MARLTON, N.J. — Marcus & Millichap has arranged the sale of a 6,387-square-foot net-leased Wawa property, located at 250 Route 70 West in Marlton, for $7.02 million, which represents a cap rate of 4.46 percent. Josh Ein, Dean Zang and Mark Taylor of Marcus & Millichap had the exclusive listing to market the property on behalf of the preferred developer. The buyer, a partnership, was secured and represented by Alan Cafiero and Ben Sgambati of Marcus & Millichap as one of a series of 1031-exchange purchases represented by the agents. The property is in a new 20-year triple-net lease with 19 years remaining. Per CoStar, the 4.46 cap rate is the lowest cap rate for any Wawa across the nation.
JERSEY CITY, N.J. — Ironstate Development and Panepinto Properties are developing the final tower at the team’s multi-phase Columbus Drive project in Jersey City. Located at 90 Columbus Drive, the 50-story, 539-unit luxury apartment tower will be the fourth tower in the development, which already features residential buildings at 50 and 70 Columbus Drive, a more than 900-space parking garage and an under-construction 152-room Marriott Residence Inn at 80 Columbus Drive. The joint venture broke ground on the final tower earlier this year and completion is slated for October 2018. Completion for the hotel is slated for this winter. Russell Bershad of Gibbons Real Property & Environmental department has represented the joint venture on the Columbus project since its inception. The Gibbons team has closed $170 million in permanent financing for 70 Columbus, $155 million in construction financing for 90 Columbus and completed a $16 million term loan for the 70 Columbus project. Additionally, Gibbons served as counsel in connection with the ED-5 equity investment component for 90 Columbus.
HARRISON, N.J. — Inspira Health Network has selected Skanska USA to build its new $350 million Gloucester County hospital in Harrison. The five-story, 204-bed hospital will be the fourth in-patient facility for the South Jersey health system, which has medical centers in Vineland, Elmer and Woodbury, N.J. Inspira purchased the land for the new hospital from Rowan University in an $11.5 million deal, which was finalized in March. The new hospital will include the construction of a main patient tower with operating rooms, an emergency department, imaging suites, as well as administrative, dining and support services. Additionally, the project will include building a new central utility plant that will provide electrical power, heating/hot water and chilled water to the new hospital. Project members include Array Architects and Leach Wallace Associates. Construction is slated to begin during the first quarter of 2017, with completion expected by December 2019.
MAPLE SHADE, N.J. — CBRE has arranged the sale of a retail property located at 131 E. Kings Highway in Maple Shade. Apex Financial Advisors acquired the property from SIN Ventures Maple Shade for $15.6 million. The 109,841-square-foot, free-standing property is occupied by BJ’s Wholesale Club. Brad Nathanson of CBRE represented the seller and procured the buyer in the deal.
HACKENSACK, N.J. — Colliers International has arranged the sale of Continental Plaza, a landmark corporate property located at 401, 411 and 433 Hackensack Ave. in Hackensack. Capstone Realty Group and JD Cos. acquired the three-building complex from a Miami-based special servicer for $63 million. The 650,000-square-foot office was 72 percent leased at the time of sale. Jacklene Chesler of Colliers, along with her team, brokered the transaction.
LINDEN, N.J. — Milbrook Properties has signed three new tenants to Aviation Marketplace, its 644,565-square-foot shopping center located at 601-901 W. Edgar Road in Linden. In the first deal, Massage Envy Spa inked a 10-year lease for 2,598 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate co-brokered the transaction. In the second lease, European Wax Center signed a 10-year deal for 1,522 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate also co-brokered this lease. In the final transaction, Source Plasma Manufacturing leased 3,661 square feet of space for 11 years. Jeffrey Realty co-brokered the deal. Additional tenants at the center include Shop Rite, The Home Depot, Marshalls, Old Navy, AC Moore, The Avenue, Applebee’s, Ten Spot, GNC, Allstate and GameStop.
UNION CITY, N.J. — Sun Equity Partners has acquired Silk Mill Lofts, a historic commercial building located at 540 39th St. in Union City, for an undisclosed price. The buyer has a multi-million-dollar capital improvement program planned for the 125,000-square-foot property — which is dedicated to artist-work spaces — to upgrade the exterior, common spaces, building systems and loft-style studios. The property is currently 55 percent occupied by practicing artists and creative professionals involved in the visual arts, photography, sculpture, painting and glass works. Lee Levine Architects is serving as architect for the renovation of the property, which was originally built in 1874.
SOMERSET, N.J. — Terreno Realty Corp. has acquired an industrial property, located at 70 Schoolhouse Road in Somerset, for $9.1 million. Situated on 6.9 acres, the 86,000-square-foot building features 12 dock-high and one grade-level loading positions and parking for 61 cars. At the time of sale, the property was 100 percent leased to one undisclosed tenant.
EGG HARBOR TOWNSHIP, N.J. — Wolfson Group Inc. is breaking ground for the development of Oak Tree Plaza, a shopping center in Egg Harbor Township, on September 7. Located at the intersection of Black Horse Pike, Fire Road and Old Egg Harbor Road, the 249,943-square-foot center will be anchored by a 188,463-square-foot Walmart Supercenter. The plaza is slated to open in summer 2017.
WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.