WEST NEW YORK, N.J. — Augustus Cos. has arranged the sale and acquisition of Jaclyn Heights, a multifamily property located at 5805 Jefferson St. in West New York. An undisclosed buyer acquired the 28-unit property from Shrewsbury, N.J.-based Jaclyn 28 LLC for $9.2 million. Lodi, N.J.-based Augustus Cos. represented the seller and buyer in the deal.
HOBOKEN, N.J. — Monrovia, Calif.-based Trader Joe’s has signed a lease to open a new location at Harlow Hoboken at the southeast corner of Willow Avenue and 14th Street in Hoboken. The 11,700-square-foot location is slated to open in the first half of 2017. Trader Joe’s carries an extensive array of domestic and imported foods and beverages.
MT. LAUREL, N.J. — Four Springs Capital Trust has acquired a single-tenant office building located in Mt. Laurel. An undisclosed seller sold the property for $19.4 million. The 87,460-square-foot office building is home to the Southern New Jersey operations of Blue Cross Blue Shield of New Jersey, which serves approximately 3.8 million members. Four Springs Capital Trust’s portfolio now contains 44 properties, which are leased to 22 tenants, in located 20 states.
HOBOKEN, N.J. — Marsh & McLennan has renewed its long-term lease at Waterfront Corporate Center II in Hoboken. The global professional services firm will occupy 138,000 square feet of office space at the building for the next 15 years. David Falk, Andrew Sachs, Timothy Greiner and Hope Brodsky of Newmark Grubb Knight Frank represented the tenant, while Jeff Schotz and Peter Bronsnick provided in-house representation for the landlord, SJP Properties.
WEST NEW YORK AND HOBOKEN, N.J. — Love Funding has closed $75.3 million in loans to refinance Parkview Towers and Clock Tower Apartments, two affordable apartment communities owned by Jefferson-Adams Rehab Co. Located in West New York, Parkview Towers features 684 Section 8 apartments and four market-rate units in two 24-story apartment buildings. Clock Tower Apartments, located in Hoboken, features 90 market-rate units, 68 Section 8 units and 14 special voucher units. Both properties are managed by Parkview Management Corp. Laura Saull-Smith of Love Funding secured the financing from the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program, which allows up to 12 years to be added to an existing HUD mortgage’s remaining term.
POUGHKEEPSIE, N.J. — CBRE has arranged the sale of Mid Hudson Center, a retail power center on Route 9 in Poughkeepsie. TFS Investment Group acquired the 235,599-square-foot retail center for $27.5 million as part of a 1031 exchange. The center is anchored by long-term leases with The Home Depot and Stop & Shop. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the undisclosed seller in the transaction.
BELLEVILLE, N.J. — J.G. Petrucci Co., a design/build development firm, has acquired a multifamily property located at 256 Belleville Ave. in Belleville. A private investor sold the three-story, garden-style apartment building for an undisclosed price. First Choice Bank arranged acquisition financing for the transaction. Lauren Federgreen of Rose Real Estate represented the undisclosed seller in the deal. This transaction is the first multifamily acquisition for J.G. Petrucci.
PLAINSBORO, N.J. — Hana Asset Management Co., a Korean investor, has purchased a 762,000-square-foot office campus in New Jersey for $305 million. The Class A campus is located in Plainsboro, approximately midway between Philadelphia and New York City and nearby to Princeton University. The 58-acre property was originally built for Merrill Lynch in 1985. Novo Nordisk currently occupies 563,000 square feet of the campus, with expansion rights through April 2031, no termination rights and a 10-year renewal option. The pharmaceutical company has occupied the campus since 2013, when the property underwent a full redevelopment. The acquisition marks the largest single-asset sale in New Jersey so far in 2016, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented the seller. The firm’s Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer executed the transaction on behalf of a partnership between Ivy Equities, LCOR Inc. and Intercontinental Real Estate Corp. Ken Lorman of Lee & Associates represented the buyer. John Alascio, Alexander Hernandez and Alex Lapidus of Cushman & Wakefield Equity, Debt & Structured Finance’s team arranged acquisition financing and future funding for Novo Nordisk’s planned expansion at the campus. The campus is situated in the Princeton Forrestal Center …
JERSEY CITY, N.J. — HFF has secured $155.8 million in financing for the development of 90 Columbus, a 50-story apartment tower in Jersey City. Thomas Didio of HFF arranged the financing for the borrowers, Ironstate Development and Panepinto Properties Inc., through a national commercial bank. As part of a multi-phase development, 90 Columbus will feature 539 apartment units in a mix of studio, one-, two- and three-bedroom layouts; a swimming pool; grilling areas; indoor and outdoor children’s play areas; a dog run; sport court; table tennis room; library; and wifi lounges. The overall development includes 50 Columbus, a 400-unit multifamily property; 70 Columbus, a 50-story luxury residential tower; an under construction 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking. Designed by Gwathmey, Siegel, Kaufman and Associates, 90 Columbus is slated for completion in 18 months.
METUCHEN, N.J. — Woodmont Properties has opened the first phase of Woodmont Metro at Metuchen Station, a transit-oriented apartment community located in downtown Metuchen at the New Jersey Transit Metuchen Train Station. The recently opened phase includes Pearl Street parking garage, a six-level, 796-space parking garage for residents, commuters and shoppers. Managed by Nexus Parking Systems, the parking deck will feature 24-hour on-site service representatives, covered parking, self-service kiosks, daily and monthly rates, vehicle charging stations and portable battery jumper service, as well as handicapped parking and elevators on every level. Slated for completion by the end of 2017, the development will feature 273 residential apartments, an open-space piazza and 11,500 square feet of shops and restaurants.