CHESTER TOWNSHIP, N.J. — HFF has arranged $14 million in refinancing for The Streets of Chester Shopping Center, a lifestyle retail center in Chester Township. The firm worked on behalf of the borrower, CPP Streets of Chester, to place the 10-year fixed-rate loan with Natixis Real Estate Capital Inc. The borrower plans to use the loan proceeds to retire existing debt previously arranged by HFF. Completed in 2006, the 104,682-square-foot property is tenanted by J.Crew, White House/Black Market, Chicos, Talbots, Ann Taylor, J.Jill, Jos. A. Bank, Charming Charlie, Olympia Sports, Country Casuals and Plow and Hearth. Jon Mikula of HFF arranged the financing.
OLD BRIDGE, N.J. — Franchisees David Ezekiel and Abraham Ezekiel are breaking ground on the new $5 million Primrose School of Old Bridge, located on Route 9 near the intersection of Route 9 and Spring Valley Road in Old Bridge, in early November. The 12,300-square-foot school, which will create approximately 50 new jobs, will provide early education and care schools for children ages six weeks to six years old and offer after-school care for children up to age 12. Primrose School of Old Bridge will be the fifth Primrose school in New Jersey.
EAST ORANGE, N.J. — Cushman & Wakefield has arranged $43.5 million in financing for a pair of adjacent residential and mixed-use properties located at 141 and 315 South Harrison Street in East Orange, on behalf of Blackstone 360, the properties’ owner. George Gnad, Jessica Ke and Michael Winters of Cushman & Wakefield secured the financing from Amboy Bank. The Capital Services team arranged a $19.5 million-term loan for the 105-unit high-rise residential building located at 141 South Harrison, and an additional $24 million construction loan for a proposed seven-story project of 150 high-end luxury rental residential units above the current 30,000 square feet of ground-level commercial space located at 315 South Harrison.
JERSEY CITY, N.J. — Margules Properties Inc. has purchased five mixed-use buildings in Jersey City for $8.5 million. The company — which owns and manages more than 1 million square feet of development rights in the city’s Journal Square neighborhood — plans to upgrade the buildings to make them more appealing to new retail tenants and millennials looking for apartments near the PATH train. Two of the buildings form a triangle bound by Montgomery Avenue, Orchard Street and Jordan Avenue, in the McGinley Square section of Jersey City. They include a gut-renovated, five-story walk-up building at 52 Orchard Street, with 12 apartments and three stores, and 685 Montgomery Avenue, a three-story mixed-use building with three stores and five apartments. The other buildings include 70 Tonnele Avenue, a 17-unit apartment building; 142 Monticello Avenue, a corner three-story townhouse building with 2,500 square feet of retail space on the first floor and two units with two bedrooms each on the two upper floors; and 2175 JFKennedy Boulevard, a one-story vacant commercial building.
BAYONNE, N.J. — Castle Lanterra Properties (CLP) has purchased Alexan CityView, a 544-unit apartment community situated on 7.4 acres along the waterfront in Bayonne for $147.5 million from a joint venture between an investment fund and a large property manager. Jones Lang LaSalle arranged the transaction. The new owner will rename the property Harbor Pointe and plans property upgrades, including updates to the clubhouse and an expansion of the gym. The LEED Silver-certified property, which was built in 2010, features a 9,000-square-foot clubhouse, fitness studio, indoor basketball half-court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. It was at 91 percent occupancy at the time of sale.
ROCKAWAY, N.J. — Newmark Grubb Knight Frank (NGKF) has represented owner Lexington Realty Trust in the leasing of its property at 333 Mount Hope Ave. in Rockaway. The three-story, 92,000-square-foot building is now occupied entirely by Atlantic Health System. The 12-year lease was brokered by David Simson, Jamie Drummond and Tim Greiner of NGKF. Bryn Cinque of Colliers International represented the tenant. Atlantic Health System initially leased 64,000 square feet at the property but outgrew the space and chose to expand.
LODI, N.J. — Holliday Fenoglio Fowler LP (HFF) has arranged the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the Route 17 retail corridor in of Lodi, a suburb of New York City. Chris Munley, Kevin O’Hearn and Jose Cruz of HFF represented the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired in an all-cash transaction. Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building property is located at 184 Essex Street.
MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.
CARLSTADT AND ELIZABETH, N.J. — Private equity firm Sitex Group recently closed on a 30,000-square-foot warehouse facility located at 620 Gotham Parkway in Carlstadt. The building has an above-standard parking ratio and is 100 percent air-conditioned. Sitex plans to make several upgrades to the property, including updating the façade, office space, lighting and sprinkler systems. The seller was a private investor. JLL’s David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing. The sales price was not disclosed. Sitex has also purchased a 43,000-square-foot, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property, which is 90 percent leased, comprises small units (ranging from 3,000 to 8,500 square feet) with a large trailer parking area. It is located near the Port of Newark/ Elizabeth and Newark’s Liberty International Airport. Sitex plans to improve the property by updating the building’s exterior and truck parking/loading areas. Bussel Realty’s Jordan Metz brokered the sale and has been retained by Sitex to oversee leasing. The sales price was not disclosed.
CLARK, N.J. — Cushman & Wakefield has raised an $18.5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB1 Capital Partners for the acquisition of a mixed-use portfolio located in Clark. The portfolio is situated on 21-acres of infill retail and industrial improvements located just off exit 135 of the Garden State Parkway. The portfolio is currently 96.5 percent leased with L’Oreal serving as the anchor tenant. Washington Trust Co. provided the five-year financing. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass served as exclusive advisors on this transaction.