WARREN AND BRIDGEWATER, N.J., AND WESTBOROUGH AND MARLBOROUGH, MASS. — HFF has arranged $83.4 million in refinancing for a portfolio of office assets totaling 14 buildings and 946,374 square feet in New Jersey and Massachusetts. HFF secured the floating-rate loan through JP Morgan Chase & Co. and Rialto Capital for the borrower, Normandy Real Estate Partners. The properties are a two-building, 228,393-square-foot asset at 20 and 25 Independence Blvd. in Warren; a 40,565-square-foot building at 999 Frontier Road in Bridgewater; the four-building, 105,500-square-foot Flanders Business Park in Westborough; and the seven-building, 571,916-square-foot Marlborough Technology Park in Marlborough. Jon Mikula, Riaz Cassum and Porter Terry of HFF represented the borrower in the financing transaction.
HANOVER, N.J. — Vision Realty Estate Partners and Rubenstein Properties have topped off the steel structure for the development of MetLife Investments’ global headquarters at 67 Whippany Road in Hanover. Situated on 14 acres, the 185,000-square-foot office facility has been designed to meet LEED Gold Core and Shell and LEED Platinum Interiors standards. The building will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, an employee food court with indoor and outdoor seating, and a café. Additionally, the property will offer 4.5 parking spaces per 1,000 feet of rentable area through a combination of surface, structured and underground executive parking. The building, which will house more than 900 MetLife employees, is slated for delivery in the third quarter of 2016.
IRVINGTON, MONTCLAIR AND EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sales of four multifamily properties, totaling 176 units, across Essex County, N.J. The Livingston-based firm represented the sellers, private investors, in each transaction. In the first transaction, David Oropeza of Gebroe-Hammer arranged the $5.6 million sale of a two-property multifamily package in Irvington. Located at 336 and 505-515 Stuyvesant Ave., the six-building portfolio features 120 units, on-premise parking, garages, on-site laundry and balconies. Oropeza represented the seller and secured the buyer in the deal. Also in Irvington, David Jarvis of Gebroe-Hammer brokered the sale of a three-story walk-up at 649 Chancellor Ave. The property features 14 renovated studio apartments and two ground-floor retail units. Terms of the sale, including buyer, seller and price, were not released. In the third transaction, a two-building portfolio, located at 97 and 101 Pine St. in Montclair, sold for $4 million. The 28-unit portfolio features a mix of studio, one- and two-bedroom floor plans with modern kitchen and baths, as well as hardwood flooring. Ken Uranowitz and Nicholas Nicolaou of Gebroe-Hammer handled the transaction. The names of the seller and buyer were not disclosed. In the final transaction, Oropeza and Jarvis negotiated the …
SOMERSET, N.J. — Binswanger has arranged the long-term lease of 82,181 square feet of distribution space in Somerset for Iberia Foods of New York. The company plans to use the facility at 95 Clyde Road to support the more than 10,000 supermarkets, club stores, wholesalers and distributors on the East Coast that the company serves. Constructed in 1980, the property features 24-foot clear ceiling heights, a wet sprinkler system, T-8 lighting, eight dock-high doors, one drive-in door and parking for 100 vehicles. Andy Grabis and Jim Panczykowski of Binswanger represented the tenant in the transaction. The landlord is Cabot II-NJ M01 LLC.
HAMILTON, N.J. — Colliers International has arranged the sale of a property located at 1670 White Horse-Mercerville Road in Hamilton to Babe Ruth League Inc., a non-profit educational, baseball organization. The stand-alone property features 8,500 square feet of office space, including a showroom of Babe Ruth memorabilia, and a 1,500-square-foot warehouse. The national organization plans to relocate its headquarters to the property from its former location at 1770 Brunswick Pike in Lawrence, N.J. Vinny Di Meglio and Thomas Romano of Colliers represented Babe Ruth League in the $712,000 transaction. The seller was Hamilton Park Associates LP.
MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has launched the repositioning of Montville Corporate Campus, an office campus located at 340-342 Changebridge Road in Montville. VREP plans to convert one of the twin 100,000-square-foot office buildings into a multi-tenant building and rezone half the campus for residential use. The company plans to replace the front of the three-story travertine marble office building with a stone and glass curtain wall system. Interior renovations will include a two-story atrium lobby featuring stone, millwork, upgraded lighting and lounge seating with a coffee bar, as well as a town hall-style conference area in extended third-floor space. Additional renovations include refinished elevators, bathrooms and other common area upgrades throughout the building. The company has partnered with Mill Creek, a high-end multifamily specialist, for the residential development.
WEST NEW YORK, PATERSON, LITTLE FERRY AND WEST ORANGE, N.J. — The Goldstein Group has negotiated leases for four new 7-Eleven locations in New Jersey. In West New York, 7-Eleven signed a lease for 2,800 square feet of space on Park Avenue. Lew Finkelstein and Matthew Flath of The Goldstein Group represented the tenant and the landlord, Arnone Family, in the transaction. In Paterson, the company inked a deal for 2,750 square feet of space on Main Street. Finkelstein and Flath represented 7-Eleven and the landlord, ACHS Management, in the deal. In Little Ferry, 7-Eleven signed a lease for a 3,000-square-foot space on Route 46. Finkelstein and CJ Huter of The Goldstein Group represented the tenant and the landlord, 200 Route 46 West LLC, in the transaction. In the final deal, 7-Eleven opened a 2,700-square-foot store on Valley Road in West Orange. Finkelstein and Flath represented the tenant and the landlord, HRG Shaw LLC, in the transaction.
CLIFTON, N.J. — Tulfra Real Estate has topped out an industrial building, raising the roof to a 27-foot clear height, as part of a $10 million repositioning. Located at 65 Industrial South St., the 202,000-square-foot building includes 28,000 square feet of built out office space. Tulfra plans to reposition the well-located, former Glaxo building for single-tenant use. Constructed in 1956, the single-story building previously underwent a renovation in 2014. Situated on 11 acres, the property offers access to Route 3, the New Jersey Turnpike and Garden State Parkway.
TEANECK, N.J. — Win Development has submitted construction and engineering plans to the City of Teaneck and Bergen County, N.J., for final building plan approval for a new Walgreens location in Teaneck. Demolition of the existing structure and construction of the 10,737-square-foot Walgreens will begin immediately upon purchase of the property. Weiss Realty Co. Inc. assembled three properties — previously occupied by a gas station at 520 Cedar Lane and several defunct stores and restaurants — for the new development on behalf of Win Development. “Walgreens adds an important asset to Teaneck’s central business district and introduces a new use on a site that has been underutilized for many years,” says Jaime Weiss, president of Weiss Realty Co. Inc. All governmental approvals are expected at the beginning of September, with Win Development closing on the purchase of the property by mid-September. The new Walgreens is slated to open next summer and the property will feature on-site parking and exits on both Cedar Lane and Alma Terrace.
ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.