New Jersey

763-Unit Residential Tower Tops Outs on Jersey City Waterfront

by Amy Works October 5, 2015

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.

October 5, 2015

Multifamily New Jersey Northeast

Woodmont Properties Breaks Ground on Transit-Oriented Apartment Community

by Amy Works October 5, 2015

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.

October 5, 2015

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers Sales of Three Apartment Buildings

by Amy Works October 1, 2015

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.

October 1, 2015

New Jersey Northeast Retail

T.J. Maxx Opens New Location at St. Georges Crossing in New Jersey

by Amy Works September 30, 2015

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.

September 30, 2015

New Jersey Northeast Office

KPMG Leases 54,341 SF of Office Space in New Jersey

by Amy Works September 30, 2015

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.

September 30, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers $9.1M Sale of Walgreens Property in New Jersey

by Amy Works September 29, 2015

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.

September 29, 2015

Industrial Loans New Jersey Northeast

Cronheim Mortgage Arranges $35M in Financing for Industrial Property in New Jersey

by Amy Works September 28, 2015

ELIZABETH, N.J. — Cronheim Mortgage has arranged $35 million in financing for an industrial property located at 102 Bay Ave. in Elizabeth. The loan was structured with a five-year term and a 30-year amortization schedule for the borrower, Hartz Elizabeth Inc., an affiliate entity of Hartz Mountain Industries Inc. Built in 1990, the 509,093-square-foot facility features 26-foot clear heights, 61 loading docks and approximately 9,000 square feet of mezzanine office space. Andrew Stewart and Dev Morris of Cronheim secured the financing for the borrower.

September 28, 2015

Multifamily New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Multifamily Buildings in New Jersey

by Amy Works September 28, 2015

UNION CITY, N.J. — Cushman & Wakefield has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two-bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefield represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer in the transaction.

September 28, 2015

New Jersey Northeast Retail

Delco Development Sells Willingboro Town Center South in New Jersey

by Amy Works September 25, 2015

WILLINGBORO, N.J. — Delco Development LLC has completed the sale of Willingboro Town Center South, a retail shopping center located at 4364 US 130 in Willingboro. Circle F Capital purchased the 29,246-square-foot property free and clear of existing debt for $7.8 million. Situated on four acres, the center is 93.7 percent leased to a variety of tenants including Ruby Tuesday, Rita’s, Bagel Café, Credit Union of New Jersey, Verizon, GNC, Subway, Hardee’s, Panda Garden, Hair Cuttery, Nail Splash and The Laundry Experience. Chris Munley and Jose Cruz of HFF represented the seller in the transaction.

September 25, 2015

New Jersey Northeast Retail

Brandywine Realty Trust to Build 10,000 SF Retail Center in New Jersey

by Amy Works September 18, 2015

MOUNT LAUREL, N.J. — Brandywine Realty Trust plans to develop a 10,000-square-foot retail center at 7000 Midlantic Drive in Mount Laurel. Pre-leased tenants include Anthony’s Coal Fired Pizza, Jimmy John’s Gourmet Sandwiches and Qdoba Mexican Grill. The developer is expected to break ground on the project this month with construction ending in May 2016. The retail property is being paired with an adjacent Springhill Suites Marriott, also developed by Brandywine. MSC Retail is providing site selection representation for the property, as well as pre-development consulting and leasing services.

September 18, 2015

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