Wednesday, March 19, 2025
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AcquisitionsMultifamilyNew JerseyNortheast

Inland Acquisitions Buys Northern New Jersey Apartment Community for $131.5M

by Taylor Williams

UNION, N.J. — Inland Acquisitions, a division of Chicago-based investment firm The Inland Real Estate Group of Cos., has purchased Summit Court, a 393-unit apartment community located in the Northern New Jersey township of Union. The sales price was $131.5 million. Built in phases between 2018 and 2023, Summit Court comprises 210 one-bedroom units and 183 two-bedroom apartments that feature stainless steel appliances and private washers and dryers. Amenities include a pool, fitness center, outdoor lounge, game room with a billiards table, pet grooming room and outdoor grilling and dining stations. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties, in the transaction. Mark Cosenza negotiated the deal for Inland on an internal basis.

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Leasing ActivityNew JerseyNortheastOffice

Riker Danzig Signs 45,500 SF Office Headquarters Lease in Madison, New Jersey

by Taylor Williams

MADISON, N.J. — Riker Danzig LLP has signed a 45,500-square-foot office headquarters lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Morristown to Giralda Farms, a 1.3 million-square-foot corporate campus. Marc Rosenberg of Cushman & Wakefield represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown, also with Cushman & Wakefield, represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.

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DevelopmentHealthcareNew JerseyNortheast

Cooper University Health Care Breaks Ground on 335,000 SF Facility in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Cooper University Health Care has broken ground on a 335,000-square-foot facility in Camden, located outside of Philadelphia in Southern New Jersey. The 10-story patient tower will feature 125 private rooms, additional operating rooms and research/education areas. In addition, the building will connect to several of the healthcare provider’s existing facilities, including the MD Anderson Cancer Center, via a new pedestrian bridge. HKS Architects and Array Architects designed the facility, and the engineering team includes O’Donnell & Naccarato, Langan, BR+A Consulting Engineers and Highland Associates. Completion of the project, which is part of a larger $3 billion expansion to the provider’s Camden footprint, is slated for 2028.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $8.3M Sale of Shopping Center in Hamilton, New Jersey

by Taylor Williams

HAMILTON, N.J. — Marcus & Millichap has brokered the $8.3 million sale of Quakerbridge Shoppes, a 42,912-square-foot shopping center located in the Central New Jersey community of Hamilton. The center sits on 5.1 acres and is home to 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Middletown, New Jersey

by Taylor Williams

MIDDLETOWN, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a 29,411-square-foot retail strip center in Middletown, located along the Jersey Shore. Painting retailer Benjamin Moore anchors the center, which sits on 1.9 acres and is home to a total of 10 tenants. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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340-Mount-Kemble-Avenue-Morristown
AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers Sale of 439,059 SF Office Building in Morristown, New Jersey

by Taylor Williams

MORRISTOWN, N.J. ­— Cushman & Wakefield has brokered the sale of a 439,059-square-foot office building in the Northern New Jersey community of Morristown. The building at 340 Mount Kemble Ave., which recently underwent a $50 million capital improvement program, was 94.5 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andy Merin, Frank DiTommaso and Bill Baunach of Cushman & Wakefield represented the seller, a partnership between Onyx Equities and Los Angeles-based PCCP, in the transaction. Brad Domenico, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing through Societe Generale on behalf of the buyer, First Mile Capital, an affiliate of Crown Acquisitions.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Arranges $3.3M Sale of Parkside Commons Apartments in Trenton

by Taylor Williams

TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.3 million sale of Parkview Commons, a 33-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

Camber, Invesco Buy 384,335 SF Industrial Portfolio in Southern New Jersey

by Taylor Williams

HAINESPORT AND LUMBERTON, N.J. — A partnership between New Jersey-based Camber Real Estate Partners and Atlanta-based global investment manager Invesco has acquired a portfolio of five industrial buildings totaling 384,335 square feet in Southern New Jersey. The buildings, which were originally developed by Whitesell Real Estate Group, are located off Exit 5 of the New Jersey Turnpike in Hainesport and Lumberton and feature clear heights of 30 feet. Michael Hines, Joe Hill and Brad Ruppel of CBRE represented the seller in the transaction.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $2.8M Sale of Belleview Commons Apartments in Trenton

by Taylor Williams

TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.8 million sale of Belleview Commons, a 24-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.

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IndustrialNew JerseyNortheast

Brennan Recapitalizes 1 MSF Industrial Portfolio in Moorestown, New Jersey

by Taylor Williams

MOORESTOWN, N.J. — Chicago-based Brennan Investment Group has recapitalized a portfolio of 20 industrial buildings totaling approximately 1 million square feet in Moorestown, located about 12 miles east of Philadelphia in Southern New Jersey. The shallow-bay buildings were all constructed between 1984 and 2000 and had a collective occupancy rate of about 96 percent at the time of the recapitalization. Brennan, which acquired the portfolio in 2017, did not disclose specific details on either the debt and/or equity aspects of the recapitalization.

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