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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Negotiates $117M Sale of Apartment Complex in Park Ridge, New Jersey

by Taylor Williams

PARK RIDGE, N.J. — CBRE has negotiated the $117 million sale of The James, a 240-unit apartment complex located in the Northern New Jersey community of Park Ridge. Completed in 2021, The James offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, espresso cabinetry and tile backsplashes. Indoor amenities include a coffee bar, game room, catering kitchen, coworking spaces with private offices, fitness center and a yoga studio. Outside, residents have access to multiple gathering areas, including an outdoor pool, grilling and dining areas, fire pits, TV and lounge areas and a turf lawn. The James also houses nearly 18,000 square feet of retail space. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant and Tom Pryor of CBRE represented the seller, Veris Residential, in the transaction. The buyer was not disclosed.

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LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Arranges $33M Loan for Refinancing of Northern New Jersey Apartment Complex

by Taylor Williams

HAWTHORNE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $33 million loan for the refinancing of Hedges at Hawthorne, a 118-unit apartment complex in Northern New Jersey. The property houses 10 studios, 27 one-bedroom units, 76 two-bedroom residences and five three-bedroom apartments, as well as 16,400 square feet of retail space. Amenities include a fitness center, rooftop terrace, lounges, an onsite salon, outdoor grilling areas and a package handling facility. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carries a fixed interest rate of 5.82 percent, on behalf of the borrower, New Jersey-based investment firm The Bedrin Organization. The direct lender was not disclosed.

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Belmont-Distribution-Center
AcquisitionsMultifamilyNew JerseyNortheast

CBRE Investment Management Acquires 200,000 SF Distribution Center in Belmont, New Jersey

by Taylor Williams

BELMONT, N.J. — CBRE Investment Management has acquired Belmont Distribution Center, a 200,000-square-foot industrial facility in Northern New Jersey. Completed in 2023, Belmont Distribution Center features a clear height of 40 feet, 130-foot truck court depths, 46 loading positions and parking for 138 cars and 29 trailers. The facility is also divisible for multiple tenants. The seller was a fund backed by Brookfield Properties. The sales price was not disclosed.

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JLL Arranges Refinancing of 114,622 SF Industrial, Office Property in Eatontown, New Jersey

by Taylor Williams

EATONTOWN, N.J. — JLL has arranged the refinancing of West Ridge Corporate Campus, a 114,622-square-foot industrial and office property located in the Northern New Jersey community of Eatontown. The 11.1-acre campus consists of three 12,000-square-foot office buildings and two industrial flex buildings totaling 36,160 and 42,462 square feet. Michael Klein, Ryan Carroll and Tyler Caricato of JLL arranged the seven-year loan through an undisclosed insurance company on behalf of the borrower, Bollerman Cos.

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DevelopmentMultifamilyNew JerseyNortheast

LANDMARK Begins Leasing 85-Unit Multifamily Project in Union, New Jersey

by Taylor Williams

UNION, N.J. — Local developer LANDMARK has begun leasing CENTURION Union Center, an 85-unit multifamily project located in Northern New Jersey. Designed by Comito Associates PC with interiors by Lita Dirks & Co., CENTURION Union Center rises five stories and offers one- and two-bedroom units, as well as 107 parking spaces. The first move-ins are scheduled to commence in October. Specific amenities and starting rents are still being finalized.

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AcquisitionsNew JerseyNortheastRetail

SRS Brokers $7.5M Ground-Lease Sale of Wawa Convenience Store in Jackson Township, New Jersey

by Taylor Williams

JACKSON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $7.5 million ground-lease sale of a newly constructed Wawa convenience store in Jackson Township, located near the Jersey Shore. The site spans 1.9 acres, and the building totals 4,736 square feet. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based private investor. Both parties requested anonymity.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $6.3M Sale of Apartment Complex in East Orange, New Jersey

by Taylor Williams

EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated a $6.3 million sale of Arlington Court Apartments, a 53-unit multifamily complex in East Orange, located in Northern New Jersey. The three-building property offers 10 studios, 23 one-bedroom units and 20 two-bedroom units. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

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DevelopmentMultifamilyNew JerseyNortheast

NRP Group Completes 401-Unit Multifamily Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed Oliver on the Hudson, a 401-unit multifamily project in Jersey City. Designed by KTGY with interiors by Bergmeyer, Oliver on the Hudson offers studio, one-, two- and three-bedroom units, some of which feature private balconies. Amenities include two interior courtyards, a pool, outdoor lounge areas, a fifth-floor sky lounge, clubhouse, fitness center, a catering kitchen with a private dining room, coworking spaces and a 24-hour package concierge system. NRP Group developed the property in partnership with G&S Investors and Rockwood Capital. Rents start at roughly $2,500 per month for studio apartment.

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DevelopmentNew JerseyNortheast

LANDMARK Begins Leasing 100-Unit Multifamily Project in Plainfield, New Jersey

by Taylor Williams

PLAINFIELD, N.J. — Local developer LANDMARK has begun leasing CENTURION Sleepy Hollow, a 100-unit multifamily project located in the Northern New Jersey community of Plainfield. Designed by Rotwein + Blake with interiors by Mary Cook Associates, CENTURION Sleepy Hollow offers one- and two-bedroom units, as well as retail space. The first move-ins are scheduled to commence in October. Specific amenities and starting rents are still being finalized.

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AcquisitionsNew JerseyNortheastRetail

JLL Negotiates $40M Sale of Shopping Center in South Plainfield, New Jersey

by Taylor Williams

SOUTH PLAINFIELD, N.J. — JLL has negotiated the $40 million sale of a 219,848-square-foot shopping center in South Plainfield, about 40 miles southwest of New York City. Golden Acres Shopping Center was 83 percent leased at the time of sale, with grocer ShopRite serving as the anchor. Other tenants include Shoppers World, Unique Thrift Store and Wendy’s. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Kavaler and Joseph Lopresti represented the undisclosed seller in the transaction. The buyer was a joint venture between Agus Holdings and Treeco.

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