New Jersey

Progress Capital Secures $68.5M for Final Phase of Condo Tower in Jersey City

by Amy Works July 27, 2016

JERSEY CITY, N.J. — Progress Capital Advisors has arranged a $68.5 million construction loan for the final phase of Gull’s Cove, a nine-story condominium tower located in Jersey City’s Liberty Harbor North redevelopment area. Slated for completion in late 2017, Gull’s Cove II will feature 107 condo units in a mix of one-, two- and three-bedroom layouts ranging in size from 678 to 2,170 square feet. The new building is connected to the 331-unit first phase by ground-level retail spaces. On-site amenities include 24/7 concierge, fitness center, community room, common outdoor patio and covered on-site parking. In 2004, Progress Capital also arranged the initial $81 million loan for the construction of the development’s first phase. Kathy Anderson of Progress Capital arranged the financing for the undisclosed borrower.

July 27, 2016

Industrial Life Sciences New Jersey Northeast Office

QuVa Pharma to Acquire 160,000 SF Biotech Facility in New Jersey

by Amy Works July 27, 2016

NEW JERSEY — QuVa Pharma Inc. has signed an agreement to acquire an FDA-approved biotech pharmaceutical facility near Route 78 in western New Jersey. The 160,000-square-foot facility will enable QuVa Pharma to significantly extend its production capability and capacity to deliver high-quality, ready-to-use compounded sterile drug preparations to hospitals in key markets in the eastern half of the United States. QuVa currently operates two 503B-registered manufacturing facilities in Texas. Terms of the sale, including the name of the seller and acquisition price, were not released.

July 27, 2016

Mixed-Use New Jersey Northeast Office Retail

Marcus & Millichap Brokers $3.2M Sale of Mixed-Use Building in New Jersey

by Amy Works July 27, 2016

BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.

July 27, 2016

New Jersey Northeast Retail

CBRE Negotiates Sales of Two Retail Properties in New Jersey Totaling $2.05M

by Amy Works July 27, 2016

BURLINGTON AND NEWARK, N.J. — CBRE has brokered the sales of two retail properties in New Jersey. In the first transaction, a double net-leased Dollar Tree property, located at 1204 Route 130 N in Burlington, sold as part of a 1031 exchange for $1.4 million. The name of the seller and buyer were not released. In the second deal, a 19,500-square-foot retail property located at 727 Frelinghuysen Ave. in Newark sold for $650,000 to an undisclosed buyer. At the time of sale, the property was 75 percent vacant. The name of the seller was not released. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transactions.

July 27, 2016

New Jersey Northeast Office

Mack-Cali Realty Sells 100,000 SF Office Building in New Jersey

by Amy Works July 26, 2016

PARSIPPANY, N.J. — Mack-Cali Realty has completed the disposition of an office building, located at 600 Parsippany Road in Parsippany. A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the 100,000-square-foot building free and clear of existing debt for an undisclosed price. The three-story building was 92 percent leased at the time of sale to a variety of tenants, including Aerotek, Level 3 Communications, Sonneborn, Certified Financial Services, Inglesino, Webster, Wyciskala & Taylor, Property Title Group and Dewberry. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephan Simonelli and Marc Duval of HFF represented the seller in the deal.

July 26, 2016

New Jersey Northeast Retail

CBRE Brokers $5.5M Sale of New Jersey Retail Property

by Amy Works July 26, 2016

WESTWOOD, N.J. — CBRE has arranged the sale of a retail property located at 39 Kinderkamack Road in Westwood. An undisclosed buyer acquired the property for $5.5 million. The 9,300-square-foot building is triple net-leased to Goodyear for a 15-year term. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transaction. The name of the seller was not released.

July 26, 2016

Multifamily New Jersey Northeast

WinnCompanies Acquires 199-Unit Apartment Community in New Jersey

by Amy Works July 25, 2016

WEST DEPTFORD, N.J. — WinnCompanies has acquired and repositioned a market-rate apartment community located in West Deptford. Rebranded as Cove at RiverWinds, the property features 199 units for adults who are age 55 and older. Built in 2009, the two-building community features an underground parking garage, a community room, an outdoor courtyard, on-site management office and a mix of 74 one-bedroom apartments, 121 two-bedroom units and four penthouse suites. Managed by WinnResidential, the property was formerly known as Rivercove Apartments. WinnCompanies acquired the property in April for an undisclosed sum. The name of the seller was not released.

July 25, 2016

New Jersey Northeast Office

Mack-Cali Realty Sells Three-Building Office Portfolio in Parsippany for $15M

by Amy Works July 22, 2016

PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the sale of three office buildings located at 4, 5 and 6 Century Drive within Mack-Cali Business Campus in Parsippany. A partnership between Bergman Real Estate Group and Time Equities Inc. acquired the properties, which total 280,000 square feet, for $15 million. Built in 1981, the campus features a full-service cafeteria, excess parking and a courtyard with a fountain and picnic areas. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller, while Michael Bergman and Michael Difede of Bergman Real Estate Group, along with Aaron Medeiros of Time Equities, represented the buyer in the transaction.

July 22, 2016

Loans Multifamily New Jersey Northeast

KeyBank Arranges $10M in Financing for 114-Unit Apartment Building in New Jersey

by Amy Works July 22, 2016

PATTERSON, N.J. — KeyBank Real Estate Capital has arranged $10 million in Fannie Mae financing for Broadway Towers, a high-rise apartment building in Patterson. Built in 1961, the property features 114 units and two ground-floor commercial spaces. Tom Peloquin of KeyBank arranged the loan, which was used to refinance existing debt. The name of the borrower was not released.

July 22, 2016

New Jersey Northeast Office

iCIMS Signs 350,000 SF Headquarters Lease at Bell Works in New Jersey

by Amy Works July 21, 2016

HOLMDEL, N.J. — iCIMS Inc. has signed a lease for 350,000 square feet of space at Somerset Development’s Bell Works, a mixed-use development in Holmdel. The provider of human resources software is relocating its headquarters to Holmdel from Matawan, N.J. The lease brings the 2-million-square-foot Bell Works to more than 50 percent occupied. Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney of The Garibaldi Group/CORFAC International represented Somerset Development, while Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel of CBRE represented iCIMS in the lease transaction.

July 21, 2016

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