PRINCETON, LINDEN AND HAZLET, N.J. — Sitar Realty Co. has arranged three sales in New Jersey. In the first transaction, Princeton McKinley LLC acquired a 60-story apartment complex located at 200 McKinley Court in Princeton from M&G McKinley Investments for an undisclosed price. Giorgio Vasilis, Joseph Allegro, Doug Sitar and William Sitar Jr. of Sitar Realty Co. negotiated the transaction. In the second deal, RTM Realty sold a 5,500-square-foot industrial building, located at 1818 E. Elizabeth Ave., in Linden to M. Lazurus for an undisclosed sum. Brian Murphy of Sitar Realty Co. handled the transaction. In the final transaction, Gold Group LLC acquired a 4,000-square-foot retail building, located at 3201 State Route 25 in Hazlet, from 35 Hazlet LLC for an undisclosed price. Vasilis of Sitar Realty Co. brokered the deal.
NEWARK, N.J. — Prudential Mortgage Capital Co., operating on behalf of The Prudential Insurance Co. of America, has provided $148 million (USD) in permanent financing to Prologis Inc. for an industrial portfolio in Toronto. This transaction marks the firm’s first loan origination in Canada for The Prudential Insurance Co. of America in 20 years. The 10-year loan is secured by an eight-property portfolio totaling nearly 3.5 million square feet across the greater Toronto area. The portfolio is 100 percent leased to 16 tenants, including major corporations such as PepsiCo and IKEA. Constructed between 2006 and 2014, the properties feature 28- to 32-foot clear heights, dock high doors and trailer parking. Newark-based Prudential Mortgage Capital is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc. (NYSE: PRU).
SECAUCUS, N.J. — Cushman & Wakefield has brokered the sale of a retail center located at 55 Hartz Way in Secaucus. The two-story, 74,000-square-foot property sold for $11.5 million, or $155 per square foot. Current tenants of the property include Escada, Nine West, Kasper, Fraganetics and Design Within Reach Outlet. Situated on 5.8 acres, the property is located within Secaucus Outlet Center with close proximity to various retail outlets, including Gucci, Calvin Klein, Nautica, Kenneth Cole, The Children’s Place and Tommy Hilfiger. Dmitry Shaplyka and Fahri Ozturk of Cushman & Wakefield represented the seller, while David Cantor of Team Resources represented the buyer in the deal. The names of the seller and buyer were not released.
FAIRVIEW, N.J. — Stonegate, a private investment group, has acquired an apartment building located at 452 Harding Place in Fairview. Harding Fairview Inc. sold the 21-unit property for $2.9 million and a cap rate of 5.5 percent. Steven Matovski, Michael Scrima, Kevin McCrann and Thomas McConnell of Redwood Realty Advisors handled the transaction.
TOMS RIVER, N.J. — Walters Group has broken ground on Cornerstone at Toms River, a 102-unit affordable seniors community in Toms River. Situated on 11 acres, the community will consist of a three-story apartment building with one- and two-bedroom floor plans, encompassing 94 one-bedroom and eight two-bedroom units for residents age 55 or older; and a 7,000-square-foot community clubhouse with a kitchen, game room, state-of-the-art fitness area and conference room. The property is being built to LEED specifications and will be Energy Star-certified upon completion.
MOUNT OLIVE, N.J. — Gebroe-Hammer Associates has brokered the sale of the 1,172-unit Village Green Apartments and the 91,330-square-foot Village Green Shopping Center in Mount Olive. SDK Apartments acquired the assets from a private investment group for $175 million. Village Green Apartments comprises 871 one-bedroom/one-bath units, 157 one-bedroom with den/one-bath units; and 234 two-bedroom/one-bath units. On-site amenities include a six-hole Par 3 golf course, two pools, tennis courts, ball fields, skate park, playground and basketball and volleyball courts. At the time of sale, the apartment community was 98 percent occupied. Village Green Shopping Center is anchored by a 30,000-square-foot Home Goods. Tenants also include PNC Bank and Dunkin Donuts. Greg Pine, Stephen Tragash and Joseph Brecher of Gebroe-Hammer arranged the 76-building transaction.
JERSEY CITY, N.J. — HFF has secured $63.5 million in financing for the development of the first phase of 207 Van Vorst, a proposed two-phase, 408-unit luxury multifamily community in Jersey City. HFF worked on behalf of 207 Van Vorst Street Realty Company, a joint venture between institutional investors advised by J.P Morgan Asset Management – Global Real Assets and Fields Development Group, to place the loan with Wells Fargo Bank. Slated for completion in 2017, the 255-unit first phase will feature a mix of studio, one-, two- and three-bedroom residential apartment units and two ground-floor retail spaces totaling 7,237 square feet. Community amenities will include a rooftop swimming pool, fitness center, 24-hour concierge, landscaped courtyard, club room, children’s playroom and a 254-space AutoMotion parking system. Thomas Didio of HFF represented the borrower in the financing.
LOGAN TOWNSHIP, N.J. — NAI Mertz has arranged the sale of a 76-acre land parcel adjacent to the Pureland Industrial Complex in Logan Township. Corporate Enterprises Inc. sold the property to J.G. Petrucci for an undisclosed price. The buyer plans to construct a state-of-the-art industrial facility on the site, which offers access to Interstate 295 and Commodore Barry Bridge. Scott Mertz represented the seller in the transaction.
FORT LEE, N.J. — Weiss Realty has arranged $3.2 million in financing for an affiliated entity on a retail property in Fort Lee. Located at 2215 Route 4 East, the 1,800-square-foot property features a Starbucks Coffee drive-thru and a Bank of America drive-up kiosk. Jaime Weiss of Weiss Realty secured the financing. William Boylan of Malvern Federal Savings Bank represented the bank, William Fiore of Meyner and Landis represented the borrower, and Joseph Jankowsk of Wiletz, Goldman & Spitzer provided legal counsel to the lender.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.