ELIZABETH, N.J. — Colliers International has facilitated an industrial lease for Article in Elizabeth. The e-commerce furniture company will occupy 143,000 square feet of industrial space at 201 Bay Ave. Vancouver, Canada-based Article provides modern designer furniture direct to consumers at affordable prices. Mike Markey, Jon Tresser and Andrew Lord of Colliers represented the tenant, while Ernie Christoph and Charlie Reese served as in-house representation for the landlord, Hartz Mountain Industries, in the deal.
EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the sale of St. George Harrison Apartments, a multifamily property located at 400 Passaic Ave. in East Newark. An undisclosed buyer acquired the 60-unit property for $18.5 million. Built in 2013, the four-story property features 24 one-bedroom units and 36 two-bedroom units. The units feature modern open kitchens with stainless steel appliances, hardwood floors, in-unit washer/dryers, central heat/air conditioning and private terraces. Community amenities include controlled access, a resident lounge, private fitness center, landscaped terrace and a heated on-site parking garage. Nicholas Nicolau of Gebroe-Hammer Associates arranged the transaction. The name of the seller was not released.
FORT LEE, N.J. — Tucker Development, in partnership with Kushner Real Estate Group and a fund managed by Ares Management, has opened the first phase of residential apartments and a portion of the retail component at the 1 million-square-foot Hudson Lights project in downtown Fort Lee. Situated at the base of the George Washington Bridge, the 276-unit residential property features a pool, lounge, fitness center, yoga room, kids play area and rooftop terrace and gardens. The developer has also opened an eight-screen, 533-seat iPic movie theater at the project. The theater includes City Perch Kitchen & Bar, an in-theater restaurant that allows guests to order food and drinks from a personal server. Additional signed tenants include Paris Baguette, Gaonnuri Restaurant, Anthony Franco’s Pizza, 16 Handles, CVS/pharmacy, Capital One Bank, CycleBar, SeeSaw, Linwood Wines, European Wax Center, Tutti Nails & Spa and Coldwell Banker.
SECAUCUS, N.J. — Harbor Group International has completed the sale of an office building located at 100 Plaza Drive in Secaucus. Howard Hershkovich, a private investor from Brooklyn, purchased the property as part of a 1031 exchange for $62 million. The four-story 264,973-square-foot office building is fully leased to a variety of tenants, including NBA Entertainment and Scholastic. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented the seller in the deal.
LONG BRANCH, N.J. — Developer FEM South Beach Urban Renewal has retained B. Harvey Construction (BHC) for pre-construction services at South Beach at Long Branch, an oceanfront residential community located at 350 Ocean Ave. in Long Branch. BHC is collaborating with the development team for on-site work for the 47-unit project, which is situated on 1.6 oceanfront acres between Ocean Avenue and Ocean Boulevard. The firm will oversee pre-construction services, including concrete work, sheets/piling, and utility marking services executed by New Jersey American Water, Jersey Central Power & Light and New Jersey Natural Gas. Additionally, BHC is collaborating with the owner, Cornerstone Construction Services, on the bidding process. Ground broke for the project in August, with completion slated for 2018. FEM South Beach Urban Renewal is developing the project in collaboration with The Pinnacle Companies, Shore Point Architecture and Cornerstone Construction Services.
MORRIS TOWNSHIP AND PINE BROOK, N.J. — Colliers International has arranged the sales of two former headquarters assets in Morris County. In the first transaction, Onyx Equities acquired Kemble Plaza I, located at 340 Mount Kemble Ave. in Morris Township, for $7.6 million. Situated on 40 acres, the 370,000-square-foot property is the former headquarters of AT&T. Jackie Chesler, Richard Madison and Jonathan Schlussel of Colliers represented the undisclosed seller in the deal. In the second deal, a New Jersey-based private buyer acquired 34 Corporate Plaza, an office building located at 34 Maple Ave. in Pine Brook, for $2.5 million. At the time of sale, the 130,000-square-foot building was 14 percent occupied. Chesler, Madison and Schlussel negotiated the transaction. The name of the seller was not released.
WARREN, N.J. — Deerwood Real Estate Capital has closed an $11 million non-recourse bridge loan for an office building located in Warren. The loan was funded at nearly 80 percent of the purchase price with an additional future funded amount of 100 percent of leasing cost and capital expenses. The 120,000-square-foot property is occupied by multiple tenants. Yaakov Leiser of Deerwood negotiated the loan for the undisclosed borrower.
EDISON, N.J. — Pennrose and Middlesex County officials have broken ground for Residence at Roosevelt Park, an affordable seniors housing complex overlooking Roosevelt Park in Edison. The $24.9 million project will restore and convert the historic Roosevelt Hospital — which was built as part of the New Deal through Federal Public Works Administration — into 84 one- and two-bedroom apartments with modern amenities for residents who are 62 and older. The apartment units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups and air conditioning. Six of the units will serve individuals with physical disabilities, and five will be reserved for homeless households. The property will also offer supportive services to all residents, an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening area. The New Jersey Housing and Mortgage Finance Agency, an affiliate of the New Jersey Department of Community Affairs, awarded the project 9 percent federal Low Income Housing Tax Credits, which will generate nearly $14 million in private equity.
JERSEY CITY, N.J. — Fields Construction Co. has begun work for the second phase of 207 Van Vorst Street in Jersey City. The second phase is the second of two 15-story buildings and will feature 153 luxury apartments and 7,305 square feet of retail space. The first phase, which is also under construction, features 255 residences and 7,237 square feet of retail space. Developed by Fields Development Group and designed by Marchetto Higgins Stieve, the project is situated adjacent to St. Peter’s Prep high school and within walking distance of New Jersey Transit’s PATH and light rail lines. Construction of the first phase is scheduled for completion in fall 2017 and the second phase is slated for completion in winter 2018. McLaren Engineering Group is providing structural engineering design and construction support for the project.
ELIZABETH, N.J. — Cronheim Mortgage has closed $24.7 million in permanent bank financing upon the completion and stabilization of an apartment building located in Elizabeth. The six-story building features 100 rental units, grade-level retail, indoor parking and immediate access to the Elizabeth Transit Rail Station. The name of the borrower was not released.