New Jersey

HFF Secures $63.5M in Financing for Development of Multifamily Community in New Jersey

by Amy Works January 20, 2016

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.

January 20, 2016

Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 76-Acre Land Parcel in New Jersey

by Amy Works January 19, 2016

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.

January 19, 2016

Loans New Jersey Northeast Retail

Weiss Realty Secures $3.2M in Financing for Retail Property in New Jersey

by Amy Works January 19, 2016

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.

January 19, 2016

Industrial Mixed-Use Multifamily New Jersey Northeast Office Retail

NAI Mertz Negotiates Sale of 65-Acre Industrial Site in New Jersey

by Amy Works January 15, 2016

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.

January 15, 2016

Industrial New Jersey Northeast

Colliers Arranges 182,000 SF Sublease in New Jersey for Achim Importing Co.

by Amy Works January 15, 2016

CRANBURY, N.J. — Colliers International has arranged the lease of 182,000 square feet of warehouse space at 1240 Cranbury South River Road in Cranbury. Achim Importing Co., a global home goods trading company, is relocating to the space after its previous facility at 1600 Livingston Ave. in North Brunswick, N.J., was destroyed by fire last year. Michael Markey and Jonathan Tesser of Colliers arranged the lease on behalf of Achim Importing Co. The landlord is Cosmetic Essence Innovations.

January 15, 2016

Industrial New Jersey Northeast Retail

HFF Negotiates Sale of 350,000 SF Retail/Warehouse Center in New Jersey

by Amy Works January 14, 2016

NORTH BERGEN, N.J. — HFF has arranged the sale of Tonnelle Plaza, a retail center with a warehouse component in North Bergen. 8101 Tonnelle Avenue LLC sold the 350,000-square-foot property to an affiliate of Northeast Capital Group and BHN Associates for an undisclosed price. Developed in 1990 and renovated in 2008, the property is situated on 12.6 acres at 8101 Tonnelle Ave. The center is occupied by ALDI, Burlington Coat Factory, Planet Fitness, Chuck E. Cheese, JP Morgan Chase Bank, Sally Beauty Supply, Subway, McDonald’s, All Pet Distribution and Good Chinese Kitchen. In addition to the 155,000-square-foot retail space, the two-level center has 196,000 square feet of warehouse space fully leased to three tenants. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.

January 14, 2016

Industrial New Jersey Northeast

Advance Realty, F. Greek Development Open Refrigerated Storage Facility in New Jersey

by Amy Works January 13, 2016

WOODBRIDGE, N.J. — A joint venture partnership between Advance Realty and F. Greek Development has opened a refrigerated storage and distribution center in Woodbridge. The 190,000-square-foot facility is situated on 9.3 acres at 275 Blair Road. Preferred Freezer Services, a worldwide operator of temperature-controlled warehouses, has leased the built-to-suit facility. The property maintains temperatures between 0 and -5 degrees Fahrenheit, and features a 65-foot high warehouse ceiling and a 35-foot high dock ceiling. The building has a total storage capacity of 10 million cubic feet and can hold 40 million pounds of computer-managed inventory on 27,363 pallets.

January 13, 2016

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $6.7M Sale of Apartment Building in New Jersey

by Amy Works January 13, 2016

BOGOTA, N.J. — Redwood Realty Advisors has arranged the sale of an apartment building located in Bogota. Landmark Development Co. sold the property to Real Estate Growth Advisors for $6.7 million. Built in 1962, the garden-style property features 48 apartment units. Michael Scrima, Matthew Sandelands, Kevin McCrann and Thomas McConnell of Redwood Realty Advisors brokered the transaction.

January 13, 2016

New Jersey Northeast Office

Mack-Cali Realty Corp. Buys 147,241 SF Office Building in New Jersey

by Amy Works January 8, 2016

PARSIPPANY, N.J. — Mack-Cali Realty Corp. has acquired a vacant office building located at 3 Sylvan Way in Parsippany. The 147,241-square-foot, three-story property features 50,000-square-foot plates with a saw-tooth design and large open spaces. The property, along with 1 and 5 Sylvan Way, will repositioned as an interconnected three-building mini campus, as part of the overall 600-acre Mack-Cali Business Campus. The total campus includes 15 Class A office properties totaling approximately 2.1 million square feet of space. The three buildings will undergo significant renovations, including lobby renovations, the creation of a full-service fitness center with yoga rooms and a golf simulator, an upgraded business-class conference center and numerous dining options, including a full-service café and coffee bar.

January 8, 2016

Hospitality Loans New Jersey Northeast

PMZ Arranges $26.5M Construction Loan for Autograph by Marriott in New Jersey

by Amy Works January 7, 2016

MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.

January 7, 2016

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