New Jersey

Q10 New York Realty Advisors Arranges $2.5M Loan for Retail Center in New Jersey

by Amy Works August 31, 2016

JERSEY CITY, N.J. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged a $2.5 million loan for a retail strip center located at 2825 Kennedy Blvd. in Jersey City’s Journal Square neighborhood. Provided by a major New York-based bank, the non-recourse, loan features a 10-year term with a fixed rate for the first seven years and then floating and open to prepayment without penalty the last three years. The fully occupied property features six retail stores. Jeanne Cronin of Q10 New York Realty Advisors arranged the loan for the borrowers. Elizabeth Smith, Aubrey Riccardi and Sarah Benji of Goldberg Weprin, Finkel & Goldstein represented the borrower in the lease transaction.

August 31, 2016

New Jersey Northeast Retail

CBRE Facilitates $3M Sale of Retail Development Site in New Jersey

by Amy Works August 29, 2016

TOMS RIVER, N.J. — CBRE has arranged the sale of a retail development site located at the intersection of Route 37 and Fischer Boulevard in Toms River. QuickChek acquired the assemblage of properties for $3 million. The buyer plans to develop a modern gasoline and convenience store facility on the 2-acre site. Steven Winters of CBRE represented the undisclosed seller in the transaction.

August 29, 2016

Loans Multifamily New Jersey Northeast

Russo Development Receives $73M in Financing for 398-Unit Multifamily Community in New Jersey

by Amy Works August 25, 2016

HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.

August 25, 2016

Industrial New Jersey Northeast

Silbert Realty Negotiates Sale of Proposed Redevelopment Site in New Jersey

by Amy Works August 25, 2016

EAST RUTHERFORD, N.J. — Silbert Realty & Management Co. (SRM) has arranged the sale of a development site located at 401 Central Ave. in East Rutherford. A New Jersey-based real estate development group acquired the proposed 90,000-square-foot industrial/flex/office site from an undisclosed seller for an unreleased price. Situated on approximately 5 acres, the property is zoned for industrial and served by city utilities. The existing 137,000-square-foot structure features 26,000 square feet of office space, overhead doors and tail board loading. Wayne Kasbar of SRM represented both the seller and buyer in the transaction.

August 25, 2016

New Jersey Northeast Office Retail

The S. Hekemian Group Completes ES4 Retail/Office Building in New Jersey

by Amy Works August 24, 2016

ENGLEWOOD, N.J. — The S. Hekemian Group has developed ES4, a retail and office building on located at 10 Sterling Blvd. in Englewood. The four-story, 46,000-square-foot building is currently 95 percent leased to Panera Bread, Anthony’s Coal Fired Pizza, Verizon, Fusion Academy, Sherman Group and the New Jersey office of The S. Hekemian Group. The property is managed and leased by Silbert Realty & Management Co. Spanning 21 acres, the overall development plan calls for a second phase, including a 180-room hotel and 195 apartment units.

August 24, 2016

Industrial New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 220,000 SF Industrial Property in New Jersey

by Amy Works August 23, 2016

SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the sale of an industrial property located at 51 Commerce Drive in South Brunswick. TIAA Global Asset Management purchased the 220,000-square-foot property from Ivy Equities for an undisclosed price. Situated on 14 acres, the property was fully occupied at the time of sale by Lenox, EDA International, Salesmaster Associates and Halsted Corp. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller in the deal.

August 23, 2016

Loans Multifamily New Jersey Northeast Pennsylvania Seniors Housing

Meridian Capital Group Arranges $135.5M Refinancing for Six-Property Skilled Nursing Portfolio

by Amy Works August 19, 2016

NEW YORK CITY — Meridian Capital Group, a debt broker based in New York, has arranged $135.5 million in loans for Continuum Healthcare to refinance a six-property portfolio of skilled nursing homes in New Jersey and Pennsylvania. The four-year, bridge-to-HUD loan provided by a balance sheet and mezzanine lender, features six months of interest-only payments. The skilled nursing communities total 920 beds and include: · The Wanaque Center for Nursing and Rehab, Haskell, N.J. · Galloway Nursing and Rehab, Galloway, N.J. · Barnegat Rehab and Nursing, Barnegat, N.J. · The Health Center at Bloomingdale, Bloomingdale, N.J. · Majestic Oak Nursing Home and Rehab, Warminster, Pa. · Highland Manor Rehab and Nursing, Exeter, Pa. Meridian’s Ari Adlerstein, Ari Dobkin and Josh Simpson negotiated the transaction. Continuum Healthcare and its affiliate companies own and operate skilled nursing facilities and pediatric day care centers. Continuum also owns properties and leases them to independent operators.

August 19, 2016

New Jersey Northeast Retail

Marcus & Millichap Completes $2M Sale of Retail Property in New Jersey

by Amy Works August 19, 2016

BRIDGEWATER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 728 Thompson Ave. in Bridgewater. A limited liability company acquired the 10,500-square-foot property for just under $2 million. The buyer plans to convert the property, formerly known as The Office Bar & Grill, into a high-end bar and grill. The restaurant is expected to open this fall after a complete remodeling of the building. Manveer Sanghera and Trevor Fiebel of Marcus & Millichap represented the buyer in the deal.

August 19, 2016

New Jersey Northeast Office

Allergan Relocates Headquarters to 431,495 SF Property in Madison, New Jersey

by Amy Works August 18, 2016

MADISON, N.J. — Allergan plc, a global pharmaceutical giant, has leased the entire 431,495-square-foot property at 5 Giralda Farms in Madison for a 13-year term. The company will consolidate three of its existing New Jersey office facilities in Parsippany, Bridgewater and Jersey City, bringing 1,800 employees together at the state-of-the-art headquarters facility. Owned by Lincoln Equities Partnership, 5 Giralda Farms is a modern corporate headquarters facility located on 50 acres at the Giralda Farms office campus in Madison. The facility features a main building, an on-site daycare facility, carriage house, six large conference facilities, a 345-seat dining room and a 15,000-square-foot fitness center with full basketball court. Daniel Loughlin and Jodie Mathews of JLL represented Allergan, while David Simson of Newmark Grubb Knight Frank represented the landlord in the deal.

August 18, 2016

Industrial New Jersey Northeast

J.G. Petrucci Co. Sells 63,506 SF Industrial Facility in New Jersey

by Amy Works August 18, 2016

SOUTH BRUNSWICK, N.J. — J.G. Petrucci Co. has completed the sale of an industrial facility located at 15 Stults Road in South Brunswick. Jean Design Inc. acquired the build-to-suit facility for undisclosed price. Situated on 5 acres, the 63,506-square-foot building features six loading docks, a drive-in door, a T-5 lighting system and an ESFR sprinkler system. J.G. Petrucci Co. completed the development and design/build of the facility. Joel Lubin of JLL represented the seller and buyer in the transaction.

August 18, 2016

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