MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.
CARLSTADT AND ELIZABETH, N.J. — Private equity firm Sitex Group recently closed on a 30,000-square-foot warehouse facility located at 620 Gotham Parkway in Carlstadt. The building has an above-standard parking ratio and is 100 percent air-conditioned. Sitex plans to make several upgrades to the property, including updating the façade, office space, lighting and sprinkler systems. The seller was a private investor. JLL’s David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing. The sales price was not disclosed. Sitex has also purchased a 43,000-square-foot, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property, which is 90 percent leased, comprises small units (ranging from 3,000 to 8,500 square feet) with a large trailer parking area. It is located near the Port of Newark/ Elizabeth and Newark’s Liberty International Airport. Sitex plans to improve the property by updating the building’s exterior and truck parking/loading areas. Bussel Realty’s Jordan Metz brokered the sale and has been retained by Sitex to oversee leasing. The sales price was not disclosed.
CLARK, N.J. — Cushman & Wakefield has raised an $18.5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB1 Capital Partners for the acquisition of a mixed-use portfolio located in Clark. The portfolio is situated on 21-acres of infill retail and industrial improvements located just off exit 135 of the Garden State Parkway. The portfolio is currently 96.5 percent leased with L’Oreal serving as the anchor tenant. Washington Trust Co. provided the five-year financing. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass served as exclusive advisors on this transaction.
Chatham Township, N.J. — Kushner Cos. has acquired the Chatham Hill Apartments, a 308-unit rental apartment community in Chatham Township. Joseph Brecher of Gebroe-Hammer represented the seller, Home Properties/Lone Star. Meridian Capital Group arranged acquisition financing through New York Community Bank (NYCB). The property is located on 23 acres and offers a mix of one-, two-, and three-bedroom apartments featuring fully equipped kitchens with separate dining rooms. Amenities include a community pool with deck, tennis courts and on-site garage parking. Terms of the deal were not disclosed.
CHESTER BOROUGH, N.J. — Holliday Fenoglio Fowler LP (HFF) has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough. ShopRite, Marshalls and Staples anchor the property, which is 95 percent leased. Additional tenants include Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy. HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust. Dividend Capital Diversified Property Fund Inc. purchased the asset for $53.8 million (approximately $241 per square foot). The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Steve Simonelli and supported by Andrew Scandalios and Chris Munley.
BRIDGEWATER, N.J. — SR International Rock, a wholesale marble and granite distributor, has leased 14,640 square feet at 7E Easy Street in Bridgewater, a 31,622-square-foot industrial facility. James Hodgkins, Jordan Metz, and Kevin Ranski of Bussel Realty Corp. represented the tenant in the transaction. 7E Easy Street is located near I -287 and Route 22. The property offers 14-foot ceiling heights, two drive-ins, eight loading docks, 1,200 amps of electric power, and 25 parking spaces.
BELLEVILLE, N.J. — Tulfra Real Estate and Hampshire Cos. have completed their acquisition of the former Roche Diagnostics property, a 20-acre parcel at Franklin Avenue and Mill Street in Belleville. The partners plan to redevelop the site and are in the process of considering redevelopment options and plans for the property. The Township of Belleville has conditionally designated Tulfra as the redeveloper of the site under the state’s redevelopment laws. Tulfra Real Estate and its affiliates currently own and manage 4 million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey.
JERSEY CITY, N.J. — SunGard Financial Systems LLC has signed a long-term lease for 41,061 square feet of space at Harborside Plaza 3 in Jersey City. The leading global financial software company will occupy the office space through 2023. Harborside offers 3.1 million square feet of Class A office space and first-class amenities, including retail, restaurants, a waterfront walkway and a Hyatt Regency hotel. Aaron Ellison and Tyler Vandergrift of Jones Lang LaSalle represented SunGard Financial, while Tom Savoca of Mack-Cali and Mark Ravesloot, Peter Turchin, David Opper, Gerry Miovski, Arkady Smolyansky and Suzanne Macnow of CBRE represented the landlord, Mack-Cali Realty Corp., in the transaction.
ELIZABETH, N.J. — HFF has arranged $23.8 million in construction financing for the development of a freezer warehouse at 900 Fairmont Ave. in Elizabeth. The financing was provided by The Provident Bank for the developer, a partnership between Elberon Development Group and The Avidan Group LLC. The 138,642-square-foot build-to-suit facility will feature 60-foot ceiling clear heights, 18 temperature-controlled loading doors and 4,800 square feet of office space. Slated for completion in June 2016, the property will be 100 percent occupied by Seafrigo NA Cold Storage Inc. Michael Klein and Jon Mikula of HFF represented the borrower in the financing transaction.
BRIDGEWATER, N.J. — Nestlé Health Science has signed a long-term lease to occupy 180,000 square feet of space at the New Jersey Center of Excellence in Bridgewater. Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S Research and Development Campus. Since acquiring the campus, the joint partnership of Advance Realty and CrossHarbor Capital Partners has fully repositioned the site and turned it into a premier research and development campus. The interior fit-out for the new space will begin before the end of this year, with the move-in slated for July 2016.