WALLINGTON, N.J. — NorthMarq Capital has arranged $16 million in refinancing for Wallington Plaza, a retail property located at 375 Paterson Ave. in Wallington. ShopRite Supermarket is the major tenant at the 92,823-square-foot retail property. Robert Ranieri of NorthMarq Capital arranged the ground-lease financing, which features a seven-year term and 30-year amortization schedule, through a regional bank. The borrower was not released.
MANAHAWKIN, N.J. — HFF has arranged the sale of Manahawkin Commons, a 318,100-square-foot retail center in Manahawkin. The Hampshire Companies, in a joint venture with MCB Real Estate and One Liberty Properties, purchased the property for $42.2 million from ACI Manahawkin LLC. The 95-percent-leased property is occupied by Kmart, TJ Maxx, Regal Cinemas, Staples, Michaels, Pier 1 Imports, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin’ Donuts. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck provided legal counsel to ACI Manahawkin LLC during the transaction. Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.
NEWARK, N.J. — Hollister Construction Services has broken ground for AeroFarm and RBH Group’s vertical indoor farm in Newark. Located at 212 Rome St., the 69,000-square-foot facility is expected to produce up to 2 million pounds of fresh vegetables and herbs per year when the facility is in full operation. The facility is slated for completion this year. KSS Architects designed the facility, while Harrison-Hamnett provided construction engineering services.
NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.
PARAMUS, N.J. — NAI James E. Hanson has arranged the sale of two retail buildings, totaling 7,700 square feet, located in Paramus. Situated on a 34,023-square-foot lot at 144 and 148 Route 4 East, the properties are fully leased to Cleopatra Tile & Bath and Paramus Furniture and Dinettes. Dominic Fittizzi of NAI Hanson represented the seller, Meyn Trust, and the buyer, Urban Edge Properties, in the transaction. The buyer plans to use the buildings as a short-term investment. The acquisition price was not disclosed.
DENVILLE, N.J. — Marcus & Millichap has arranged the sale of a Denville Strip Center, a retail center located at 28 Diamond Spring Road in Denville. The 8,820-square-foot property sold for $2.5 million. Built in 1990, the property is 100 percent occupied by four tenants. Julienne Pape of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer, a partnership, in the transaction.
CLIFTON, N.J. — A private investor has acquired Harbor Freight Center, a retail property located in Clifton, for $5.8 million. The 35,000-square-foot property is located at 1016 Main Ave. Kevin Taub and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, while Lombardi also represented the buyer in the transaction.
ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the disposition of its commercial office property located at 14 Sylvan Way within Mack-Cali Business Campus in Parsippany. Griffin Capital Essential Asset REIT II Inc. purchased the 203,506-square-foot property for $81.4 million. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance. Developed in 2013, the three-story property is fully leased to Wyndham. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.
JERSEY CITY, N.J. — Argent Ventures has received site plan approval for Baldwin Place, a mixed-use redevelopment in Jersey City’s Journal Square neighborhood. Plans for the redevelopment include 980 market-rate rental apartments in four buildings: two seven-story buildings that are part of the first phase and two 25-story buildings that are part of the second phase. When completed, the project will offer obstructed view corridors, rooftop pools, 36,447 square feet of ground-floor retail, a 502-car parking garage and bike storage locations. The property is within walking distance of the Journal Square PATH station and bus depot. Purchased by Argent Ventures in 2012, the site currently houses five commercial buildings originally belongings to C.F. Mueller Pasta Co. Argent Ventures plans to fully demolish the dilapidated structures in advance of the first phase of construction of the redevelopment. Genova Burns LLC is representing developer, Argent Ventures, and serving as counsel on the project.
