TOTOWA, N.J. — Wise Foods has signed a 61,000-square-foot industrial lease in the Northern New Jersey community of Totowa. The Pennsylvania-based snack maker is taking space at 70 Maltese Drive, an 84,000-square-foot building that features a clear height of 16 feet, 10 loading docks and two drive-in doors. Andrew Stypa, Daniel Badenhausen and Kyle Janoczkin of Lee & Associates represented the tenant in the lease negotiations. Cushman & Wakefield represented the landlord, Boston-based Longpoint.
WEST WINDSOR, N.J. — JLL has brokered the $33.4 million sale of Princeton Overlook, a 158,180-square-foot office building in West Windsor, a suburb of Trenton. The building was constructed in 1988 on a four-acre site that can support additional expansion. Jose Cruz, Jeremy Neuer and Bradley Wachenfeld of JLL represented the seller, an entity doing business as Cali Overlook LLC, in the transaction. The trio also procured the buyer, Princeton University, which is a current tenant at the building along with UBS Financial Services and Regus Coworking.
JERSEY CITY, N.J. — Fulton Bank has provided a construction loan of an undisclosed amount for Phase I of Liberty Storage Center, a 795-unit project in Jersey City. The six-story facility will be located at 300 Thomas McGovern Drive and will span 103,500 net rentable square feet of climate-controlled space. Michael Klein, Jon Mikula and Ryan Carroll of JLL placed the loan with Fulton Bank on behalf of the borrower, locally based developer Tulfra Real Estate. Liberty Storage Center will ultimately feature 260,000 net rentable square feet of product that will be developed in three phases. Public Storage will be the operator.
JERSEY CITY, N.J. — BHI, the U.S. division of Israel’s Bank Hapoalim, has provided a $38.7 million construction loan for One Jones Park, a 75-unit multifamily project that will be located at 387 Eighth St. in Jersey City. The nine-story building will house 25 one-bedroom units, 47 two-bedroom apartments and three three-bedroom residences with an average size of 1,238 square feet, as well as ground- and second-floor retail space. Amenities will include a fitness center, children’s playroom and an indoor and outdoor resident lounge. The borrower is New York City-based developer EPIRE.
FREEHOLD, N.J. — Locally based developer Denholtz Properties has completed a 100,771-square-foot industrial flex project at 245 Willow Brook Road in Freehold, about 50 miles south of New York City. The single-story building offers units that range in size from 4,072 to 100,771 square feet, as well as 18 tailboard dock doors, a clear height of 28 feet and 165 onsite parking spaces. Zimmel Associates is marketing the property for lease.
VOORHEES, N.J. — Locally based firm CenterSquare Investment Management has purchased Cedar Hill Shopping Center, a 16,891-square-foot retail property located outside of Philadelphia in Voohees, N.J. The two-building center is located along State Route 73 and is home to tenants such as Starbucks, Orange Theory, UPS, Great Clips, Vitamin Shoppe and AT&T. The seller and sales price were not disclosed.
FORT LEE, N.J. — JLL has arranged an undisclosed amount of joint venture equity for Modera Fort Lee, a 253-unit multifamily project in Northern New Jersey. The building, construction of which will begin before the end of the year, will rise 19 stories and offer studio, one-, two- and three-bedroom units with an average size of 972 square feet. Amenities will include a pool, fitness center, work pods, a rooftop terrace and various social gathering spaces. Jose Cruz and Ryan Robertson of JLL worked on behalf of the developer, Mill Creek Residential, to secure the equity investment with Kayne Anderson Real Estate.
BAYONNE, N.J. — Cushman & Wakefield has arranged a $126.3 million loan for the refinancing of a 332,640-square-foot industrial building in the Northern New Jersey community of Bayonne. The speculative structure is Bayonne Logistics Center – Building 100 and features a clear height of 40 feet and 66 dock doors, as well as five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Construction of the building began in May 2022 and was completed earlier this year. John Alascio, T.J. Sullivan, Chuck Kohaut and Mitch Rothstein of Cushman & Wakefield arranged the floating-rate loan through Ares Management on behalf of the borrower, a partnership between Lincoln Equities and PCCP LLC.
HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit apartment community in Hackensack. Ivy & Green was developed in phases over the last several years, with Phase I totaling 221 units and Phase II totaling 168 units. Residences come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units have private balconies. Amenities include a pool, fitness center, coworking space, lounge, theater and music studio and a pet spa. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan on behalf of the borrower, a partnership between Hornrock Properties and GTIS Partners.
NEW YORK CITY — JLL has arranged a $115 million loan for the refinancing of a portfolio of nine self-storage properties that are located in various areas of New York and New Jersey. The portfolio spans 723,664 net rentable square feet across 9,578 units. Properties are located in The Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights areas of New York and in the New Jersey communities of Haledon, Elizabeth, Linden and Perth Amboy. Steven Klein and Robert Tonnessen of JLL arranged the loan through Nuveen Real Estate on behalf of the borrower, Atlanta-based owner-operator Storage Post. Specific loan terms were not disclosed.