ORADELL, N.J. — NorthMarq Capital has arranged $16.5 million in refinancing for the New Jersey Health Care Center in Oradell. Located at 680 Kinderkamack Road, the property offers 75,000 square feet of medical office space. The transaction features a 10-year term and a 30-year amortization rate. Gregory Nalbandian of NorthMarq’s New Jersey office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Sentinel Investments.
EWING, N.J. — PRC Campus Centers LLC, a member of the PRC Group, is planning to expand its Campus Town at The College of New Jersey in Ewing by adding two residential buildings, which will accommodate 166 additional students. The second phase, which is scheduled to open in fall 2016, will bring an additional 74,000 square feet of one-, two-, and four-bedroom apartments to the existing 278,000-square-foot mixed-use property. The fully furnished apartments offer each student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room and secure access. The mixed-use complex features an 11,400-square-foot student fitness center and a variety of retail tenants, including Panera Bread, Barnes & Noble Bookstore, Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt and Spencer Savings Bank. Additionally, the expansion will bring PRCs privately funded total investment to approximately $120 million. Campus Town is a public-private partnership between PRC and The College of New Jersey approved under the NJ 2009 Economic Stimulus Act.
MONTCLAIR, N.J. — The Pinnacle Companies has formed a joint venture with The Hampshire Companies to develop The MC Hotel in Montclair. Part of Marriott’s Autograph Collection, the 148-room boutique hotel will feature a rooftop bar, farm-to-table restaurant, conference center and a public art atrium. The joint venture will submit final construction plans in March, and, pending approval, will break ground in the spring. Construction financing will be provided by US Bank. Chicago-based Aparium Hotel Group will manage the property.
ROCKAWAY, N.J. — HFF has arranged a $10.5 million loan for the sale/leaseback of an industrial printing and production facility located at 100 Commons Way in Rockaway. The borrower, The Hampshire Companies, received a seven-year, fixed-rate loan through Ocean First Bank for the acquisition of the property. The 352,461-square-foot facility is fully leased by North Jersey Media Group. The three-story property features 150,756 square feet of production and printing space, 57,116 square feet of industrial warehouse and distribution space, 20,765 square feet of office space, a data center, a cafeteria, a parking garage and an on-site post office. Michael Klein, Jon Mikula and Michael Cerulo of HFF negotiated the financing and represented the borrower.
SEWELL, N.J. — Marcus & Millichap has brokered the sale of Cherry Tree Crossing, a retail property in Sewell. A private investor sold the 36,560-square-foot property to an undisclosed buyer for $2.8 million. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller and buyer in the deal.
HOLMDEL, N.J. — Marcus & Millichap has brokered the sale of a retail property in Holmdel. The 2,000-square-foot property, which is net leased to Sun National Bank, sold for $1.2 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller and buyer, both private investors, in the 1031 exchange.
SECAUCUS, N.J. — HFF has brokered the sale of an industrial facility, formerly Daffy’s Distribution Center, in Secaucus. Situated on 20 acres on Daffy’s Way, the property features 212,000 square feet of warehouse space. Sitex Group LLC sold the property to MEPT, a real estate equity fund advised by Bentall Kennedy, for $19.5 million. HFF’s Michael Nachamkin led the firm’s investment sales team that represented the seller in the transaction.
JERSEY CITY, N.J. — Margules Properties has acquired the Sip Triangle Building in Jersey City for $2.5 million from an undisclosed seller. Located at 48-58 Sip Ave. and two blocks from the PATH Station in Journal Square, the 6,000-square-foot building features four retail stores and significant air rights. The property is adjacent to a 64-unit residential building with eight retail stores at 60 Sip Ave. that Margules Properties purchased in 2012. Benjamin Greenstein of Capital Realty Associates represented the buyer in the transaction.
PISCATAWAY, N.J. — Bussel Realty Corp. has arranged the sale of an industrial facility located at 727 South Ave. in Piscataway. Deals For Less purchased the 41,000-square-foot property for $1.8 million. The facility features 14-foot ceilings, five loading docks, one drive-in space and heavy power. The buyer plans to raise the property’s roof an additional 10 feet and use the facility for the distribution of novelty items. Gregory Irving, Stephen Nozza and John Cascio of Bussel Realty Corp. represented the seller, Kanter Properties LLC, while Isaac Neuman of Gramercy Realty Sales represented the buyer in the deal.
FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.