New Jersey

Walters Group Begins Construction on 88-Unit Income-Restricted Residential Property in New Jersey

by Amy Works October 11, 2017

JACKSON, N.J. — Walters Group has started construction of The Ponds at Jackson 21, an 11-building income-restricted residential community located at 100 Mallard Court in Jackson. Situated on more than 10 acres, The Ponds at Jackson 21 comprises two-story apartment buildings offering a total of 88 one-, two- and three-bedroom apartment homes, ranging in size from 854 square feet to 1,172 square feet. Community amenities include a children’s tot lot, a barbecue and picnic area, a basketball court and a clubhouse with computer work stations and a fitness center. Slated for completion in October 2018, the property will fit a need for income-restricted housing in the township and give priority to Hurricane Sandy-impacted residents who were displaced by or experienced major severe storm damage from Superstorm Sandy. A portion of the development was funded by the federal Low-Income Housing Tax Credit (LIHTC) program, which has produced more than 2 million affordable housing units nationally and more than 500,000 units in New Jersey. Walters Group is managing every aspect of the project from design and construction to property management.

October 11, 2017

Hospitality Mixed-Use Multifamily New Jersey Northeast Retail Student Housing

Nexus Signs Five New Retailers to $400 Million Mixed-Use Project in South Jersey

by Amy Works October 11, 2017

GLASSBORO, N.J. — Nexus Properties has signed five new retail tenants to the Rowan Boulevard redevelopment, a mixed-use project in Glassboro. The goal of the $400 million, multi-phase project is to link the Rowan University campus with Glassboro’s downtown retail district. The new tenants bring restaurant, shopping and fitness options to downtown and include Alicia DiMichele Boutique, Tech Zone, Six Pack Training, Cookie Munchers and Mexican Mariachi Grill. In addition, Rowan Boulevard is home to Chickie & Pete’s, Tony Luke’s and Barnes & Noble Bookstore and Café. The final phase of the Rowan Boulevard project is under construction and slated for completion in August 2018. Upon completion, the development will include 2,771 student beds, classroom space, 114 apartment units, a hotel, fitness center, two parking garages and 144,000 square feet of retail space.

October 11, 2017

Multifamily New Jersey Northeast

One Wall Partners Acquires 16-Property Multifamily Portfolio in New Jersey for $63M

by Amy Works October 10, 2017

EAST ORANGE, WEST NEW YORK AND JERSEY CITY, N.J. — One Wall Partners (OWP) has purchased a 16-property multifamily portfolio from Shapco Property Management for $63 million in an off-market transaction. With the acquisition, OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in Northern New Jersey. Comprising 14 buildings in East Orange, one in West New York and one in Jersey City, the portfolio features a total of 516 apartment units and 300 parking spaces/garages. The unit mix includes 230 one-bedroom apartments and more than 286 two- and three-bedroom units.

October 10, 2017

Loans Mixed-Use New Jersey Northeast

ReadyCap Commercial Closes $4.5M Freddie Mac Small Balance Loan for Mixed-Use Property in Jersey City

by Amy Works October 10, 2017

JERSEY CITY, N.J. — ReadyCap Commercial has arranged a $4.5 million Freddie Mac Small Business Loan for a mixed-use property located in Jersey City. The cash-out refinancing features a 20-year term with a 30-year amortization schedule. The name of the borrower was not released. John Drennan of ReadyCap Commercial executed the financing for the borrower.

October 10, 2017

Industrial New Jersey Northeast

Cushman & Wakefield Brokers $65.5M Sale of Flex Industrial Park in Totowa, New Jersey

by Amy Works October 6, 2017

TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of Totowa Commerce Center, a flex industrial park located at the interchange of Interstate 80 and Routes 46 and 23 in Totowa. Mack-Cali Realty sold the property to Heritage Capital Group for $65.5 million. Additionally, Cushman & Wakefield arranged $51.7 million in acquisition financing for the buyer. Natixis Real Estate Capital provided the 10-year, fixed-rate financing. Totowa Commerce Center is a 13-building park totaling 508,028 square feet of flex and industrial space. At the time of sale, the park was 90 percent leased to approximately 48 tenants. Andrew Merin, David Bernhault, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the deal. Cushman & Wakefield Equity, Debt and Structured Finance’s John Alascio, Sridhar Vankayala and Andre Hass arranged the acquisition financing for Heritage Capital Group.

October 6, 2017

Industrial New Jersey Northeast

Bridge Development Partners Develops 1.3 MSF Industrial Center in Perth Amboy, New Jersey

by Amy Works October 5, 2017

PERTH AMBOY, N.J. — Bridge Development Partners has developed a 1.3 million-square-foot industrial distribution center in Perth Amboy. Designed and constructed by Premier Design + Build Group, the three-building center features ultramodern amenities and proximity to interstate highways, deep-water cargo ports, air-freight hubs and rail lines. The center comprises a 354,250-square-foot building, a 220,200-square-foot facility and a 718,200-square-foot building. The buildings feature 36-foot clear ceiling heights, hundreds of truck dock positions, ESFR fire protection systems and 800 amp, 277/480-volt electrical services, as well as parking lots for 703 cars and 441 trailers. Cornerstone Architects provided architectural services for the project.

October 5, 2017

Industrial New Jersey Northeast

Elberon Development Acquires 115,000 SF Warehouse in Elizabeth, New Jersey

by Amy Works October 4, 2017

ELIZABETH, N.J. — Elberon Development Group has purchased a warehouse located at 919 Fairmount Ave. in Elizabeth. Hayward Industries sold the property for $9 million. The seller has leased back 10,000 square feet of the 115,000-square-foot building, while the remainder of the property is leased to Survivor Window through the end of 2017. Starting in early 2018, Elberon will implement a capital expenditure plan at the property to re-lease the window manufacturer’s space. Improvements will include LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and new landscaping. Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield brokered the transaction.

October 4, 2017

Market Reports New Jersey Northeast Northeast Market Reports Office Pennsylvania

Greater Philadelphia Office Fundamentals Reflect Continued Strength

by Taylor Williams October 4, 2017

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a 16-year low. These conditions are helping to generate demand that is reverberating throughout the real estate sector, especially for office space. Office leasing activity has been on an upswing in 2017. The overall tone is positive, and vacancy rates have been stable for the past few quarters, hovering just above 10 percent. The second quarter posted approximately 395,155 square feet of new leases and renewals. This is a 24 percent increase in activity from the first quarter and an incredible 58 percent increase compared to the second quarter a year ago. New leases represented approximately 43.4 percent of all deals for the quarter. Notable deals ranged from 5,000 to 31,000 square feet. The office investment and sales market is also showing increased activity. Buyers continue to take advantage of …

October 4, 2017

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 16,500 SF Office Building in River Edge, New Jersey

by Amy Works October 3, 2017

RIVER EDGE, N.J. — NAI James E. Hanson has brokered the sale of an office building located at 10 Elizabeth St. in River Edge. Crestview Associates sold the 16,500-square-foot property to NJCF Property for an undisclosed price. The buyer, a check cashing service based in Chicago, plans to renovate the property to bring the building, which was constructed in 1983, up to modern standards. Andrew Somple and Anthony Cassano of NAI Hanson represented the seller in the deal.

October 3, 2017

Loans New Jersey Northeast Retail

CBRE DSF Arranges $14.1M in Acquisition Financing for 88,265 SF Retail Center in New Jersey

by Amy Works October 2, 2017

MOUNT LAUREL, N.J. — CBRE Debt & Structured Finance (CBRE DSF) has arranged $14.1 million in financing for Towne Square Shopping Center in Mount Laurel. The borrower, The Westover Cos., used the loan proceeds to purchase the 88,265-square-foot retail center located at 872 Union Mill Road. At the time of closing, the shopping center was 94 percent occupied. ShopRite Supermarket anchors the center, which was built in 1996. Thomas Gorman and Steven Doherty of CBRE DSF represented the borrower in the transaction. Additionally, Brad Nathanson, Adam Rosenzweig and John Colussi of CBRE arranged the sale of property. The team represented the seller, The Hampshire Cos., in the deal.

October 2, 2017

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