TENAFLY, N.J. — HREC Investment Advisors has arranged the sale of the Clinton Inn Hotel & Event Center located at 145 Dean Drive in Tenafly. The buyer, 145 Dean Drive LLC, acquired the 119-room property for an undisclosed sum. Ketan Patel and Geoff Davis of HREC represented the seller, Concord Hospitality Enterprises, in the transaction.
CARLSTADT, N.J. — NAI James E. Hanson has arranged a 23,062-square-foot industrial lease at a newly renovated building located at 495 Barell Ave. in Carlstadt. The newly signed tenant is KS Trading Corp., a manufacturer and marketer of casual clothing for boys. KS Trading Corp. will utilize the building to house and distribute its golf apparel line of clothing as it grows its distribution capabilities and services. The property features three loading docks, ample column spacing and 16-foot ceiling heights. Thomas Vetter and Jeffrey DeMagistris of NAI Hanson represented the landlord, Barell 495 LLC, while William Lee of Eastern International Realty represented the tenant in the long-term lease transaction.
TRENTON, BEVERLY, CAMDEN, BRIDGETON, PEMBERTON AND STRATFORD, N.J. — Clearwater, Fla.-based Boos Development has selected Plymouth Meeting, Pa.-based Legend Properties to develop six Family Dollar stores in the Southern New Jersey market. Totaling more than eight acres of land, the locations are in various stages of development or construction. The properties are located in Trenton, Beverly, Camden, Bridgeton, Pemberton and Stratford.
EAST ORANGE, N.J. — CBRE Group has arranged the $5.5 million sale of four-property multifamily portfolio located in East Orange. Totaling 73 apartment units, the properties include 6 Glenwood Ave., 30 Beech St., 46 S. Arlington Ave. and 345 Williams St. The portfolio, which totals 74,500 square feet, features a mix of one-, two- and three-bedroom units. At the time of sale, the portfolio was approximately 100 percent occupied. Charles Berger, Mark Silverman and Elli Klapper of CBRE Group represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.
MOORESTOWN, N.J. — Colliers International has arranged the sale of an industrial property located at 1501 Glen Ave. in Moorestown. Artcraft Promotional Concepts, a promotional product branding company, acquired the 40,000-square-foot property for $1.7 million. Situated on 3.26 acres, the property features 20-foot ceiling heights, three tailgates, one drive-in loading dock, 2,200 square feet of office space and a fenced yard. Marc Isdaner of Colliers International represented the seller, Clarit Realty Ltd., while William Goodwin of CBRE represented the buyer in the deal. Unity Bank provided the acquisition financing.
MONROE TOWNSHIP, N.J. — CBRE Group has arranged $7.7 million in first mortgage refinancing secured by Monroe Town Center in Monroe Township. Located at the intersection of Applegarth and Prospect Plains roads, the 32,205-square-foot retail center is anchored by Wawa. James Gunning, Donna Falzarano and Evan Kleppe of CBRE’s Capital Markets Debt & Structured Finance team arranged the financing for the borrower, Monroe Center Associates LLC. The financing is a CMBS loan with a 10-year term from UBS Real Estate Securities Inc.
JERSEY CITY, N.J. — Brown Brother Harriman, a private bank, has signed an 11-year lease for 114,798 square feet at Mack-Cali Realty Corp.’s Harborside Plaza 5 in Jersey City. The company will be transferring more than 500 employees to the new location, a 977,225-square-foot office tower on the waterfront. Scott Gamber, Robert Stillman and Peter Gamber of CBRE represented the tenant, while Chris DeLorenzo and Tom Savoca of Mack-Cali, along with Mark Ravesloot, Peter Turchin, Gerry Miovski, Suzanne Macnow and Arkady Smolyansky of CBRE, represented the landlord in the transaction.
JERSEY CITY, N.J., MILLERSVILLE, PA., AND CULLOWHEE, N.C. —Formerly known as Ambling University Development Group, RISE: A Real Estate Company has started construction on three student housing projects in New Jersey, Pennsylvania and North Carolina. The company broke ground on a 425-bed residence hall at New Jersey City University in Jersey City; a 599-bed student housing community at Millersville University in Millersville; and a 421-bed mixed-use residence hall at Western Carolina University (WCU) in Cullowhee. The on-campus residence hall in Jersey City will feature music practice rooms, lounges, a fitness center, private courtyard, automated convenience store, game room and technology-enhanced classrooms. The Millersville property is the third phase of a multi-phase project to replace all on-campus housing with modern, suite-style units. The mixed-use project at WCU consists of three buildings, with 421 beds and 11,945 square feet of retail, connected by two towers in core location of campus.
HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
BURLINGTON, N.J. — Clarion Properties and MRP Industrial have selected Des Plaines, Ill.-based Peak Construction to build Building One within Burlington Industrial Park in Burlington. The 545,000-square-foot build-to-suit warehouse will feature 36-foot clear heights, redundant electrical and diesel fuel fire pump sprinkler systems, and LED light fixtures. Designed to achieve LEED Silver certification, the project is slated for completion in April 2016. The distribution warehouse facility is a full build-to-suit tenant improvement for an undisclosed client.
