period and two optional 12-month extensions on the construction phase. Upon stabilization, the borrower has the option to convert to a permanent mortgage.
RIDGEWOOD, N.J. — Marcus & Millichap has brokered the $2 million sale of a 6,000-square-foot office building in Ridgewood, about 20 miles outside of Manhattan. The property is located at 166 Franklin Ave. near the downtown area.David Thurston of Marcus & Millichap represented the seller and procured the buyer in the transaction, both of which were limited liability companies. Other terms of sale were not disclosed.