EAST WINDSOR, N.J. — Kennedy Funding Financial has closed a $1.7 million loan for EW Acquisition. The loan proceeds will be used for working capital and to fund infrastructure improvements to convert the property into The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor. The borrower acquired the property in 2005 and started an improvement program at the property, which is situated on 3.9 acres. The 89,038 square feet of improvements are scheduled for completion in 2017. Once complete, the property will contain a mix of assisted and memory care units.
WOODBRIDGE AND CARTERET, N.J. — CRBE has facilitated more than 867,500 square feet of industrial leases on behalf of Prologis in two separate transactions in New Jersey. Thomas Monahan, Stephen D’Amato, Anastasia Lazarides and Gerard Monahan of CBRE represented the Prologis, which owns both properties. In Woodbridge, DSV Global Transport and Logistics leased 507,500 square feet of industrial space at 1005 W. Middlesex Ave. The distribution facility features a 36-foot clear height, 120 dock doors, two drive-in doors and parking for 115 trailers. Doug Bansbach of Cushman & Wakefield represented the tenant in the deal. In Carteret, a prominent retailer leased 360,000 square feet of distribution space at 50 Middlesex Ave. The distribution facility features 36-foot clear height, 68 dock doors, four drive-in doors and parking for 137 cars and 138 trailers. Scott Belfer of CBRE represented the tenant in the transaction.
NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.
WYCKOFF, N.J. — Inserra Supermarkets has started demolition at the site for the planned ShopRite of Wyckoff at the corner of Greenwood and Wyckoff avenues. The 62,042-square-foot grocery store is slated to open in November 2017. The building design reflects the historic character and architecture of the surrounding commercial and residential buildings.
CARLSTADT, N.J. — Water-Jel Technologies has renewed its 109,410-square-foot lease at 50 Broad St. in Carlstadt. The burn-care product manufacturer uses the space as its headquarters and production facility. John Donnelly of Colliers International represented Water-Jel in the long-term lease renewal. The property is owned by Prologis.
BRIDGEWATER, N.J. — Allstate Insurance Co. has leased an entire 63,000-square-foot office building at CenterPointe I, located at 1130 Route 22 East within CenterPointe at Bridgewater in Bridgewater. The four-building corporate park features 331,846 square feet of office space. Susan Mason, Robert Ryan and John Buckley of JLL, in collaboration with Michael Gribbon of American Real Estate Partners, represented the landlord, American Real Estate Partners, while Edward DaCosta and John Morris III of CBRE represented the tenant.
MORRISTOWN, N.J. — Woodmont Properties and Roseland Residential Trust have commenced construction for Metropolitan Lofts, a luxury apartment building located at 11 Dehart St. in Morristown. The building will feature 59 units in a mix of one- and two-bedroom apartments and 1,100 square feet of ground-level retail space. On-site amenities include a fitness center and golf simulator. The building is the final component of a mixed-use redevelopment project that combines residential space with 53,000 square feet of retail space at the Shops on the Green and a 795-car public parking facility.
ORANGE, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 256 Reock St. in Orange. A private investor sold the 13,500-square-foot property to an out-of-state buyer for $1.6 million. The property features seven residential units and two commercial spaces. Michael Lombardi of Marcus & Millichap represented the seller, while Chip Collins, also of Marcus & Millichap, represented the buyer in the deal.
In the office segment there has been plenty of news regarding Class A assets. Companies have been flocking towards upgraded space. Landlords have made significant capital expenditures to their buildings to attract and retain these tenants. We have seen parking decks being built, investments to achieve LEED certification and the addition of upgraded amenities, such as cafés, fitness facilities, day care centers, and shuttles to mass transit. In the midst of these discussions, the Class B building seems to be getting lost. Class B office buildings do not have all of the bells and whistles of their Class A counterparts. However, this has not stopped them from experiencing a resurgence over the last few years. Current vacancy of Class B office space in the Northern New Jersey market is 13.4 percent. The vacancy rate has seen a steady decline from 15 percent at the end of 2014. The asking rents in the market average around $21.50 based on a gross number. The absorption of space over the last two years has been the best we have seen in more than 10 years. According to CoStar, 1.1 million square feet of Class B office space was leased in Northern New Jersey …
TOTOWA, N.J. — HFF has arranged $12.2 million in construction financing for the conversion of a light industrial building into a 1,246-unit self-storage facility in Totowa. The developer and borrower is a joint venture between Tulfra Real Estate and The Hampshire Cos. M&T Bank provided the loan. Located at 930 N. Riverview Drive, the renovated facility will feature 1,235 climate- and 11 non-climate controlled units. Jon Mikula and Michael Klein of HFF represented the borrower in the financing transaction.