New Jersey

Kushner, KABR Group Complete $30M Mixed-Use Redevelopment Project in Jersey City

by Taylor Williams March 20, 2025

JERSEY CITY, N.J. — A partnership between regional development and investment firms Kushner Cos. and The KABR Group has completed a $30 million mixed-use redevelopment project in Jersey City. The project converted the former Great Atlantic & Pacific Tea Co. warehouse, a six-story building that was originally constructed in 1913, into a commercial structure with 135,000 square feet of office and retail space known as The Arts & Powerhouse Building. Commercial spaces range in size from 4,000 to 100,000 square feet, and the building features a 10,000-square-foot rooftop amenity deck. Retailers that have already signed leases or opened stores at the building include Rumble Boxing, Daily Provisions, Spear Physical Therapy and One Medical. CBRE is the building’s leasing agent.

March 20, 2025

Development Loans Multifamily New Jersey Northeast

Merchants Capital Secures $120M in Construction Financing for Mixed-Income Multifamily Project in Newark

by Taylor Williams March 19, 2025

NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.

March 19, 2025

Acquisitions New Jersey Northeast Retail

TFE Properties Buys 103,832 SF Shopping Center in Brick, New Jersey

by Taylor Williams March 19, 2025

BRICK, N.J. — Locally based investment firm TFE Properties has purchased The Shops at Brick, a 103,832-square-foot shopping center located near the Jersey Shore. The center is currently home to Bonefish Grill and McDonald’s, and both anchor and junior anchor spaces are available for lease. Kevin O’Hearn and Joseph Lopresti of JLL represented the undisclosed seller in the transaction and procured TFE Properties as the buyer. The new ownership plans to implement a value-add program.

March 19, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.9M Sale of Northern New Jersey Apartment Building

by Taylor Williams March 19, 2025

ORADELL, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.9 million sale of a 13-unit apartment building in the Northern New Jersey community of Oradell. Completed in 1980, the building at 222 Kinderkamack Roadexclusively offers studio apartments and includes 5,195 square feet of office space. Robert Squires of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 19, 2025

Acquisitions New Jersey Northeast Office

CBRE Negotiates $10.2M Sale of Northern New Jersey Office Building

by Taylor Williams March 18, 2025

PARSIPPANY, N.J. — CBRE has negotiated the $10.2 million sale of a 79,766-square-foot office building in the Northern New Jersey community of Parsippany. According to LoopNet Inc., the building at 299 Cherry Hill Road was originally constructed in 1977 and renovated in 2021. Capital improvements included a redesign of the exterior façade; updated roadway signage, a new electronic tenant directory and LED lighting in the lobby and a new tenant amenity center with grab-n-go food service, conference room and a huddle room. Charles Berger and Thomas Mallaney of CBRE represented the seller and procured the buyer in the transaction.

March 18, 2025

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Negotiates $4.2M Sale of Apartment Building in Englishtown, New Jersey

by Taylor Williams March 17, 2025

ENGLISHTOWN, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the $4.2 million sale of an 18-unit apartment building in Englishtown, an eastern suburb of Trenton. According to LoopNet Inc., Englishtown Village Gardens was originally built in 1945 and was fully occupied at the time of sale. Dante Fusaro of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.

March 17, 2025

Loans Multifamily New Jersey Northeast

JLL Provides Two Agency Loans Totaling $81.2M for Refinancing of Jersey City Apartment Complexes

by Taylor Williams March 14, 2025

JERSEY CITY, N.J. — JLL has provided two Freddie Mac loans totaling $81.2 million for the refinancing of Atlas and Starling, two newly constructed apartment complexes totaling 208 units in the Bergen-Lafayette section of Jersey City. Located at 270 Johnston St., Atlas comprises 169 apartments, including 11 affordable units. Starling is located at 66 Monitor St. and offers 39 apartments with three affordable units. Income restrictions for the affordable units were not disclosed. Each property also features two commercial spaces. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL originated the loans, both of which carry five-year terms and fixed interest rates. The borrower is New York City-based Alpine Residential, which developed the properties in partnership with local firm Fields Grade.

March 14, 2025

Acquisitions New Jersey Northeast Retail

Kislak Negotiates $4.2M Sale of Apartment Building in Paterson, New Jersey

by Taylor Williams March 14, 2025

PATERSON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.2 million sale of Redwood Apartments, a 16-unit, newly constructed apartment building located in the Northern New Jersey community of Paterson. The unit mix comprises two studios, six one-bedroom apartments and eight two-bedroom residences. Joni Sweetwood of Kislak represented the seller in the transaction, and Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.

March 14, 2025

One-Jefferson-Road-Parsippany-New-Jersey

Acquisitions New Jersey Northeast Office

Signature Acquisitions Buys 100,010 SF Office Building in Parsippany, New Jersey

by Taylor Williams March 13, 2025

PARSIPPANY, N.J. — Signature Acquisitions has purchased a 100,010-square-foot office building in the Northern New Jersey community of Parsippany. Built on 8.5 acres in 2009, the building was fully leased at the time of sale to law firm Day Pitney, which is in the process of relocating. Jose Cruz, Jeremy Neuer, Ryan Robertson and Bradley Wachenfeld of JLL represented the seller, Office Properties Income Trust, in the transaction and procured Signature Acquisitions as the buyer.

March 13, 2025

Industrial Loans New Jersey Northeast

JLL Arranges Refinancing of Central New Jersey Industrial Building

by Taylor Williams March 13, 2025

FREEHOLD, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of a 71,511-square-foot industrial building in the Central New Jersey community of Freehold. The multi-tenant building at 6 Paragon Way, which was fully leased at the time of the loan closing, features a clear height of 30 feet, seven dock-high doors and parking for 188 cars and 22 trailers. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the five-year loan through TriState Capital Bank on behalf of the borrower, The Donato Group.

March 13, 2025

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