New Jersey

BelovED Community Charter School Acquires Development Site in New Jersey

by Amy Works April 20, 2016

JERSEY CITY, N.J. — BelovED Community Charter School has acquired a half-acre parcel of land located at 535 Grand St. in Jersey City. Friends of the BelovED Charter School, a non-profit organization to support the development of the school and other charter schools, will develop a 40,000-square-foot middle school on the site. The non-profit is expected to obtain a mortgage and construction financing of $12 million from New Jersey Community Capital for the project. Designed by Urbahn Architects, the four-story school will serve 240 students in grades six to nine and feature 15 classrooms, four half classrooms, two science rooms, two art rooms, a music room, a cafetorium with warming kitchen, a gymnasium with a mezzanine, a media center/library, administrative offices and a large sub-dividable multipurpose room, as well as a 31-car parking lot and an outdoor assembly/recreation space.

April 20, 2016

New Jersey Northeast Office

Daiichi Sankyo Inc. Leases 305,000 SF Office Property in New Jersey

by Amy Works April 20, 2016

BASKING RIDGE, N.J. — Daiichi Sankyo Inc. has signed a long-term lease for an office property located at 211 Mount Airy Road in Basking Ridge. The pharmaceutical firm plans to relocate its U.S. headquarters to the three-building campus, which was the former Avaya campus. The property features a full cafeteria, state-of-the-art fitness facilities, a 127-seat auditorium and an on-site conference center. After acquiring the property in 2013, Rubenstein Partners and Onyx Equities upgraded and repositioned the facility for modern office needs.

April 20, 2016

Industrial Mixed-Use New Jersey Northeast Retail

NAI Hanson Arranges Sale of Catering, Industrial Facility in New Jersey

by Amy Works April 13, 2016

EAST RUTHERFORD, N.J. — NAI James E. Hanson has arranged the sale of The Landmark, a two-building property located at 33 Route 17 South in East Rutherford. The Hampshire Companies, through one of its funds, acquired the asset for an undisclosed price. Situated on 3.2 acres, the mostly vacant site consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building. The property is zoned regional commercial and offers 225 feet of frontage along Route 17 South. The buyer plans to redevelop the site with a 100,000-square-foot self-storage facility and a convenience store with a gas station. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.

April 13, 2016

Loans Multifamily New Jersey Northeast Top Stories

Ironstate Development Receives $170M in Financing for Apartment Tower in Jersey City

by Haisten Willis April 13, 2016

JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …

April 13, 2016

Industrial New Jersey Northeast

Prologis Signs Fedway Associates to 539,000 SF Build-to-Suit Lease in New Jersey

by Amy Works April 12, 2016

ELIZABETH, N.J. — Prologis has entered into a build-to-suit lease agreement with Fedway Associates, a wine and spirits distributor. The company will occupy a 539,000-square-foot stand-alone building at Prologis Ports Elizabeth-Seaport at 10 North Ave. East in Elizabeth. Located off Exit 13A on the New Jersey Turnpike, the distribution center will feature a 539,308-square-foot building and a planned 204,253-square-foot facility.

April 12, 2016

New Jersey Northeast Office

NAI Hanson Brokers Sale of 30,000 SF Office Building in Downtown Jersey City

by Amy Works April 11, 2016

JERSEY CITY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 215 14th St. in Jersey City. Adithya Bathena acquired the 30,000-square-foot building from MIS for an undisclosed price. MIS plans to lease back space within the four-story building. The property also features ground-floor retail space that is currently leased to Dunkin’ Donuts. Russell Verducci and Eric Demmers of NAI Hanson represented the buyer, while Dan DePalma of JLL represented the seller in the transaction.

April 11, 2016

Healthcare New Jersey Northeast Office

NAI Hanson Brokers Sale of 18,140 SF Medical Office Building in New Jersey

by Amy Works April 7, 2016

SADDLE BROOK, N.J. — NAI James E. Hanson has arranged the sale of a medical office building located at 190 Midland Ave. in Saddle Brook. Brook Development LLC sold the 18,140-square-foot property to a private buyer for an undisclosed price. The two-story building houses three operating rooms and a Joint Commission on Accreditation of Healthcare Organizations outpatient surgical center. Additionally, the facility is outfitted with fiber optic cables, integrated services digital network Internet access and ample covered parking. Darren Lizzack, Randy Horning and Hal Messer of NAI Hanson represented the seller and buyer in the transaction.

April 7, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires 150,000 SF Industrial Building in New Jersey for $9.8M

by Amy Works April 5, 2016

LINCOLN PARK, N.J. — The Stro Companies has acquired an industrial building located at 510 Ryerson Road in Lincoln Park. A New Jersey-based developer sold the 150,000-square-foot property for $9.8 million. The multi-tenant building features 25-foot clear height ceilings and was 66 percent occupied at the time of acquisition.

April 5, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Arranges $165M in Financing for Jersey City Multifamily Property

by Amy Works April 1, 2016

JERSEY CITY, N.J. — Meridian Capital Group has arranged $165 million in permanent financing for The One, a multifamily property located at 110 First St. in Jersey City. The borrowers are BLDG and Ares Management LP. The seven-year loan, provided by a life insurance company, features a 3.5 percent rate and two years of interest-only payments followed by a 30-year amortization schedule. Constructed in 2015, the 35-story features 439 apartments, a landscaped rooftop with swimming pool, lounge, barbecue and fire pits. Aaron Birnbaum, Carol Shelby and Dani Sabesan of Meridian Capital negotiated the financing for the borrowers.

April 1, 2016

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $7.2M Sale of Apartment Building in New Jersey

by Amy Works March 31, 2016

CHATHAM, N.J. — Redwood Realty Advisors has arranged the sale of Chatham Arms, an apartment building located at 49 S. Passaic Ave. in Chatham. A joint venture between Solar Capital and Vertical Realty Capital acquired the 31-unit property from Quad Realty LLC for $7.2 million, or $232,000 per unit. Thomas McConnell, Kevin McCrann, Matthew Sandelands and Jeremy Wernick of Redwood Realty Advisors brokered the transaction.

March 31, 2016

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