HADDON TOWNSHIP, N.J. — Kimco Realty Corp. has signed a lease with Target at its Westmont Plaza in Haddon Township. The 48,000-square-foot, small-format Target is scheduled to open this month. The signing of Target is the first step in a Kimco’s repositioning program for the 173,000-square-foot open-air shopping center. As Target’s third small-format store in New Jersey, the store will provide residents with a quick-trip shopping experience featuring the brand’s curated assortment of apparel and accessories, grocery and grab-and-go items, beauty products, electronics, toys and more. The store will also feature a CVS/pharmacy and Target’s Order Pickup service.
GUTTENBERG, N.J. — Marcus & Millichap has negotiated the sale of two multifamily buildings located Guttenberg. A private investor acquired the properties for $2.2 million. Combined, the buildings offer 16 apartment units. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
WAYNE, N.J. — Peykar Family Properties is developing a speculative industrial facility at 150 Totowa Road in Wayne. The project includes the demolition of a long-vacant office building and the construction of a 418,500-square-foot industrial facility and more than 40,000 square feet of mezzanine office space, totaling a 459,822-square-foot facility on the 32-acre site. The warehouse space will feature 40-foot clear ceiling heights, 42 tailgates, two drive-in doors and parking for 70 trailers and 224 cars. The facility is designed with office space on each end of the building to allow for multiple users. Completion is scheduled for the first half of 2018. Stan Danzig and Stephen Elman of Cushman & Wakefield are marketing the facility for the developer, which also owns Nourison Industries, a large carpet manufacturing company.
BURLINGTON, N.J. — Colliers International has arranged the sale of an industrial building located at 105 Connecticut Drive in Burlington. Crossroads Industrial acquired the building for $2.5 million, or $63.50 per square foot. The 40,500-square-foot building features 18,000 square feet of office space, 20-foot clear heights in the warehouse, four tailgate doors and one van-height door. The buyer plans to use the site as a warehouse for NYB Distributors. Financing for the acquisition was provided by Morgan Stanley Bank. Marc Isdaner of Colliers represented the undisclosed seller, while NAI Mertz represented the buyer in the deal.
PISCATAWAY, N.J. — Rockefeller Group has acquired a 228-acre industrial site located at 171 River Road in Piscataway. Lincoln Equities Group and Real Capital Solutions sold the former brownfield site for $57 million. The remediated site is fully entitled to build 2.4 million square feet of space for industrial distribution and light manufacturing space. The buyer will break ground on two new buildings later this summer with an anticipated overall project cost between $225 million and $250 million. David Bernhaut of Cushman & Wakefield represented the sellers in the transaction.
HOBOKEN, N.J. — Bijou Properties and Intercontinental Real Estate Corp. have broken ground for a multi-faceted project located at 700 Jackson St. in Hoboken. The project will include a 424-unit residential rental building, a state-of-the-art 6,835-square-foot public gymnasium and a two-acre resiliency park, which is designed to withstand and recover from storm and catastrophic flooding. Designed by Marchetto Higgins Stieve Architects, the 14-story residential building will feature 90,000 square feet of upscale amenities, including a penthouse pool and roof deck, and 25,000 square feet of ground-floor retail space. The two-acre park will include an open grass area, children’s playground and public plaza. Completion of the project is slated for mid-2019.
PARSIPPANY, N.J. — RD Management, JMF Properties and Ripco Real Estate Corp. have broken ground for Waterview Marketplace, a shopping center located at the intersection of Waterview Boulevard and Route 46 in Parsippany. A 48,000-square-foot Whole Foods Market will anchor the 150,150-square-foot shopping center, which is slated to open in 2018. The Whole Foods Market will be the third location in the Morris County and will feature indoor and outdoor dining space for customers.
SADDLE BROOK, N.J. — Marcus & Millichap has arranged the sale of the leasehold interest of Park 80 East, an office building located at 160 Pehle Ave. in Saddle Brook. A private investor acquired the 83,160-square-foot property for $2.3 million. At the time of sale, the property was 50 percent occupied. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
JERSEY CITY, N.J. — Smart Living Development, formed by KSNY and Strategic Properties, has broken ground for the development of Nest Micro Apartments, located at 184-190 Academy St. in Jersey City. The property will feature 122 fully furnished apartments, all of which are studio units less than 300 square feet, with rents starting at less than $1,300 per month. On-site amenities include coffee house/lounge, laundry facilities, bike storage, a gym, a roof deck lounge with grill and outdoor showers and storage units. Leasing is slated to commence in August 2018.
SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.