New Jersey

Data Infrastructure Positions Newark to Emerge as a Tech Sector Hub

by Jaime Lackey February 10, 2016

For Newark, New Jersey, the well-documented trend toward urbanism and the emergence of creative solutions that position older properties to serve modern needs are creating strong momentum. At a time when leasing activity is ticking upward across the city’s diverse tenant base, it also is becoming clear that Newark’s superior data capacity positions the city to become a hub for tech start-ups and, ultimately, a national hub for the tech sector. For Millennials, Old is “In” According to new Pew Research Center analysis of U.S. Census Bureau data, it is estimated that about 53.5 million millennials (adults aged 18 to 34) are part of the U.S. workforce today. Companies run by or interested in attracting millennials — whether focused on technology or any other sector — are gravitating to 24/7 downtown or urban locations. And they are seeking smart, collaborative work spaces. The result? Old is “in” — at least when it comes to tenant preferences for office space. At The Berger Organization, we are stripping antiquated fit-outs and tapping into the popularity of exposed ductwork, open floor plans and loft-inspired architectural elements. The resulting environments speak to modern desires and individual company cultures, while paying homage to their urban …

February 10, 2016

Loans New Jersey Northeast Retail

NorthMarq Arranges $49.4M Loan for Retail Portfolio in New Jersey

by Amy Works February 9, 2016

PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.

February 9, 2016

Affordable Housing Multifamily New Jersey Northeast

WinnDevelopment to Acquire, Renovate 131-Unit Affordable Housing Property in New Jersey

by Amy Works February 8, 2016

JERSEY CITY, N.J. — WinnDevelopment has closed on the financing to acquire and renovate an affordable housing property in Jersey City. The $40.2 million acquisition and rehabilitation project will deliver interior and exterior upgrades to Brunswick Estates, a 131-unit income-restricted community. The townhouse-style property features 14 clusters of buildings with apartments ranging from two to five bedrooms, as well as a central building. The public-private partners in the project include The City of Jersey City, the New Jersey Economic Development Authority, the New Jersey Housing and Mortgage Finance Agency, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital, Boston Community Capital and Greater Bergen Community Action Inc. Additionally, New York City-based Dane PCG brokered the deal. WinnDevelopment is the development arm of WinnCompanies.

February 8, 2016

Industrial Loans New Jersey Northeast Office

Madison Realty Capital Provides Two Loans for New Jersey Properties Totaling $71.1M

by Amy Works February 5, 2016

PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.

February 5, 2016

Multifamily New Jersey Northeast Top Stories

AIG Global Real Estate Sells Multifamily Property in Flanders, N.J. for $183.3M

by Christina Cannon February 5, 2016

FLANDERS, N.J. — AIG Global Real Estate Corp. (AIG) has sold a 1,224-unit multifamily property in Flanders, approximately 45 miles west of Jersey City, for $183.3 million. The undisclosed buyer acquired the asset, Oakwood Village, clear of existing debt. Oakwood Village, located at 77 Oakwood Village along Route 206, is situated on 167 acres. The property is comprised of 107 two- and three-story buildings. The buildings feature one- and two-bedroom units that average 823 square feet. Amenities at Oakwood Village include a swimming pool, tennis court, multiple playgrounds, two dog parks and garage parking. The property is 95 percent leased. “There is significant upside in Oakwood, and the buyer will be capitalizing on that,” says Jose Cruz, senior managing director for HFF. “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.” Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Mark Thomson make up the investment sales team for HFF that represented the seller in the transaction. This transaction follows the sale of a 12-property multifamily portfolio that HFF brokered on behalf of AIG in December. The disposition of the 13 properties totals $348.8 million.

February 5, 2016

Industrial Loans Multifamily New Jersey Northeast Office Retail

Prudential Mortgage Capital Co. Provides $14.6B in Financing in 2015

by Amy Works February 3, 2016

NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.

February 3, 2016

New Jersey Northeast Office

Mack-Cali Realty Acquires 196,128 SF Office Building in New Jersey

by Amy Works February 3, 2016

EDISON, N.J. — Mack-Cali Realty has acquired Metroview, a 10-story office building located at 333 Thornall St. in Edison for an undisclosed price. Situated on 11.5 acres, the 196,128-square-foot office building features 21,000-square-foot floor plates and was 96 percent occupied at the time sale. Major tenants include AXA Equitable, ICAP Securities, Cohn Reznick, Lincoln National, Merrill Lynch and United Healthcare. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 3, 2016

Industrial Market Reports New Jersey Northeast Northeast Market Reports

New Jersey Industrial Market Improves to Pre-recession Level

by Jaime Lackey February 3, 2016

With an increasing number of tenants seeking to relocate to New Jersey from parts of New York City, including Brooklyn and the Bronx, the Garden State’s industrial market is at its healthiest since first-quarter 2008. The amount of vacant space has now reached pre-recession levels, decreasing from 7.5 percent to 7.2 percent during the third quarter of 2015. Moreover, the vacancy rate experienced its best year-over-year improvement since the first quarter of 2014. Strong markets include central New Jersey submarkets Exit 8A, Exit 9/Brunswick, and Route 287 West, while the Meadowlands area remains the strongest submarket in northern New Jersey, followed by Exit 14/Newark near the port, and the Route 46/23/3 submarket. While transactions by large tenants, such as Amazon, dominated activity during the first half of the year, industrial buildings were filled up by smaller and mid-sized tenants during the third quarter of 2015. Retailers/wholesalers led the way, which is not surprising considering the continually growing e-commerce sector and recent increases in consumer spending. Supporting the recent economic resurgence of the sector, tenants in the manufacturing industry were also very active during the quarter, though many of their leases were small in size. Transportation companies also took space, enhancing …

February 3, 2016

New Jersey Northeast Retail

Taconic, Cogswell-Lee Acquire Ground Lease of Manhattan Retail Property

by Amy Works February 2, 2016

NEW YORK CITY — Taconic Investment Partners and Cogswell-Lee Development Group have acquired the ground lease on an 80,000-square-foot site at 410 W. 207th St. in Manhattan’s Inwood section. The site features an existing 34,000-square-foot building, which was a former Pathmark store, and nearly 200 parking spaces. The existing building is suitable for a big-box user or subdivision into smaller units for multiple tenants. The buyer plans to develop a 14,000-square-foot outparcel on the eastern portion of the site. The name of the seller and the acquisition price were not released.

February 2, 2016

Multifamily New Jersey Northeast Top Stories

AvalonBay Buys 217-Unit Apartment Community in New Jersey for $129.7M

by Katie Sloan February 2, 2016

HOBOKEN, N.J. — AvalonBay Communities Inc. has acquired Halstead 800 Madison, a 217-unit, transit-oriented, Class A apartment community located in Hoboken, for $129.7 million. The property is located at the intersection of Madison and 8th streets. The location is one block from the 9th Street Light Rail Station, which provides access to the Hoboken PATH Station, as well as Jersey City, Bayonne and Weehawken. The PATH station, accessible by way of the property’s complimentary shuttle service, provides access to the World Trade Center and Lower Manhattan. Completed in 2008, the five-story property offers one-, two- and three-bedroom units averaging 998 square feet. The community features an expansive courtyard with a resort-style swimming pool and hot tub, sundeck, barbecue dining area, bocce court and fire pit. Other amenities include a fitness center, yoga studio, children’s playroom, pet spa, bike repair shop, 24/7 concierge service, two rooftop decks and a media room with a full kitchen and lounge seating. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF brokered the transaction on behalf of the seller, The DSF Group. HFF previously assisted The DSF Group in the acquisition of the property in late 2013. As of September 2015, …

February 2, 2016

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