UNION, N.J. — Avison Young represented Boxed, a mobile delivery service for wholesale goods, in the seven-year lease of a 143,890-square-foot of industrial warehouse space at 750 Union Ave. in Union. The property is owned by Bridge Development Partners. Now occupying more than 50 percent of the 263,553-square-foot facility, Boxed will use the space as its regional distribution center with additional office space. Jennifer Ogden of Avison Young and Andrew Houston of CBRE brokered the deal.
CAMDEN, N.J. — Liberty Property Trust has signed an agreement with American Water to develop the company’s new corporate headquarters at One Water Street in Camden. The project is the inaugural commercial development at Liberty’s The Camden Waterfront, a 20-acre, $1 billion mixed-use development master planned by Robert A.M. Stern Architects. Designed to achieve LEED Platinum certification, the five-story One Water Street will feature 222,376 square feet of office space. Construction of the building and an adjacent parking garage is slated to begin this fall subject to the completion of Liberty’s due diligence, and acquisition of the site. The new building is expected to be completed in the second half of 2018.
MORRISTOWN, N.J. — NorthMarq Capital’s Morristown office has arranged $91.5 million in refinancing for a 13-property medical office portfolio with 11 assets in Northern New Jersey, one in New York and one in Florida. Gregory Nalbandian of NorthMarq secured the financing for the borrower, Regent Medical Properties. The five-year, fixed-rate loan was bifurcated between a $81.5 million senior loan placed with Natixis Real Estate Capital and a $10 million mezzanine loan placed with Morrison Street Capital. The portfolio is a 353,000-square-foot core medical office portfolio with several buildings featuring on-site surgery centers within close proximity to major hospitals.
FLORHAM PARK, N.J. — The Rockefeller Group has secured $70 million in financing on behalf of its joint venture partnership with Korman Communities for the construction of AVE Florham Park. Located within The Green at Florham Park in Florham Park, the flexible-stay community will feature 256 furnished and unfurnished accommodations that are ideal for corporate housing, relocations and long-term stays. The partnership broke ground on the 450,000-square-foot project earlier this year with completion slated for 2017. The property will feature 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, and a community courtyard with a lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbecue area, a movie screen, fire pits and an enclave with cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including a movie theater, café, conference suites, a business center, a yoga studio and fitness center, a spa and 24-hour resident services.
MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.
NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated clinical research center at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.
CINNAMINSON, N.J. — Simon Holdings Inc. has acquired an industrial building located at 2303 Garry Road in Cinnaminson. Lynn Bradeen sold the 45,100-square-foot property for $2.1 million. The multi-tenant warehouse facility features 20- to 22-foot ceiling heights, 14 tailgate doors and five drive-in ramps. All American Fasteners and Dade Paper currently occupy the facility. Marc Isdaner of Colliers Southern New Jersey represented the seller, while Scott Mertz of NAI Mertz represented the buyer in the transaction.
SECAUCUS AND WHIPPANY, N.J. — G.S. Wilcox & Co. has secured two loans totaling $19.5 million for two industrial properties located in Secaucus and Whippany. The company arranged a five-year, fixed-rate loan for $13.5 million that includes a 30-year amortization schedule. The loan was secured by a 202,148-square-foot warehouse building in Secaucus. Additionally, G.S. Wilcox also arranged a $6 million, fixed-rate loan for seven years. The loan, which features a 30-year amortization schedule, was placed on a 100,626-square-foot industrial building in Whippany. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing through Kansas City Life Insurance Co. The names of the borrowers were not released.
ROSELAND, N.J., AND WILLISTOWN, PA. — Formation-Shelbourne Senior Living Services has completed the disposition of two Class A seniors housing communities — The Solana Roseland in Roseland and The Solana Willistown in Willistown. An undisclosed buyer acquired The Solana portfolio for $98.2 million. The portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Ave. in Roseland, and The Solana Willistown is located at 1713 W. Chester Pike in the Philadelphia suburb of Willistown. Completed in 2013, the properties are 94 percent leased and total 74,222 rentable square feet. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction. Additionally, Sarah Baccich of HFF secured a $63.9 million acquisition loan, provided by Cornerstone Real Estate Advisors, for the buyer.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sale of a four-building multifamily portfolio located at 24 S. Grove, 25 N. Harrison, 235 S. Harrison and 107 New streets in East Orange. An undisclosed buyer purchased the 264-unit portfolio for $12 million. The five-story property at 24 S. Grove St. features 43 units, the building at 25 N. Harrison St. offers 73 units, the property at 235 S. Harrison St. is comprised of 84 units, and the five-story building at 107 New St. contains 64 units. David Oropeza of Gebroe-Hammer represented the buyer and undisclosed seller in the deal.
