PAULSBORO, N.J., AND PHILADELPHIA — Metro Commercial Real Estate has brokered leases for four new Save-A-Lot locations in Philadelphia and Paulsboro. Michael Murray of Metro Commercial represented Save-A-Lot in the following leases: 2101 W. Lehigh Ave., Philadelphia, at Hope Plaza Shopping Center. The 17,500-square-foot store will open this spring. 545 W. Broad St., Paulsboro, at Paulsboro Plaza Shopping Center. The 17,795-square-foot store will open this spring. 400 W. Allegheny Ave., Philadelphia. The 16,338-square-foot store will open this summer. 6301 Chew Ave., Philadelphia. The 18,425-square-foot store opened March 9.
MORRISTOWN, N.J. — G.S. Wilcox & Co. has secured a $16.5 million loan for the Hampshire Cos.’ newly constructed office building located at 49 Market St. in Morristown. The 44,000-square-foot property is a build-to-suit for law firm Fox Rothschild LLP, allowing the company to consolidate its Morristown and Roseland offices. The Morristown-based mortgage banker secured the financing over a 15-year term from a life insurance company headquartered in Alabama. Gretchen S. Wilcox and Al Raymond of G.S. Wilcox handled the transaction.
TOTOWA, N.J. — Sitex Group has acquired two warehouse/distribution centers located at 8 Vreeland Ave. and 50 Furler St. in Totowa from an unnamed private seller. The purchase price was not disclosed. Sitex plans to make 8 Vreeland available for occupancy next year. The property features 24- to 28-foot clear heights and a partially air-conditioned warehouse. The 125,000-square-foot property also includes 12,000 square feet of office space and 10 loading docks. Currently leased to Custom Index Inc., Sitex plans to renovate the property when the tenant leaves next year. At 55,000 square feet, 50 Furler St. features 16-foot clear heights, three loading docks and 3,000 square feet of office pace. It is leased to SK Custom Creations. Both properties are located near I-80 and Route 46. JLL’s Howard Weinberg arranged the transaction. Sitex has retained him to market 8 Vreeland Ave. for lease.
ELIZABETH, N.J. — Marcus & Millichap has brokered the $2.6 million sale of a 16,208-square-foot retail property in Elizabeth. Michael Lombardi of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. Lombardi also secured and represented the buyer, another private investor. The property is located at 251 N. Broad St.
SOMERVILLE, N.J. — Sterling Properties will develop a four-story, 69-unit apartment property near downtown Somerville. Set to deliver in 2018, the property will be located at 110 S. Bridge St., which is within walking distance of New Jersey Transit’s Somerville Station, and will be known as SOMA. Floor layouts will consist of studio, one- and two-bedroom units. Initial site work on the property will begin this spring. Designed by architecture firm Comito Associates, SOMA’s units will range from 585 to 1,290 square feet with features including nine-foot ceilings and stainless steel appliances. Common area amenities will include a fitness studio and tech lounge. Interior Design firm Mary Cook and Associates will design the project’s unit interiors and common space.
MORRISTOWN, N.J. — Vision Real Estate Partners has acquired 1776 On The Green, an office property in downtown Morristown. The company plans to update the 150,000-square-foot tower in collaboration with the adjacent Pioneer Park improvements project. Located at 67 Park Place East, 1776 On The Green is situated on the Morristown Green at the corner of Speedwell Avenue. Cushman & Wakefield arranged the transaction with the seller, Deutsche Bank Asset Management. Built in 1973, the property is undergoing interior upgrades and sits on top of a parking garage shared with the Headquarters Plaza. Vision Real Estate Partners plans to immediately renovate the 10-story building with lobby and common area upgrades and the creation of a third-floor amenity lounge.
SOUTH BRUNSWICK, N.J. – CBRE has arranged 450,000 square feet of leases at 301 Middlesex Center Blvd., a Class A industrial building in South Brunswick — bringing the newly constructed, speculative facility to full occupancy The transactions include a 250,000-square-foot lease with CDS Logistics and a 200,000-square-foot lease with Best Logistics. CBRE’s Steven Beyda, Mindy Lissner and Scott Belfer arranged the transaction on behalf of landlord IDI Gazeley, an industrial real estate developer. Beyda, Kevin Dudley and William Waxman of CBRE represented Best Logistics. Joe Nitti of Cresa represented CDS. Located near the New Jersey Turnpike, 301 Middlesex includes 36-foot ceiling heights, ESFR sprinkler systems and cross-docked loading.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $7.8 million sale of a multifamily property in Jersey City. Nicholas Nicolaou represented the seller, an independent real estate investment firm, and identified the buyer in the sale of the 72-unit portfolio. Comprising three separate buildings located at 158 Bergen Ave. (25 units), 162 Bergen Ave. (26 units) and 232 Bidwell Ave. (21 units), the portfolio is situated within the Greenville neighborhood at the southernmost point of Jersey City. The per-unit price of the sale was $107,600. The properties are located near light rail services and bus routes along with high-traffic roads including I-78, I-287 and the New Jersey Turnpike.
NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …
SOUTH AMBOY, N.J. — Woodmont Properties has commenced construction of Woodmont Cove at South Amboy, a transit-oriented apartment community in South Amboy. Woodmont Cove is located seven blocks from the South Amboy transit train station, which provides a 30-minute ride to Newark Penn Station and a 51-minute train ride to New York City. Woodmont Cove will feature 106 townhouse-style apartments with garage parking and 20 apartment flats. Unit amenities will include quartz countertops, stainless steel appliances and second-floor balconies. Each apartment will also include a washer and dryer. Woodmont Cove is located near the Garden State Parkway, New Jersey Turnpike, Interstate 28, and state highways 35, 1 and 9. Leasing will begin this summer, with occupancy beginning in September.