New Jersey

Sun Equity Partners Buys Silk Mill Lofts in New Jersey

by Amy Works September 7, 2016

UNION CITY, N.J. — Sun Equity Partners has acquired Silk Mill Lofts, a historic commercial building located at 540 39th St. in Union City, for an undisclosed price. The buyer has a multi-million-dollar capital improvement program planned for the 125,000-square-foot property — which is dedicated to artist-work spaces — to upgrade the exterior, common spaces, building systems and loft-style studios. The property is currently 55 percent occupied by practicing artists and creative professionals involved in the visual arts, photography, sculpture, painting and glass works. Lee Levine Architects is serving as architect for the renovation of the property, which was originally built in 1874.

September 7, 2016

Industrial New Jersey Northeast

Terreno Realty Corp. Acquires Industrial Property in New Jersey for $9.1M

by Amy Works September 7, 2016

SOMERSET, N.J. — Terreno Realty Corp. has acquired an industrial property, located at 70 Schoolhouse Road in Somerset, for $9.1 million. Situated on 6.9 acres, the 86,000-square-foot building features 12 dock-high and one grade-level loading positions and parking for 61 cars. At the time of sale, the property was 100 percent leased to one undisclosed tenant.

September 7, 2016

New Jersey Northeast Retail

Wolfson Group to Break Ground on 249,943 SF Shopping Center in New Jersey

by Amy Works September 6, 2016

EGG HARBOR TOWNSHIP, N.J. — Wolfson Group Inc. is breaking ground for the development of Oak Tree Plaza, a shopping center in Egg Harbor Township, on September 7. Located at the intersection of Black Horse Pike, Fire Road and Old Egg Harbor Road, the 249,943-square-foot center will be anchored by a 188,463-square-foot Walmart Supercenter. The plaza is slated to open in summer 2017.

September 6, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $8M Sale of 45 Multifamily Units in New Jersey

by Amy Works August 31, 2016

WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.

August 31, 2016

Loans New Jersey Northeast Retail

Q10 New York Realty Advisors Arranges $2.5M Loan for Retail Center in New Jersey

by Amy Works August 31, 2016

JERSEY CITY, N.J. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged a $2.5 million loan for a retail strip center located at 2825 Kennedy Blvd. in Jersey City’s Journal Square neighborhood. Provided by a major New York-based bank, the non-recourse, loan features a 10-year term with a fixed rate for the first seven years and then floating and open to prepayment without penalty the last three years. The fully occupied property features six retail stores. Jeanne Cronin of Q10 New York Realty Advisors arranged the loan for the borrowers. Elizabeth Smith, Aubrey Riccardi and Sarah Benji of Goldberg Weprin, Finkel & Goldstein represented the borrower in the lease transaction.

August 31, 2016

New Jersey Northeast Retail

CBRE Facilitates $3M Sale of Retail Development Site in New Jersey

by Amy Works August 29, 2016

TOMS RIVER, N.J. — CBRE has arranged the sale of a retail development site located at the intersection of Route 37 and Fischer Boulevard in Toms River. QuickChek acquired the assemblage of properties for $3 million. The buyer plans to develop a modern gasoline and convenience store facility on the 2-acre site. Steven Winters of CBRE represented the undisclosed seller in the transaction.

August 29, 2016

Loans Multifamily New Jersey Northeast

Russo Development Receives $73M in Financing for 398-Unit Multifamily Community in New Jersey

by Amy Works August 25, 2016

HARRISON, N.J. — Russo Development has received $73 million in financing for Vermella Harrison, a Class A mid-rise multifamily community located at 1100 Frank E. Rodgers Blvd. South in Harrison. HFF arranged the 10-year, fixed-rate loan through John Hancock Real Estate Finance Group for the borrower. Situated on three acres, the transit-oriented property is 800 feet from the Harrison PATH station and features 120 studio units, 260 one-bedroom and 18 two-bedroom units averaging 717 square feet. On-site amenities include a 3,500-square-foot fitness center with yoga studio; an outdoor heated swimming pool; bocce ball court; putting green; rooftop dog run; rooftop terrace with pergolas; fireplace and grilling stations; large courtyards; concierge service; and personal storage lockers on each floor. Thomas Didio of HFF led the HFF debt placement team that secured the financing.

August 25, 2016

Industrial New Jersey Northeast

Silbert Realty Negotiates Sale of Proposed Redevelopment Site in New Jersey

by Amy Works August 25, 2016

EAST RUTHERFORD, N.J. — Silbert Realty & Management Co. (SRM) has arranged the sale of a development site located at 401 Central Ave. in East Rutherford. A New Jersey-based real estate development group acquired the proposed 90,000-square-foot industrial/flex/office site from an undisclosed seller for an unreleased price. Situated on approximately 5 acres, the property is zoned for industrial and served by city utilities. The existing 137,000-square-foot structure features 26,000 square feet of office space, overhead doors and tail board loading. Wayne Kasbar of SRM represented both the seller and buyer in the transaction.

August 25, 2016

New Jersey Northeast Office Retail

The S. Hekemian Group Completes ES4 Retail/Office Building in New Jersey

by Amy Works August 24, 2016

ENGLEWOOD, N.J. — The S. Hekemian Group has developed ES4, a retail and office building on located at 10 Sterling Blvd. in Englewood. The four-story, 46,000-square-foot building is currently 95 percent leased to Panera Bread, Anthony’s Coal Fired Pizza, Verizon, Fusion Academy, Sherman Group and the New Jersey office of The S. Hekemian Group. The property is managed and leased by Silbert Realty & Management Co. Spanning 21 acres, the overall development plan calls for a second phase, including a 180-room hotel and 195 apartment units.

August 24, 2016

Industrial New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 220,000 SF Industrial Property in New Jersey

by Amy Works August 23, 2016

SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the sale of an industrial property located at 51 Commerce Drive in South Brunswick. TIAA Global Asset Management purchased the 220,000-square-foot property from Ivy Equities for an undisclosed price. Situated on 14 acres, the property was fully occupied at the time of sale by Lenox, EDA International, Salesmaster Associates and Halsted Corp. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller in the deal.

August 23, 2016

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