New Jersey

Valley National Bank Sells $925M of Commercial Real Estate Loans to Brookfield Asset Management

by Katie Sloan December 5, 2024

MORRISTOWN, N.J. AND NEW YORK CITY — Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, has sold $925 million worth of commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM). Of the $925 million loan pool, $823 million had been previously identified and transferred to held for sale as of Sept. 30, 2024, as the firm sought to reduce its exposure to the commercial real estate sector. The loans were sold at a discount of 1 percent to value, which the bank expects will result in an immaterial net loss during the fourth quarter. Valley will retain customer-facing servicing responsibilities for the financings following the transaction. “The sale of this performing commercial real estate loan pool has helped to accelerate progress toward our strategic balance sheet goals,” says Ira Robbins, chairman and CEO of Valley. Valley is a regional bank with over $62 billion in assets under management. The company operates retail branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois. The Morristown, N.J.-based bank’s stock price closed on Wednesday, Dec. 4 at $10.48 per share, up slightly from $9.29 a year ago. Morgan Stanley & Co. …

December 5, 2024

Development Industrial Loans New Jersey Northeast

Ares Provides $135M Construction Loan for Industrial Project in East Hanover, New Jersey

by Taylor Williams December 4, 2024

EAST HANOVER, N.J. — Ares Commercial Real Estate has provided a $135 million construction loan for High Point on 10, a 584,000-square-foot industrial project that will be located in East Hanover, about 25 miles west of New York City. The development will have 380,000 square feet of build-to-suit cold storage space that is preleased to operator RealCold. Jordan Roeschlaub, Jonathan Firestone and Nick Scribani of Newmark arranged the debt on behalf of the developer, a partnership between Related Fund Management, Onyx Equities and Russo Development. An expected completion date was not announced.

December 4, 2024

Development Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges Debt, Equity for Industrial Redevelopment in Parsippany, New Jersey

by Taylor Williams December 4, 2024

PARSIPPANY, N.J. — Cushman & Wakefield has arranged construction debt and joint venture equity for an industrial redevelopment project in the Northern New Jersey community of Parsippany. The amounts were not disclosed, but the project, which will convert an existing office property, carries a total price tag of $40 million. John Alascio, T.J. Sullivan, Chuck Kohaut, Chris Lentz, Jason Blankfein and Ethan Sokolow of Cushman & Wakefield worked on behalf of the sponsor, Altman Logistics Properties, to secure construction debt from Truist Bank and joint venture equity from a European investor.

December 4, 2024

Leasing Activity New Jersey Northeast Retail

Fresh Grocer Debuts 31,096 SF Store in Ringwood, New Jersey

by Taylor Williams December 3, 2024

RINGWOOD, N.J. — The Fresh Grocer has debuted a 31,096-square-foot store in Ringwood, located near the New York-New Jersey border. The store is located within Fieldstone Park Shopping Center, and the space was formerly occupied by Stop & Shop. The grocer plans to implement a multimillion-dollar renovation over the next year that will coincide with a larger capital improvement program to the center’s parking, landscaping and building façades and exteriors. The Azarian Group manages the property.

December 3, 2024

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $33.6M Sale of Southern New Jersey Apartment Complex

by Taylor Williams December 2, 2024

MOUNT HOLLY, N.J. — Marcus & Millichap has brokered the $33.6 million sale of Mi-Place @ West Rancocas, a 108-unit apartment complex in the Southern New Jersey community of Mount Holly. The property comprises 96 apartments and 12 two-story townhouses, each with an attached garage. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and a dog park. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Fernmoor Homes, in the transaction. The buyer was Universe Holdings.

December 2, 2024

Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $12M Loan for Refinancing of Southern New Jersey Shopping Center

by Taylor Williams November 27, 2024

MOUNT HOLLY, N.J. — New Jersey-based financial intermediary G.S. Wilcox & Co. has arranged a $12 million loan for the refinancing of Fair Ground Plaza, a 178,532-square-foot shopping center located outside of Philadelphia in Southern New Jersey. The center was 90 percent leased at the time of the loan closing. Grocer Acme Markets is the anchor, and other tenants include Staples, Dollar Tree and Advance Auto Parts. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.

November 27, 2024

Development Healthcare New Jersey Northeast

Atkins Cos. Completes Renovation of 70,140 SF Healthcare Building in Washington Township, New Jersey

by Taylor Williams November 27, 2024

WASHINGTON TOWNSHIP, N.J. — New Jersey-based Atkins Cos. has completed the renovation of a 70,140-square-foot healthcare building in Washington Township, about 20 miles south of Philadelphia. The project team converted a former fitness club into 33,000 square feet of clinical healthcare space on the ground floor and 7,000 square feet of leasable space on the second floor. All common areas were upgraded with new lighting, ceilings, flooring, paint/wallcovering, furniture and artwork. Atkins also upgraded building signage, entry points and security systems. Construction began earlier this year.

November 27, 2024

Acquisitions Industrial New Jersey Northeast

JLL Negotiates Sale of Industrial Outdoor Storage Facility in Union, New Jersey

by Taylor Williams November 27, 2024

UNION, N.J. — JLL has negotiated the sale of an industrial outdoor storage facility in the Northern New Jersey community of Union. The property at 2461 Iorio St. features a service facility with a clear height of 15 feet, one loading dock, four drive-in bays and 2.5 acres of outdoor storage space. Jason Lundy, Marc Duval, Jordan Avanzato and Nicholas Stefans of JLL represented the undisclosed seller in the transaction and procured the buyer, New York-based investment firm Ridgecut Road.

November 27, 2024

Industrial Leasing Activity New Jersey Northeast

Federation Distribution Services Signs 104,451 SF Industrial Lease in South Brunswick, New Jersey

by Taylor Williams November 26, 2024

SOUTH BRUNSWICK, N.J. — Federation Distribution Services Inc. has signed a 104,451-square-foot industrial lease in South Brunswick, located roughly midway between Trenton and Newark. The third-party logistics company will occupy half the space at the newly renovated building at 461 Ridge Road for a term of 65 months. Gary Politi and Michael Viera of JLL represented the landlord, a partnership between New Jersey-based Woodmont Industrial Partners and Denver-based Sagard Real Estate, in the lease negotiations. Monica Franco of Lee & Associates represented the tenant.

November 26, 2024

Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $13M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams November 26, 2024

CLIFTON, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $13 million loan for the refinancing of Clifton Plaza, a 95,222-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of the loan closing. Big Lots is the anchor, and other tenants include Dollar Tree, New Jersey Eyes and Blink Fitness. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.

November 26, 2024

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