WESTVILLE, N.J. — Houlihan-Parnes Realtors has arranged the sale of Inverness Apartments, a garden-style apartment complex located at 5600 Shetland Way in Westville. Coolidge Inverness LLC sold the property to an undisclosed buyer for $27.3 million. Situated on more than 30 acres, the property features 368 multifamily units. Robert Tiburzi of Houlihan-Parnes Realtors brokered the transaction.
BASKING RIDGE, N.J. — Onyx Equities and Rubenstein Partners have completed a $9 million renovation of a 300,000-square-foot office property located at 211 Mount Airy Road in Basking Ridge. The repositioning program included a new multistory lobby with a 15-foot media wall, refurbished common areas, a fitness center with locker rooms, a cafeteria and a 127-seat auditorium. Additionally, the building’s façade was removed and replaced with a glass curtain wall allowing more natural light and views of the 52-acre campus. Newmark Grubb Knight Frank is handling leasing for the property, which is owned by Onyx and Rubenstein.
AVENEL, N.J. — Sitex Group has acquired a 20-acre site located at 215 Blair Road in Avenel within the Exit 12 submarket in New Jersey for an undisclosed price. The property includes a 175,000-square-foot warehouse facility with four acres of trailer parking, as well as excess land for development of a 200,000-square-foot cross-dock distribution facility. Sitex plans to rehabilitate the existing property, which is a former C&S Wholesale Grocers/White Rose Foods warehouse, and construct a 200,000-square-foot speculative logistics facility with 36-foot ceiling heights, 53 loading docks and several acres of on-site trailer parking. Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine, Jennifer Ferrara and Susan Strauss-Rickwalder of CBRE represented the buyer and undisclosed seller in the transaction.
RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.
CINNAMINSON, N.J. — HFF has brokered the sale of Riverline Self Storage, a self-storage facility located at 1714 Bannard St. in Cinnaminson, a suburb of Philadelphia. Saratoga Springs, N.Y.-based Prime Group purchased the 381-unit property for $5.4 million. The two-building property totals 63,539 rentable square feet, with the property’s 381 climate-controlled units totaling 36,586 rentable square feet and occupying portions of both two-story buildings. The remaining 26,953 square feet is occupied by a combination of office, retail and warehouse tenants. Richard Schontz and Barbara Guffey of HFF represented the seller, a local private investor, in the transaction.
PISCATAWAY, N.J. — A partnership between The KRE Group, Oxford Realty Group and Blue Vista Capital Management has acquired Royal Gardens Apartments, located at 3060 New Brunswick Ave. in Piscataway, for $107.2 million. Situated on 36 acres, the 550-unit property features 258 one-bedroom apartments and 292 two-bedroom units. The partnership plans to install additional amenities and property improvements at the community, including an outdoor swimming pool. The property was 96 percent occupied at the time of sale. Joseph Brecher of Gebroe-Hammer Associates represented the seller in the transaction.
VOORHEES, N.J. —Comcast Corp. has expanded its lease at Voorhees Technology Center, located at 401 White Horse Road in Voorhees, by 42,000 square feet. This expansion brings the company’s footprint to more than 150,000 square feet at the 215,000-square-foot building. Brian Sherlock and Evan Zweben of Colliers International represented the landlord, while Marc Policarpo and Bob Corr of Binswanger represented Comcast in the transaction.
HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.
RAHWAY, N.J. — The Goldstein Group has arranged the sale of a 21,000-square-foot, freestanding retail building, located at 2161 Route 1 in Rahway. JRS Realty LLC sold the property to Kata Corp. for an undisclosed price. Chuck Lanyard of The Goldstein Group represented the seller in the transaction.
BRANCHBURG, N.J. — Marcus & Millichap has brokered the sale of Branchburg Plaza, a retail property located at 1010 U.S. Route 202 in Branchburg. A 1031 exchange buyer acquired the 8,250-square-foot strip center for $1.9 million. Robert Angus and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction.
