JERSEY CITY, N.J., MILLERSVILLE, PA., AND CULLOWHEE, N.C. —Formerly known as Ambling University Development Group, RISE: A Real Estate Company has started construction on three student housing projects in New Jersey, Pennsylvania and North Carolina. The company broke ground on a 425-bed residence hall at New Jersey City University in Jersey City; a 599-bed student housing community at Millersville University in Millersville; and a 421-bed mixed-use residence hall at Western Carolina University (WCU) in Cullowhee. The on-campus residence hall in Jersey City will feature music practice rooms, lounges, a fitness center, private courtyard, automated convenience store, game room and technology-enhanced classrooms. The Millersville property is the third phase of a multi-phase project to replace all on-campus housing with modern, suite-style units. The mixed-use project at WCU consists of three buildings, with 421 beds and 11,945 square feet of retail, connected by two towers in core location of campus.
HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
BURLINGTON, N.J. — Clarion Properties and MRP Industrial have selected Des Plaines, Ill.-based Peak Construction to build Building One within Burlington Industrial Park in Burlington. The 545,000-square-foot build-to-suit warehouse will feature 36-foot clear heights, redundant electrical and diesel fuel fire pump sprinkler systems, and LED light fixtures. Designed to achieve LEED Silver certification, the project is slated for completion in April 2016. The distribution warehouse facility is a full build-to-suit tenant improvement for an undisclosed client.
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.