MARLTON, N.J. — Marcus & Millichap has arranged the sale of a retail property located in Marlton. A private investor acquired the 8,110-square-foot property for an undisclosed price. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
PLAINSBORO, N.J. — PCCP LLC has purchased Plainsboro Plaza, a shopping center located at 10 Schalks Crossing Road in Plainsboro, for an undisclosed price. Situated on 27 acres and built in 1987, the 218,000-square-foot property is occupied by CVS/pharmacy, Planet Fitness, UPS and Dunkin’ Donuts. At the time of acquisition, the property was 42 percent occupied, however a lease has been executed with Key Food that will bring the center’s occupancy to 62 percent in early 2017.
RIVERDALE, N.J. — HFF has arranged the $60 million sale of Alexan Riverdale, a multifamily property located at 6000 Riverdale Road in Riverdale. Situated on 15 acres, the 212-unit property features a mix of one- and two-bedroom units averaging 1,033 square feet. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking. Inland Real Estate Investments Inc. facilitated the purchase of the community, while Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller, a global real estate investment manager. Additionally, the HFF team worked to secure acquisition financing for the buyer.
JERSEY CITY, N.J. — NorthMarq Capital has secured $14.4 million in refinancing for Morgan Loft Apartments, a 36-unit multifamily property located at the intersection of Steuben and Morgan streets in Jersey City. The loan features a 10-year term on a 30-year amortization schedule. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the financing for the borrower, Morgan Steuben Associates, through Freddie Mac.
HANOVER, N.J. — Vision Real Estate Partners and Rubenstein Partners has completed the sale of the MetLife Investments Global Headquarters property located at 67 Whippany Road in Hanover. Salus Government Properties acquired the One MetLife Way property for $95 million. Part of the 194-acre Alcatel-Lucent Campus redevelopment, the 14-acre property features a 185,000-square-foot office building that was built to suit for MetLife under a lease agreement. Robert Donnelly, Rob Donnelly Jr., Marc Rosenberg, Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of Cushman & Wakefield represented Vision and Rubenstein in the redevelopment and sale.
JERSEY CITY, N.J. — CBRE has arranged $5 million in refinancing on behalf of Summit Import Corp., a distributor of Asian food imports on the East Coast. Proceeds of the loan will refinance a 120,000-square-foot refrigerated industrial warehouse, located at 100 Summit Place in Jersey City. James Gunning, Donna Falzarano and Stephen Joseph of CBRE arranged the loan with Atlantic Stewardship Bank.
ELIZABETH, N.J. — Colliers International has facilitated an industrial lease for Article in Elizabeth. The e-commerce furniture company will occupy 143,000 square feet of industrial space at 201 Bay Ave. Vancouver, Canada-based Article provides modern designer furniture direct to consumers at affordable prices. Mike Markey, Jon Tresser and Andrew Lord of Colliers represented the tenant, while Ernie Christoph and Charlie Reese served as in-house representation for the landlord, Hartz Mountain Industries, in the deal.
EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the sale of St. George Harrison Apartments, a multifamily property located at 400 Passaic Ave. in East Newark. An undisclosed buyer acquired the 60-unit property for $18.5 million. Built in 2013, the four-story property features 24 one-bedroom units and 36 two-bedroom units. The units feature modern open kitchens with stainless steel appliances, hardwood floors, in-unit washer/dryers, central heat/air conditioning and private terraces. Community amenities include controlled access, a resident lounge, private fitness center, landscaped terrace and a heated on-site parking garage. Nicholas Nicolau of Gebroe-Hammer Associates arranged the transaction. The name of the seller was not released.
FORT LEE, N.J. — Tucker Development, in partnership with Kushner Real Estate Group and a fund managed by Ares Management, has opened the first phase of residential apartments and a portion of the retail component at the 1 million-square-foot Hudson Lights project in downtown Fort Lee. Situated at the base of the George Washington Bridge, the 276-unit residential property features a pool, lounge, fitness center, yoga room, kids play area and rooftop terrace and gardens. The developer has also opened an eight-screen, 533-seat iPic movie theater at the project. The theater includes City Perch Kitchen & Bar, an in-theater restaurant that allows guests to order food and drinks from a personal server. Additional signed tenants include Paris Baguette, Gaonnuri Restaurant, Anthony Franco’s Pizza, 16 Handles, CVS/pharmacy, Capital One Bank, CycleBar, SeeSaw, Linwood Wines, European Wax Center, Tutti Nails & Spa and Coldwell Banker.
SECAUCUS, N.J. — Harbor Group International has completed the sale of an office building located at 100 Plaza Drive in Secaucus. Howard Hershkovich, a private investor from Brooklyn, purchased the property as part of a 1031 exchange for $62 million. The four-story 264,973-square-foot office building is fully leased to a variety of tenants, including NBA Entertainment and Scholastic. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented the seller in the deal.