ATLANTIC CITY, N.J. — Starkman Realty Group has arranged the sale of Best of Life Park Apartments, a seniors housing property located in Atlantic City. Radiant Property Management acquired the property from a non-profit entity for $5 million. The 14-story building features 208 units and 73 parking spaces. Jason Starkman of Starkman Realty Group represented the seller in the transaction.
ROSELAND, N.J. — M&T Bank has closed a $44 million loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements for an office building located at 56 Livingston Ave. in Roseland. Improvements for the 434,000-square-foot building include interior tenant space design work, a new and larger fitness center, a redesigned cafeteria and construction of an exterior lounge. Current tenants include Lowenstein Sandler, Connell Foley and Brown & Brown.
NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.
Carter Validus Mission Critical REIT II Acquires 89,000 SF Medical Building in New Jersey for $63.6M
MARLTON, N.J. — Carter Validus Mission Critical REIT II Inc. has acquired Select Medical Rehabilitation Facility in Marlton for $63.6 million. Built in 1995, the three-story rehabilitation building offers 89,000 rental square feet and is net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corp. The tenant offers a variety of services including inpatient physical, occupational, speech and recreational therapy and outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation and vestibular therapy. The name of the seller was not released.
METUCHEN, N.J. — Alfred Sanzari Enterprises has purchased Greenway Village, a newly constructed apartment complex located in Metuchen. Greenway Village LLC and Aros Investments LLC sold the 49-unit property for an undisclosed price. Built in 2016, the property features one-bedroom apartments with nine-foot ceilings, recessed lighting, hardwood flooring and crown molding. Additionally, each unit features a washer/dryer, walk-in closets and individually controlled heat and air conditioning. Lauren Rose Federgreen of Rose Real Estate LLC represented the buyer and sellers in the deal.
BRIDGEWATER, N.J. — Regency Centers Corp. will develop Chimney Rock, a ground-up retail property in Bridgewater. The $70 million development will feature 218,000 square feet of retail space, anchored by Somerset County’s first Whole Foods Market. Additional retailers will include Nordstrom Rack, Saks Off 5th, Ulta and The Container Store. Construction is underway, with completion slated for summer 2018.
ROSELAND, N.J. — The law firm of Connell Foley is relocating its headquarters to 71,000 square feet of office space at 56 at Roseland, an office building located at 56 Livingston Ave. in Roseland. Mountain Development Corp. and Square Mile Capital Management own the property. Connell Foley is relocating its New Jersey headquarters from a nearby location in Roseland and will occupy space on the first and second floors starting in late spring 2017. Other tenants at the property include Lowenstein Sandler LLP and Brown & Brown. Newmark Grubb Knight Frank is the leasing agent for the building.
NORWICH, CONN. — O,R&L Commercial has brokered the sale of Briar Hill Plaza, a retail strip center located at 201 Salem Turnpike in Norwich. Easter Seals Goodwill Industries acquired the property from Suncrest LLC for $4.3 million. Built in 2008, the 22,600-square-foot property is anchored by Goodwill. Tim Mahon of O,R&L Commercial represented the seller and procured the buyer in deal.
WESTWOOD, N.J. — NAI James E. Hanson has arranged the sales of an industrial property and a mixed-use building in Westwood in two separate transactions. John Schilp and Andrew Somple of NAI Hanson represented the buyers and sellers in both deals. In the first deal, DR Music acquired a 16,400-square-foot industrial building located at 40 Carver Ave. in Westwood Industrial Park. 40 Carver LLC sold the building, which features 22-foot ceiling heights and two loading docks, for an undisclosed price. In the second deal, an investor acquired a 2,700-square-foot mixed-use property, which was in foreclosure, for an undisclosed price. A New Jersey banking institution sold the building, located at 57 Jefferson Ave.
SECAUCUS, N.J. — Ripco Real Estate has brokered three new leases at the newly renovated 101 Plaza Center in Secaucus. Habanero Halal Grill, USA Wine Trader’s Club and Dollar Plus have joined the 53,000-square-foot neighborhood shopping center. Additional tenants include CVS/pharmacy, KFC, T-Mobile, Bagel Buffet, Plaza Pizza and Jon Giacomo Hair Salon. Daniel Zappala and Michael Rawlins of Ripco represented the undisclosed landlord in the deals.