New Jersey

The 119-unit Grande Apartments in Roselle Park, N.J., features a mix of studio, one- and two-bedroom layouts.

Gebroe-Hammer Associates Brokers $12.1M Sale of New Jersey Multifamily Property

by Amy Works May 29, 2015

ROSELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Grande Apartments, a multifamily property located at 240 W. Sumner Ave. in Roselle Park. Sumner Rose LLC sold the property for $12.1 million to Landmark Cos. The 119-unit property features a mix of studio, one- and two-bedroom layouts with stainless steel appliances and wood cabinetry in the kitchens, new bath and individually controlled air conditioning units. At the time of sale, the property was 98 percent occupied. Joseph Brecher and Stephen Tragash represented the seller and procured the buyer in the transaction.

May 29, 2015

New Jersey Northeast Retail

Cushman & Wakefield Brokers Sale of Edgewood Country Club in New Jersey

by Amy Works May 27, 2015

RIVER VALE, N.J. — Cushman & Wakefield has brokered the sale of Edgewood Country Club, a 185-acre property located in River Vale. The Witmondt and Schonbraun Families, operating through Edgewood Golf Course Realty Associates, acquired the property for an undisclosed sum from Edgewood Country Club Inc. Located at 449 Rivervale Road, the property operates as a private 27-hole golf course and country club facility, including a 41,500-square-foot clubhouse, swimming pools, tennis courts, driving range, putting greens, snack bar, banquet facilities and other amenities. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Dowd of Cushman & Wakefield brokered the transaction.

May 27, 2015

Multifamily New Jersey Northeast

The Daten Group to Develop 46-Unit Residential Property in Downtown Hoboken

by Amy Works May 26, 2015

HOBOKEN, N.J. — The Daten Group is developing a seven-story residential building at 600 Harrison St. in downtown Hoboken. Designed by Nastasi Architects, the 67,000-square-foot building will feature 46 apartment units with spacious layouts and in-unit washer/dryers, a virtual doorman, a private gym, an outdoor recreation space and 32-spot parking garage. The rental units will range from $2,900 per month for a one-bedroom, one-bath unit to $4,950 a month for a three-bedroom, two-bath unit. Groundbreaking is scheduled for Thursday, May 28, and construction is estimated to last 18 months.

May 26, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

HillTop Partners Breaks Ground for Mixed-Use Development in New Jersey

by Amy Works May 21, 2015

IRVINGTON, N.J. — HillTop Partners, a joint venture between Kapwood LLC and Urban Builders Collaborative, has broken ground for the development of The HillTop, a residential and mixed-use development in Irvington. The first phase of the project, slated for completion in late 2017, will include a five-story, 110,000-square-foot residential building comprising 115 market-rate and affordable housing rental units, while additional phases will comprise 700 mixed-use units and 15,000 square feet of commercial and retail space, as well as a preschool and restaurant space. Designed by Perkins Eastman, The HillTop is located on six acres formerly occupied by Irvington General Hospital, which shuttered nearly a decade ago. HillTop Partners acquired the site from the township in 2013.

May 21, 2015

Loans Multifamily New Jersey Northeast

Mark Scott’s CMC Arranges $12.5M Construction Loan for Phase II of The Pearl in New Jersey

by Amy Works May 20, 2015

EDGEWATER, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged $12.5 million in construction financing for Phase II of The Pearl, a residential project on New Jersey’s Gold Coast in Edgewater. The financing was arranged with CIT on behalf of the borrower and developer, National Resources. Located at 45 River Road, The Pearl will feature 63 condominiums with 10-foot ceiling heights with full-height windows, high-end natural finishes and sustainable energy systems. On-site amenities will include a 24-hour concierge service, state-of-the-art fitness center, an outdoor pool with views of Manhattan, rooftop deck, restaurants, shops and riverside parks. National Resources partnered with Lessard Design Associates and Alan Tanksley Interiors to transform the six-story commercial building, which was originally designed by Skidmore Owings & Merrill for Lever Brothers in 1953, into a residential project.

May 20, 2015

Industrial New Jersey Northeast

Bussel Realty Arranges $4M Industrial Property Sale in New Jersey

by Amy Works May 20, 2015

SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of an industrial property located at 111 Somogyi Court in South Plainfield. Somogyi Holdings LLC purchased the 64,990-square-foot property for $4 million. Situated on six acres, the property features 20-foot ceiling heights, 1,200 amps of electric power, 10 tailboards, seven drive-ins, wet sprinklers and rail service. David Blitt and Robert Sager of Bussel Realty represented the buyer, while CBRE represented the undisclosed seller in the transaction.

May 20, 2015

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $13.4M Loan for 183,985 SF Retail Property in New Jersey

by Amy Works May 19, 2015

HOLMDEL, N.J. — Cronheim Mortgage has arranged $13.4 million in refinancing for Kohl’s Plaza, a retail plaza located at the intersection of Route 35 and Union Ave. in Holmdel. The 10-year loan, which was placed with Voya Insurance and Annuity Co., features a 25-year amortization schedule. Purchase, N.Y.-based National Realty & Development Corp. manage the property, of which Tarrytown, N.J.-based Gibraltar Management also owns an interest. An 87,932-square-foot Kohl’s and a 37,020-square-foot Stein Mart anchor the property. Other tenants include Jersey Mike’s, 7-Eleven, Harmon Stores and Beach Bum Tanning. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage secured the financing for the borrower.

May 19, 2015

New Jersey Northeast Office

NAI James E. Hanson Arranges Sale of Two-Building Office Complex in New Jersey

by Amy Works May 15, 2015

PARSIPPANY, N.J. — NAI Hanson has arranged the sale of Boulevard Common, an two-building office complex located at 1140-1160 Parsippany Blvd. in Parsippany. Micro Strategies Inc. purchased the properties for an undisclosed price and will relocate its offices from Mt. Olive, N.J. The complex offers 44,596 square feet of Class A office space, a state-of-the-art infrastructure and close proximity to Routes 287, 80 and 46. Josh Levering and Michael Walters represented the seller, HGF Parsippany Blvd LLC, in the transaction. The buyer was represented by Cushman & Wakefield.

May 15, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers $80M Sale of Three-Property Office Portfolio

by Amy Works May 14, 2015

MORRISTOWN AND MORRIS TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of a three-property office portfolio in Morris County, N.J. East Rutherford, N.J.-based Lincoln Equities purchased the 410,000-square-foot portfolio sold for $80 million, or $195 per square foot, from Edison, N.J.-based Alfieri LLC. The portfolio includes the 106,000-square-foot Harding Plaza located at 1200 Mt. Kemble Ave. in Morristown; the 151,400-square-foot 100 Southgate Parkway in Morris Township; and the 151,000-square-foot Patriot’s Plaza at 60 Columbia Turnpike in Morristown. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller, while the buyer had in-house representation during the transaction.

May 14, 2015

Hospitality New Jersey Northeast

Advance Realty to Develop 150-Room AC Hotel by Marriott in Harrison, N.J.

by Amy Works May 14, 2015

HARRISON, N.J. — Advance Realty is developing an AC Hotel by Marriott in the Riverbend District, the company’s 35-acre redevelopment project in Harrison. The 85,000-square-foot hotel will feature 150 guest rooms, a bar and lounge area, a breakfast area, outdoor seating, a meeting room, fitness center and a lobby. Additionally, the hotel will feature more than 4,300 square feet of retail and restaurant space, which will complement the residential, retail and office space that is under development in the Riverbend District.

May 14, 2015

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