WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 6700 Park Ave. in West New York. A private investor sold the 16,000-square-foot property for $2.9 million. The building features 18 apartment units and one commercial storefront. Andrew Zuckerman of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
TOMS RIVER, N.J. — Progress Capital has secured a $6.5 million construction loan for the development of a retail and office center located near the intersection of Hooper Avenue and Yorktown Boulevard in Toms River. The 40,000-square-foot property will also feature an adjoining 4,140-square-foot pad site. David Cappello of Progress Capital arranged the financing for the undisclosed borrower. The 18-month loan was funded by Procida’s 100 Mile Fund and represents 67 percent of the project’s total cost. The property is currently pre-leased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams Brokerage office. The development is slated for completion this summer.
LOPATCONG AND PHILLIPSBURG, N.J. — CBRE has negotiated the sale of I-78 Logistics Park, a 365-acre master-planned development located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg. Opus Investments/KTV Inc. sold the property to Bridge Development Partners for $43 million. Situated at 942 Memorial Parkway, the property has approvals in place for the construction of 3.8 million square feet of warehouse and distribution space. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners represented the seller in the transaction.
BRIDGEWATER AND BOUND BROOK, N.J. — Denholtz Associates has secured a five-year, $9.2 million refinancing from Provident Bank for industrial properties on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook. Denholtz owns 11 buildings, totaling 264,163 square feet of industrial space, at the 16-building Bridgewater Business Park. Current tenants include Zoned Inc., The Airsoft Factory and Bridgewater Marble. The financing will enable Denholtz to renovate the portfolio of properties. Paul Barrood of Provident Bank arranged the financing for Denholtz Associates.
UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of an industrial building located at 730 Grand Ave. in Ridgefield. A private investor acquired the property from a limited liability company for $9 million. Renovated in 2015, the 81,870-square-foot property was 93 percent occupied at the time of sale. Steve Lim of Marcus & Millichap represented the seller and buyer in the deal.
BAYONNE, N.J. — Greystone has provided a $19.2 million Fannie Mae loan as part of a $32.2 million property acquisition by AMS Acquisitions. The seven-year loan includes six years of interest-only payments and a 30-year amortization. The borrower acquired an 85-unit multifamily property located in Bayonne. Renovated in 2013, the property features studio, one- and two-bedroom units. The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing. Avrom Forman of Greystone originated the loan for the borrower.
ROCKAWAY, N.J. — HFF has arranged the sale of Rockaway 80, an office complex located at 100 Enterprise Drive in Rockaway. Toronto, Canada-based Northbridge Investment Management Inc. acquired the 264,000-square-foot office complex from an institutional client for an undisclosed price. Situated on 11 acres, the seven-story property features a two-story atrium lobby, a glass and reflective facade, a full-service cafeteria and ample covered parking. Jose Cruz, Kevin O’Hearn, Brett Segal, Michael Oliver and Stephen Simonelli of HFF represented the seller and procured the buyer in the deal.
LODI, N.J. — Gebroe-Hammer Associates has brokered the sale of a multifamily complex located at 82 Constant Ave. in Lodi. A private investor acquired the property from Arthur Holding Co. for $7.7 million. The two-story, three-building complex features 48 one-bedroom units and two two-bedroom apartment units. Greg Pine and Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer in the transaction.
KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.