New Jersey

CBRE Negotiates $53M Sale of Grocery-Anchored Shopping Center in New Jersey

by David Cohen May 16, 2018

EDISON, N.J. — CBRE has negotiated the $53 million sale of Festival Plaza, a 151,763-square-foot, grocery-anchored shopping center in Edison. Asian grocer H Mart anchors the center, which is located at 1711-1783 Lincoln Highway. Other tenants include C2 Tutoring, China Trust Bank and Sunbright Hair Salon. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Edison I LLC, in the transaction. The buyer was a local private investor. The population within three miles of the center is 131,555, according to CBRE.

May 16, 2018

Development Mixed-Use New Jersey Northeast

Joint Venture Breaks Ground on 119,000 SF Mixed-Use Project in Hackensack

by David Cohen May 15, 2018

HACKENSACK, N.J. — The Hampshire Companies, along with joint venture partners Claremont Cos., NAI James E. Hanson and construction lender Provident Bank, have broken ground on a 119,000-square-foot mixed-use project in Hackensack at 383-389 Main St. The five-story building will consist of 82 residential units and feature 3,500 square feet of retail space. The target date for completion is fall 2019. Amenities will include a gym, indoor lounge areas, public outdoor terrace and bicycle storage. Designed by architect Minervini Vandermark, the project will be known as 389 Main. The project is part of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders and real estate professionals. The plan designated a 163-acre area of the city that encompasses 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investment to the city across the retail, residential, office and mixed-use sectors.

May 15, 2018

Acquisitions New Jersey Northeast

Redwood Realty Brokers $3M Sale of Mixed-Use Property in New Jersey

by David Cohen May 14, 2018

CHATHAM, N.J. — Redwood Realty Advisors has brokered the sale of 258 Main St. in Chatham, about 30 miles west of Manhattan. The $3 million price represents a capitalization rate of 5.2 percent. Built in 1927, the 12,000-square-foot, mixed-use property includes 10 apartment units and two commercial spaces. Redwood represented the undisclosed buyer in the transaction, a repeat client of the firm. The buyer plans to renovate the units in an effort to enhance the value and performance of the building.

May 14, 2018

Acquisitions Industrial New Jersey Northeast

Bussel Realty Arranges Sale of 36,000 SF Industrial Building in New Jersey

by David Cohen May 14, 2018

SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of 121 Corporate Blvd., a 36,000-square-foot industrial building in South Plainfield. The price was undisclosed. Herb Zimmerman of Bussel Realty represented the buyer, Touch Dynamic, in the transaction. The seller was Adler Development. Touch Dynamic, a maker of touch-screen computers and monitors, will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its products. The property is fully air-conditioned and includes three loading docks, one drive-in door and 19-foot ceiling heights.

May 14, 2018

Industrial Leasing Activity New Jersey Northeast

Accordia, EverWest Lease 369,000 SF of Industrial Space to One Stop Logistics in New Jersey

by David Cohen May 10, 2018

SOUTH BRUNSWICK, N.J. — Accordia Realty Ventures and EverWest Real Estate Investors have leased 369,000 square feet of industrial space to One Stop Logistics LLC. The 10-year lease is for a property located at 83 Stults Road in the Dayton neighborhood of South Brunswick, approximately midway between New York City and Philadelphia. JLL represented Accordia and EverWest in the transaction. Blau & Berg Co. represented the tenant. Set on 34 acres, the distribution and warehouse facility was constructed in 1974 and includes 20,382 square feet of office space. The building offers 24 interior loading doors, with cross-dock loading. Accordia and EverWest acquired the property and an additional 20 acres of adjacent land from Hermann’s Services in February 2017.

May 10, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Brokers $146M Sale of Apartment Community in Hoboken

by David Cohen May 8, 2018

HOBOKEN, N.J. — HFF has brokered the $146 million sale of The Rivington, a 240-unit apartment community in Hoboken. The transaction is the largest apartment sale in New Jersey year-to-date, according to HFF. The Rivington is located at 1130 Grand St. in the northwest section of Hoboken. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The buyer was Equity Residential, which purchased the property free and clear of existing debt. The property was completed in 1999 and features 240 two-bedroom units at market-rate rents. A majority of the units have been renovated since 2014. Amenities include a fitness center, clubhouse and private storage lockers.

May 8, 2018

Loans New Jersey Northeast

Thrivent Provides $27.2M in Financing for Industrial Portfolio in New Jersey

by David Cohen May 4, 2018

MORRISTOWN, N.J. — Thrivent Financial for Lutherans has provided $27.2 million in financing for a three-building industrial portfolio in Central New Jersey. The borrower was undisclosed. The 410,000-square-foot portfolio consisted of two recently constructed warehouse distribution properties and one existing facility. The location of the properties was not disclosed. The 20-year, fixed-rate loan includes a 30-year amortization schedule. Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox arranged the financing.

May 4, 2018

Acquisitions New Jersey Northeast

CBRE Negotiates $1.5M Sale of Industrial Building in Hackettstown

by David Cohen May 4, 2018

HACKETTSTOWN, N.J. — CBRE has negotiated the $1.5 million sale of 999 Willow Grove Street in Hackettstown. The two-story, 45,000-square-foot industrial building sits on 12 acres and features seven loading docks. At the time of sale, the property was 50 percent occupied by long-term tenants that have occupied the space for more than two decades on triple net leases. Charles Berger, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. The buyer was also undisclosed.

May 4, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $36.7M in Permanent Financing for Industrial Facility in Secaucus

by David Cohen May 3, 2018

SECAUCUS, N.J. — HFF has arranged $36.7 million in permanent financing for a newly constructed, two-building industrial facility at One County Road in Secaucus. Completed earlier this year, the 240,317-square-foot facility features a 32-foot clear height, 180-foot truck courts and 50-by-35 foot column spacing. One County Road is situated on 20 acres in the Meadowlands industrial market. The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.

May 3, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen May 2, 2018

NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.

May 2, 2018

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