PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.
MOORESTOWN, N.J. — Thorofare Capital has funded a $5.7 million fixed-rate bridge loan for the acquisition and renovation of a 219,304-square-foot industrial property in Moorestown. Irvine, Calif.-based Phoenix Investment Funds purchased the asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave., about 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features 15,000 square feet of office space, 24-foot clear heights, 29 loading docks and trailer parking. The property is near the New Jersey Turnpike and Interstate 295. The bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles.
CARTERET, N.J. — Bussel Realty has brokered the $5.1 million sale of a 55,560-square-foot industrial property located at 400 Federal Blvd. in Carteret. Leo Esses of Brussel Realty represented the unnamed buyer. 400 Federal Boulevard LLC was the seller. The property is located near Exit 12 of the New Jersey Turnpike, Port Newark/Elizabeth and Newark Liberty Airport. It features 24-foot clear heights, two drive-in doors for loading, 800 amps of electric power and 29 surface parking spaces.
Sitar Realty-TCN Worldwide Negotiates $3.1M Sale of Warehouse/Office Building in Wall Township, N.J.
WALL TOWNSHIP, N.J. — Sitar Realty Co.-TCN Worldwide has negotiated the $3.1 million sale of a 44,000-square-foot warehouse/office building located at 1325 Route 34 in Wall Township. 1325 Wall LLC was the seller and Chester Lieder was the buyer. Gregg Nowell and Doug Sitar of Sitar Realty were the brokers in the transaction.
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.