MORRIS, SOMERSET AND MERCER COUNTIES, N.J. — Cronheim Mortgage has arranged a cash-out refinance of $27.8 million for six northern and central New Jersey properties. The assets include office, industrial and retail properties in Morris, Somerset and Mercer counties. The undisclosed borrower will use proceeds to cash out some of the significant equity of the property. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the financing.
LINDEN, N.J. — HFF has arranged $7 million in acquisition financing for a warehouse and distribution building located at 1501-1525 W. Blancke St. in Linden. The borrower, Penwood Real Estate Investment Management, will use proceeds of the loan to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions. Vantage Specialty Chemicals and HelloFresh occupy the 115,913-square-foot facility. Michael Klein of HFF arranged the five-year, fixed-rate loan with First Bank New Jersey for the borrower.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired an industrial property, located at 248 Paterson Plank Road in Carlstadt, for $5 million. Situated on 5.2 acres, the 31,000-square-foot property features 64 dock-high and two grade-level loading positions, parking for 25 cars and trailer storage. At the time of sale, the property was fully leased to two tenants. The name of the seller was not released.
BRICK, N.J. — Marquis Health Services, the healthcare affiliate of Tryko Partners LLC, has completed a $2.8 million renovation and repositioning of Willow Springs Rehabilitation and Healthcare Center in Brick. Located at 1049 Burnt Tavern Road, the property features 148 skilled nursing beds, an expanded rehabilitation therapy gym, a putting green, gourmet coffee lounge and updated common areas and patient rooms.
MORRISTOWN, N.J. — NAI James E. Hanson has arranged the acquisition of a 22,000-square-foot retail property located at 110 Washington St. in Morristown. E&H Members LLC acquired the property, which is occupied by Whole Foods Market, for an undisclosed sum. Scott Perkins, Greg James and Chris Todd of NAI Hanson represented the buyer in the deal. The name of the seller was not released.
NEW YORK CITY — HFF has arranged two loans on behalf of Short Hills, N.J.-based Garden Homes Development for an office property and a residential property in Manhattan. The firm secured $38 million in financing for the office property totaling 103,389 rentable square feet at 13-15 W. 54th St. and 20 W. 55th St. in Midtown Manhattan and $21.5 million in financing for the six-story residential building with ground-floor retail at 194 E. Second St. in the East Village. Built in 1897, the office properties are two adjacent five-story mansions that were home to John D. Rockefeller and known as the Rockefeller Townhouses. Completed in 1997, the residential building features 8,465 square feet of ground-floor retail space and 61 luxury residential units. Andrew Scandalios and Geoff Goldstein of HFF arranged the financing for the borrower.
JERSEY CITY, N.J. — Urban Edge Properties has entered into a $43.7 million contract to acquire Hudson Mall, a retail center located in Jersey City. Developed in 1966, the 383,000-square-foot property is occupied by Marshalls, Toys R Us, Staples and Old Navy, among other retailers. The acquisition is expected to close in the first quarter of 2017 and includes the assumption of a $23.8 million, 5.07 percent mortgage maturing in 2023. The name of the seller was not released.
MANCHESTER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 2111 Route 37 West in Manchester. A limited liability company acquired the 9,790-square-foot property for $1.6 million. Known as GreenTree at Manchester, the property comprises a two-tenant, two-building retail center with a ground lease to STS and a lease to Spirits Express. David Thurston and Charles Loccisano of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the deal.
FREEHOLD, N.J. — Deerwood Real Estate Capital has closed a $12.4 million non-recourse acquisition loan with a national bridge lender and a $6.6 million refinancing with a local bank for two properties in Freehold. The properties include a 200,000-square-foot multi-tenant office park and a 60,000-square-foot multi-tenant office building. The proceeds of the refinance were used for the acquisition. Yaakov Leiser of Deerwood negotiated the loans for the undisclosed borrower.
CHERRY HILL, N.J. — NAI Mertz has arranged two office leases at the 102,591-square-foot Two Executive Campus in Cherry Hill totaling 29,050 square feet. In the first deal, Newspaper Media Group signed a lease for 15,127 square feet of space. The company recently acquired Greater Media Newspapers. In the second transaction, an undisclosed tenant leased 12,923 square feet at the building. Rebecca Ting and Julie Kronfeld of NAI Mertz represented the ownership, 1930 NMT Owner LLC, in the transactions.
