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.
JERSEY CITY, N.J. — Construction for the first phase of Journal Squared in Jersey City has topped out at 563 feet. The 53-story building, which will feature 538 residential units, is part of the three-tower, mixed-use project that is revitalizing Jersey City’s historic Journal Square neighborhood. Scheduled for completion in late 2016, the first phase will feature a mix of studio, one-, two- and three-bedroom rental unit and more than 10,000 square feet of amenities, including a fitness center, golf simulator, children’s playroom, outdoor pool and entertaining space on the 53rd floor. Situated adjacent to the Journal Square PATH station, the three-phase project will also include a 60-story tower and a 70-story building. Upon completion, the project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space, and a pedestrian-friendly public plaza to the neighborhood. Designed by HWKN and Handel Architects, the project is being developed by KRE Group and National Real Estate Advisors.
FRANKLIN AND MONROE, N.J. — HFF has arranged $24.6 million in refinancing for a two-property industrial portfolio totaling 470,866 square feet in Franklin and Monroe. The borrowers are Matrix Development Group and a fund advised by Morgan Stanley Real Estate Investing. HFF secured a $17.3 million loan for 1 Heller Park Lane in Franklin and a $7.3 million loan for 20 S. Middlesex Ave. in Monroe through Cornerstone Real Estate Advisers LLC. The 324,337-square-foot 1 Heller Park Lane property features a 296,337-square-foot warehouse building and a 28,000-square-foot truck terminal building. Renovated in 2015, the property is fully leased to Promotion in Motion Inc., a candy and fruit snack manufacturer. Completed in 1992, the 146,529-square-foot warehouse property at 20 S. Middlesex Ave. features 19,069 square feet of office space and is leased to three tenants. Thomas Didio and Jim Cadranell of HFF represented the borrower in the financing transaction.
SADDLE RIVER, N.J. — Alpharetta, Ga.-based MedAssets Inc. has signed a 105,959-square-foot full-building lease at Saddle River Executive Center. The Class A office space is located at 1 Route 17 in Saddle River. William McCaffery, Marc Krieger and Steven Getzeiler of Avison Young represented the landlord, Madison Core Property Fund, while John Flack and James Scancarella of Cresa represented the tenant in the transaction.
ASBURY, N.J. — Marcus & Millichap has arranged the sale of ABM Self Storage, a 59,562-square-foot self-storage facility located at 190 New Jersey Highway 173 in Asbury. A limited liability company acquired the asset for $4.6 million. Situated on 5.8 acres, the four-building property features 400 storage units. Anthony Asencio, Michael Mele, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer in the transaction.
HARRISON, N.J. — Ironstate Development Co. and The Pegasus Group have opened Harrison Station 330, a collection of 329 rental apartments in Harrison. Situated one block from the Harrison PATH station, the property features studio, one- and two-bedroom residences, a lobby/lounge, a courtyard with a swimming pool, a fitness center, and 9,600 square feet of street-level retail space. Revitalizing the former industrial area, the residential community is the third phase of a multi-phase development that the companies are constructing adjacent to the PATH station. The project’s first two phases include 275 apartments, more than 20,000 square feet of street-level retail space and a 138-key Element hotel. Once completed, the overall development will feature 2,250 residences and 80,000 square feet retail, in addition to the hotel. Residences at Harrison 330 currently offer monthly rents starting at $1,555.
WESTVILLE, N.J. — Houlihan-Parnes Realtors has arranged the sale of Inverness Apartments, a garden-style apartment complex located at 5600 Shetland Way in Westville. Coolidge Inverness LLC sold the property to an undisclosed buyer for $27.3 million. Situated on more than 30 acres, the property features 368 multifamily units. Robert Tiburzi of Houlihan-Parnes Realtors brokered the transaction.
BASKING RIDGE, N.J. — Onyx Equities and Rubenstein Partners have completed a $9 million renovation of a 300,000-square-foot office property located at 211 Mount Airy Road in Basking Ridge. The repositioning program included a new multistory lobby with a 15-foot media wall, refurbished common areas, a fitness center with locker rooms, a cafeteria and a 127-seat auditorium. Additionally, the building’s façade was removed and replaced with a glass curtain wall allowing more natural light and views of the 52-acre campus. Newmark Grubb Knight Frank is handling leasing for the property, which is owned by Onyx and Rubenstein.
AVENEL, N.J. — Sitex Group has acquired a 20-acre site located at 215 Blair Road in Avenel within the Exit 12 submarket in New Jersey for an undisclosed price. The property includes a 175,000-square-foot warehouse facility with four acres of trailer parking, as well as excess land for development of a 200,000-square-foot cross-dock distribution facility. Sitex plans to rehabilitate the existing property, which is a former C&S Wholesale Grocers/White Rose Foods warehouse, and construct a 200,000-square-foot speculative logistics facility with 36-foot ceiling heights, 53 loading docks and several acres of on-site trailer parking. Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine, Jennifer Ferrara and Susan Strauss-Rickwalder of CBRE represented the buyer and undisclosed seller in the transaction.