HOLMDEL, N.J. — Jersey Pickleball Club will open a 13,800-square-foot venue at the Bell Works mixed-use development in Holmdel. The venue, which is scheduled to open in mid-March, will have five courts, social areas and locker rooms. Other tenants that will be opening in 2025 at Bell Works, which is owned by Inspired by Somerset Development, include restaurant Mabel, barbershop Exclusive Cuts and fitness concept ARMR Studios.
EDISON, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of a portfolio of two industrial buildings totaling 113,211 square feet in the Central New Jersey community of Edison. The portfolio, which was fully leased at the time of the loan closing, comprises a 53,950-square-foot building that was constructed in 1982 and a 59,261-square-foot building that was completed in 1988. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan on behalf of the borrower, Summit Associates Inc. The direct lender was not disclosed.
LIVINGSTON, N.J. — McGivney Kluger Clark & Intoccia PC has signed a 13,558-square-foot office lease in the Northern New Jersey community of Livingston. The law firm is taking space at The Eisenhauer, a Class A campus located at 290 W. Mount Pleasant Ave. Jon Meisel, Erin Wenzler and Dan Casey of CBRE represented the landlord, Eastman Cos., in the lease negotiations. Fred Hyatt and Ignatius Armenia of JLL represented the tenant.
BEDMINSTER, N.J. — JLL has brokered the sale of The Hills Village Center, a 110,453-square-foot shopping center in Bedminster, about 40 miles west of Manhattan. Kings Food Market anchors the center, which was built on 13 acres in 1988 and is also home to tenants such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the undisclosed seller in the transaction and procured the buyer, Boston-based Longpoint Partners.
JERSEY CITY, N.J. — TYKO Capital has provided a $245 million construction loan for The Greyson, a 622-unit multifamily project in Jersey City. The Greyson will be a 28-story building in the city’s Journal Square neighborhood that will offer studio, one-, two- and three-bedroom units. The property will also house 44,551 square feet of office space and 2,965 square feet of retail space. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and other communal gathering spaces. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres.
JERSEY CITY, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $12.6 million sale of Lofts on Garfield, a 35-unit apartment building in Jersey City. Lofts on Garfield is a conversion of a former vacant warehouse that according to LoopNet Inc. was originally built in 1953. Information on floor plans and amenities was not disclosed. David Ferber and Jordan Anhalt of Matthews represented the buyer and seller, both of which requested anonymity, in the transaction.
Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11
WOODCLIFF LAKE, N.J. AND COPPELL, TEXAS — In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, while The Container Store has also formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection in January 2023 to restructure its debt, would now be liquidating. The New Jersey-based entertainment accessories retailer, which does business as Party City Holdco Inc., said over the weekend that it intends to close all of its approximately 700 stores and that it has commenced going-out-of-business sales. The Container Store issued a statement late on the night of Sunday, Dec. 23, acknowledging that it had filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Texas. The metro Dallas-based retailer, which has about 100 stores nationwide, will “implement a recapitalization transaction to bolster its financial position, fuel growth initiatives and drive enhanced long-term profitability,” according to the statement. Party City’s 2023 petition for Chapter 11 protection was also filed within the U.S. Bankruptcy Court for the Southern District …
HACKENSACK, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, as well as Riverbank Management LLC, has completed a 270-unit multifamily project in downtown Hackensack. Designed by MVMK Architecture and known as Ora, the property houses studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. In addition, residents have access to a fitness center, coworking spaces, private conference rooms, pet spa and package lockers. Rents start in the mid-$2000s per month for a studio apartment.
SOMERSET, N.J. — JLL has arranged a $10.3 million construction loan for a 76,200-square-foot industrial project in the Northern New Jersey community of Somerset. The facility will be located on a 7.5-acre site at 485 Elizabeth Road and will be developed on a speculative basis. Building features will include a clear height of 40 feet, 10 dock doors, one drive-in door, 36 car parking spaces and 135-foot truck court depths. Jon Mikula, Jim Cadranell and John Cumming of JLL placed the loan with Wintrust Bank on behalf of the developer, Bridge Logistics Properties.
WEST ORANGE, N.J. — BNE Real Estate has completed a project in West Orange, about 20 miles west of New York City, that converted a 400,000-square-foot office campus into a 423-unit apartment community. Known as Stonehill at West Orange and designed by Minno & Wasko Architects & Planners, the development features one- and two-bedroom units and 44,000 square feet of amenity space. The project also preserved 130,000 square feet of recently renovated office space that is now home to the West Orange Public Library. Rents start at approximately $2,300 per month for a one-bedroom apartment.