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.
ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 321-325 Cherry St. in Elizabeth. The 48-unit property sold for $2.6 million. The property features 39 studio units, eight one-bedroom apartments and one two-bedroom unit. Nat Gambuzza and Jeffrey Myers of Marcus & Millichap represented the seller, a multi-generational owner, and the buyer, a private investor, in the transaction.
HAMILTON, N.J. — Mercer Realty LLC has completed the disposition of Nottingham Shopping Center in Hamilton. An affiliate of PAG Investments purchased the 24,396-square-foot retail center for $6.4 million. Situated on approximately six acres at 2021 Nottingham Way, three-building property is occupied by a freestanding Walgreens, Dunkin’ Donuts and Aromaz Carpet. Chris Munley and Jose Cruz of HFF represented the seller, while Chaim Dahan of The Dahan Law Firm represented the buyer in the transaction.
BERKELEY HEIGHTS, N.J. — Weiss Realty Co. has arranged a long-term, 25-year ground lease for CVS/pharmacy at Berkeley Heights Shopping Center in Berkeley Heights. Located at 400 Springfield Ave., the new 13,000-square-foot property features a drive-thru pharmacy and is situated on 1.2 acres at the entrance to the 62,000-square-foot shopping center. Weiss Realty Co. represented the developer, First Hartford Realty Corp. and the landlord, Berkeley Development Co., in the lease transaction.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. and Ironstate Development Co. have topped out Urban Ready Life (URL) Harborside 1, a multifamily tower on the Jersey City waterfront. With views of the Manhattan skyline, the 69-story, 763-unit tower, which reaches 713 feet, is the tallest residential building in New Jersey. The tower is the first of three phases of a $330 million development, which will bring 2,358 residences to Jersey City upon completion. The first phase is expected to open for leasing in the fourth quarter of 2016. Dutch-based architectural firm Concrete is providing architectural services for the project.
METUCHEN, N.J. — Woodmont Properties has broken ground for Woodmont Metro at Metuchen Station, a transit-oriented apartment community located in downtown Metuchen. The 273-unit property will feature an open piazza, 11,500 square feet of retail space and a six-level parking deck with 750 parking spaces. The first phase of construction will consist of the parking deck, which will be built and managed by Nexus Properties.
DUMONT, PALISADES PARK AND BELLEVILLE, N.J. —Redwood Realty Advisors has brokered the sales of three apartment buildings, totaling 49 units and $6.5 million, in New Jersey. In Dumont, a 22-unit apartment building sold for $3 million and a cap rate of 5.9 percent. In Palisades Park, an 11-unit property sold for $2 million, or $184,000 per unit, and a cap rate of 5.7 percent. Finally in Belleville, a 16-unit garden complex property sold for $1.4 million and a cap rate of 6.5 percent. Michael Scrima and Jeremy Wernick of Redwood Realty Advisors handled the transactions. The names of the sellers and buyers were not released.
WOODBRIDGE, N.J. — T.J. Maxx has opened a new location at St. Georges Crossing in Woodbridge. Levin Management constructed the freestanding 23,000-square-foot store on an underutilized parcel of land adjacent to the original St. Georges Crossing site. Levin spearheaded the off-market land purchase, secured the T.J. Maxx lease and obtained site plan approval for the new building, which enabled the firm to bring the nationally recognized tenant to the 340,000-square-foot shopping center. Current tenants include ShopRite, P.C. Richard & Son, PetSmart, Pier 1 Imports, Golf Galaxy, Shannon Rose, AutoZone, Bertucci’s, Wine Country, Verizon Wireless, European Wax Center, Visionworks and Taco Bell, among others.
SHORT HILLS, N.J. — KMPG, a global accounting firm, has signed a long-term lease for 54,341 square feet of office space at 150 John F. Kennedy Parkway in Short Hills. The 247,476-square-foot property, which is owned by Mack-Cali Realty Corp., recently underwent renovations that included the lobby and an enhanced entryway. Amenities at the property feature lobby-level food service and complimentary Wi-Fi in the café and lobby. With the signing of KPMG, 150 John F. Kennedy Parkway is now 100 percent leased. Jeffrey Babikian, Patrick Murphy and Kenneth Boland of CBRE represented the tenant in the transaction.
FRANKLIN, N.J. — Marcus & Millichap has brokered the sale of a recently constructed Walgreens property in Franklin. Located at 245 State Route 23, the 14,820-square-foot property sold for $9.1 million, or $617 per square foot. Dean Zang and Mark Taylor represented the seller, a limited liability company, while Karly Iacono, also of Marcus & Millichap, represented the buyer, a Brooklyn-based private investor, who acquired the property in a 1031 exchange. J.D. Parker of Marcus & Millichap’s Manhattan office served as the broker of record for the transaction.