New Jersey

HFF Secures $155.8M Construction Loan for 539-Unit Apartment Tower in Jersey City

by Amy Works August 8, 2016

JERSEY CITY, N.J. — HFF has secured $155.8 million in financing for the development of 90 Columbus, a 50-story apartment tower in Jersey City. Thomas Didio of HFF arranged the financing for the borrowers, Ironstate Development and Panepinto Properties Inc., through a national commercial bank. As part of a multi-phase development, 90 Columbus will feature 539 apartment units in a mix of studio, one-, two- and three-bedroom layouts; a swimming pool; grilling areas; indoor and outdoor children’s play areas; a dog run; sport court; table tennis room; library; and wifi lounges. The overall development includes 50 Columbus, a 400-unit multifamily property; 70 Columbus, a 50-story luxury residential tower; an under construction 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking. Designed by Gwathmey, Siegel, Kaufman and Associates, 90 Columbus is slated for completion in 18 months.

August 8, 2016

Multifamily New Jersey Northeast Restaurant Retail

Woodmont Properties Opens First Phase of Transit-Oriented Apartment Community in New Jersey

by Amy Works August 5, 2016

METUCHEN, N.J. — Woodmont Properties has opened the first phase of Woodmont Metro at Metuchen Station, a transit-oriented apartment community located in downtown Metuchen at the New Jersey Transit Metuchen Train Station. The recently opened phase includes Pearl Street parking garage, a six-level, 796-space parking garage for residents, commuters and shoppers. Managed by Nexus Parking Systems, the parking deck will feature 24-hour on-site service representatives, covered parking, self-service kiosks, daily and monthly rates, vehicle charging stations and portable battery jumper service, as well as handicapped parking and elevators on every level. Slated for completion by the end of 2017, the development will feature 273 residential apartments, an open-space piazza and 11,500 square feet of shops and restaurants.

August 5, 2016

New Jersey Northeast Office

EY Signs 168,000 SF Office Lease at Waterfront Corporate Center II in New Jersey

by Amy Works August 5, 2016

HOBOKEN, N.J. — EY, formerly Ernst & Young, has signed a new lease for 168,000 square feet of office space at Waterfront Corporate Center II in Hoboken. The global accounting firm is expected to take occupancy in June 2017 and will be relocating a portion of its New York City operations to the space. The three-building complex features 1.5 million square feet of Class A commercial space adjacent to the W Hoboken Hotel. Michael Geoghegan, Craig Reicher, Glenn Dyke, Joan Meixner and Nick Hilton of CBRE represented EY, while Jeff Schotz and Peter Bronsnick provided in-house representation for the landlord, SJP Properties.

August 5, 2016

Loans New Jersey Northeast Office

FM Capital Acquires $6.2M Loan Secured by Century Office Park in New Jersey

by Amy Works August 4, 2016

MANALAPAN, N.J. — FM Capital has acquired the non-performing loan for the Century Office park in Manalapan. The property has an unpaid principal balance of roughly $6.2 million, and the debt is secured by a 77,706 square feet of office space. Situated on 6.7 acres, the three-building office park was built in 1976, 1978 and 1979. Additional terms of the transaction were not disclosed.

August 4, 2016

Industrial New Jersey Northeast

Colliers Negotiates $4.1M Sale of 115,300 SF Manufacturing Facility in New Jersey

by Amy Works August 2, 2016

PENNSAUKEN, N.J. — Colliers International has brokered the sale of a manufacturing facility located at 7001 N. Park Drive within Airport Industrial Park in Pennsauken. A private equity firm, which owns Standard Merchandising, acquired the 115,300-square-foot facility from Contemporary Graphics for $4.1 million. Standard Merchandising, a sock manufacturing company, will occupy the property. Marc Isdaner and Ian Richman of Colliers were the sole brokers in the deal.

August 2, 2016

Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 600,600 SF Distribution Facility in New Jersey

by Amy Works August 1, 2016

HAMILTON TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of a distribution facility located at 401 Cabot Drive in Hamilton Township. The 600,600-square-foot building serves as the Eastern region distribution hub for Colgate-Palmolive. Completed in 2006, the property features 36-foot clear heights, 52-foot by 50-foot column spacing, 120-foot truck courts and ample car and trailer parking. Colgate-Palmolive currently occupies 431,340 square feet, with the remaining 169,260 square feet available for lease. Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, Andrew MacDonald, Stan Danzig and Jules Nissim of Cushman & Wakefield represented the undisclosed seller and buyer in the transaction.

August 1, 2016

Industrial Loans New Jersey Northeast

Denholtz Associates Secures $4M in Refinancing for Five Flex-Industrial Properties in New Jersey

by Amy Works August 1, 2016

BRIDGEWATER, N.J. — Denholtz Associates has secured a 10-year, $4 million refinancing on five of its flex-industrial properties located at 1W-5W Chimney Rock Road in Bridgewater. Totaling 115,714 square feet, the properties are part of the Bridgewater Business Park. Michael Cook of First Bank NJ negotiated the terms of the refinance. Bridgewater Business Park features 380,000 square feet of flex-industrial space.

August 1, 2016

Industrial New Jersey Northeast Office

The Hampshire Companies Sells 125,000 SF Industrial, Office Complex in New Jersey

by Amy Works July 29, 2016

HACKENSACK, N.J. — The Hampshire Companies has completed the sale of an industrial and office complex located at 86-110 Orchard St. in Hackensack. A private buyer acquired the property for an undisclosed sum. Situated on 5.2 acres, the 125,000-square-foot property features 110,000 square feet of warehouse space and 15,000 square feet of office space. The warehouse space is broken into 11 independent and fully demised industrial units with ceiling heights ranging from 14 feet to 25 feet. Additionally, the complex features 12 external docks, 10 drive-ins and 109 on-site parking spaces. Renovated in 2013, the property was 96 percent leased at the time of sale. Jeffrey DeMagistris, Thomas Vetter and Gregory James of NAI James E. Hanson represented The Hampshire Companies in the deal.

July 29, 2016

Loans New Jersey Northeast Office

NorthMarq Capital Arranges $7.2M Refinancing for Office Building in New Jersey

by Amy Works July 29, 2016

MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.

July 29, 2016

Industrial New Jersey Northeast

Bussel Realty Negotiates $9.1M Sale of 82,000 SF Industrial Facility in New Jersey

by Amy Works July 28, 2016

LINDEN, N.J. — Bussel Realty Corp. has negotiated the sale of an industrial facility located at 2401 E. Linden Ave. in Linden. Penwood Real Estate Management acquired the property from 265 Pennsylvania Realty for $9.1 million. The 82,000-square-foot facility features 5,000 square feet of office space, 21-foot clear heights and 10 loading docks, as well as a new paved parking lot, doors and HVAC. Three tenants in the food and pharmaceutical sectors, including Ultimate Foods, occupy the fully stabilized, net-leased building. Jordan Metz of Bussell Realty represented the buyer and seller in the transaction.

July 28, 2016

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