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.
WAYNE, N.J. — Morristown, N.J.-based G.S. Wilcox & Co. has arranged $11 million in financing for an undisclosed repeat borrower. The loan is secured by a 255,253-square-foot warehouse building located in Wayne. The five-year loan has a 30-year amortization schedule and was provided by Thrivent Financial. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. originated the loan for the borrower.
PARSIPPANY, N.J. — Stan Johnson Co. has brokered the sale of IMS Health Global Headquarters, a medical office building located at 100 IMS Drive in Parsippany. Maryland Associates Limited acquired the 83,477-square-foot property, which is situated on 2.9 acres, from Commercial Realty Group Inc. for $22.2 million. The building’s lease is guaranteed by IMS Health. Joshua Pardue and Tom Georges of Stan Johnson Co. represented the seller and buyer in the transaction.
NEPTUNE CITY, N.J. —Tryko Partners LLC has acquired Medicenter Rehabilitation & Nursing, a skilled nursing facility in Neptune City. Tryko Partners has a $2.5 million upgrade planned for the 110-bed facility, which will be renamed Coral Harbor Rehabilitation and Healthcare Center. The planned improvements include creating a modern, home-like atmosphere for residents and staff and a complete overhaul of all patient rooms, including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen television and free WiFi for residents and staff. Additionally, the owners will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot. Tryko Partners will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week.
NEW YORK CITY — New York City-based AIG Global Real Estate Investment Corp. has sold a 12-property apartment portfolio in New Jersey, Pennsylvania and Delaware. An undisclosed buyer purchased the 2,811-unit portfolio for $165 million free and clear of existing debt. The garden-style communities feature a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Seven properties are in New Jersey, three in Pennsylvania and two in Delaware. Jose Cruz, Andrew Scandalios, Mark Thomson, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.
PARAMUS, N.J. — A partnership between Advance Realty and Invesco Real Estate has acquired a four-property, 244,000-square-foot retail portfolio located on Route 17 in Paramus for an undisclosed price. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two standalone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot office building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot power center featuring a variety of tenants, including DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bellapianta of Advance Realty led the joint venture partnership in the acquisition. The name of the seller was not released.
HANOVER, N.J. — Vision Real Estate Partners (VREP) and Rubenstein Partners are ahead of schedule and on budget for the construction of the MetLife Investments Global Headquarters at 67 Whippany Road in Hanover. The 185,000-square-foot, build-to-suit facility is situated adjacent to Bayer Healthcare’s East Coast headquarters. Designed to achieve LEED certification, the facility features an open floor plan with collaborative workspaces, breakout rooms, conference facilities, food court with indoor and outdoor seating, café, fitness center and ample parking. VREP and Rubenstein purchased the site, a former Alcatel-Lucent Campus, in 2010. The MetLife building anchors the redevelopment’s 100-acre South Campus component, with remaining 94 acres housing the 675,000-square-foot Bayer Healthcare facility.
PATERSON, N.J. — Greentree Development Group has broken ground for Vistas at Great Falls, an apartment complex located at on Jasper Drive in the Great Falls section of Paterson. Slated to open summer 2016, Vistas at Great Falls will feature 156 one-, two- and three-bedroom market-rate apartments spread across 13 buildings. The gated community will also feature a clubhouse with flex space and a fitness center. The property will be situated within the Great Falls Redevelopment Area which includes the revitalization of Hinchcliffe Stadium, a park, restaurants, an outdoor amphitheater and riverside walking paths.
LAWRENCE, N.J. — Colliers International has arranged the sale of an office building located at 134 Franklin Corner Road in Lawrence. David Lerner Associates purchased the 25,000-square-foot property for an undisclosed price. The buyer, a privately held securities broker/dealer, plans to relocate its current offices in Princeton to 8,600 square feet on the second story of the the newly acquired two-story building, which was the former Trenton Savings Bank headquarters. Vinny Di Meglio of Colliers represented the buyer, while Thomas Romano and Tim Norris of Colliers represented the seller in the transaction. Colliers is actively marketing the remaining 12,000 square feet of the available space at the building.
LINDEN, N.J. — HFF has brokered the sale of Linden Commons, a 115,500-square-foot retail center situated on 10.7 acres at 1701 W. Edgar Road in Linden. Prestige Properties & Development acquired the asset from Lamar Cos. for $30.5 million. Built in 1955 and reconfigured in 2014, the property is fully leased to eight tenants, including Burlington Coat Factory, Blink Fitness, TJ Maxx, Buffalo Wild Wings and Sprint. Jose Cruz, Kevin O’Hearn, Chris Munley, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.
