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HospitalityNew JerseyNortheast

MCR Development Completes Renovation of Residence Inn By Marriott Atlantic City Airport

by Amy Works

EGG HARBOR TOWNSHIP, N.J. — MCR Development has completed the renovation of The Residence Inn by Marriott Atlantic City Airport, a 101-suite hotel located at 3022 Fire Road in Egg Harbor Township. The renovation included upgrading the lobby with new paint and furniture, including a communal table with power outlets; upgrading the fitness center with new equipment; and new furniture for the meeting room and pool area. Guest suite upgrades included new pull-out sofas, desk chairs and plush carpeting. Additionally, MCR plans to install a fire pit in the hotel’s patio area this spring.

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New JerseyNortheastOffice

Colliers Arranges $5.8M Sale of Two Office Buildings in New Jersey

by Amy Works

LEBANON, N.J. — Colliers International has arranged the sale of two office buildings, known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon. The three-story buildings, which total 185,866 square feet, sold for $5.8 million. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied, and the 92,941-square-foot property at 200 Corporate Drive, which includes a full-service cafeteria, is vacant. Jeffrey Oram and Jacklene Chesler of Colliers International represented the seller, Torchlight Investors, and procured the buyer, a New Jersey-based private investor, in the transaction.

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Eleven80-Newark-NJ
LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Arranges $28.1M Financing for Eleven80 in Newark

by Amy Works

NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.

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West-New-York-NJ
LoansMultifamilyNew JerseyNortheast

MMCC Arranges $6.5M Acquisition Loan for New Jersey Multifamily Property

by Amy Works

WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.

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LoansMixed-UseNew JerseyNortheastRetail

CBRE Group Brokers Sale of 70,400 SF Mixed-Use Facility in New Jersey

by Amy Works

SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.

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Freehold-Raceway-Village-NJ
LoansNew JerseyNortheastRetail

Triangle Equities Receives $7.5M Loan for 62,000 SF Shopping Center

by Amy Works

FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.

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LoansNew JerseyNortheastRetail

The Provident Bank Closes $55M Loan for Development of 244,450 SF Shopping Center

by Amy Works

CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.

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238-242-Garfield-Ave-Jersey-City
MultifamilyNew JerseyNortheast

Marcus & Millichap Arranges $4.4M Sale of Apartment Building in Jersey City

by Amy Works

JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 238-242 Garfield Ave. in Jersey City. A limited liability company purchased the 44-unit property for $4.4 million. Built in 1928, the four-story building was 95 percent occupied at the time of sale. Steven Matovski of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction.

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IndustrialNew JerseyNortheastRetail

NAI Hanson Brokers Two Deals in New Jersey

by Amy Works

SPRINGFIELD AND SUMMIT, N.J. — NAI James E. Hanson has brokered two deals along the Route 124 commercial corridor in the northwest section of New Jersey’s Union County. In the first transaction, Gary Sauerborn and Jill Gordon of NAI Hanson represented the seller, Colvin-Friedman Realty LLC, in the sale of a 5,000-square-foot industrial facility located at 697 Morris Turnpike in Springfield. Brixmor Operating Partnership purchased the facility for an undisclosed price. In the second deal, Gordon and Thomas Ryan, also of NAI Hanson, represented landlord, Paul Schmidt, in the leasing of space to Tide Dry Cleaners at 26 Morris in Summit. The tenant, which has 12 locations throughout the county, will occupy 2,763 square feet at the location, which was previously occupied by Bank of America.

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New JerseyNortheastOffice

Colliers International Expands New Jersey Headquarters, Relocates in Parsippany

by Amy Works

PARSIPPANY, N.J. — Colliers International has expanded and relocated its New Jersey headquarters to Morris Corporate Center 1 in Parsippany. The firm signed a long-term lease for 10,414 square feet of office space at 300 Interpace Parkway. The headquarters are relocating from 119 Cherry Hill Road in Parsippany. Robert Martie of Collier International represented the firm in-house, while CBRE Group Inc. represented the landlord, an affiliate of Brookwood Financial Partners LLC, in the transaction. Terms of the lease were not released.

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