Tuesday, March 18, 2025
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Teterboro-Distribution-Center
DevelopmentIndustrialNew JerseyNortheast

Seagis Nears Completion of 166,725 SF Warehouse in Teterboro, New Jersey

by Taylor Williams

TETERBORO, N.J. — Seagis Property Group is nearing completion of a 166,725-square-foot warehouse in the Northern New Jersey community of Teterboro. Known as Teterboro Distribution Center, the building offers proximity to Port Newark-Elizabeth and Liberty International Airport. Building features include a clear height of 40 feet, 5,000 square feet of office space, 40 loading docks, 185-foot truck court depths and parking for 46 trailers and 114 cars. CBRE is marketing the property, which is slated for a summer delivery, for lease.

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AcquisitionsNew JerseyNortheastRetail

IPA Brokers Sale of 85,513 SF Shopping Center in Morristown, New Jersey

by Taylor Williams

MORRISTOWN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Morris Marketplace, an 85,513-square-foot shopping center located roughly 25 miles west of New York City. The newly developed center was fully leased at the time of sale to more than 35 restaurant and service-oriented tenants, including Wells Fargo, Jersey Mike’s, Orangetheory Fitness and Panda Express. Brad Nathanson and JP Colussi of IPA represented the seller and developer, DeVimy Equities, in the transaction. The duo also procured the buyer, Ohio-based Last Mile Investments.

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AcquisitionsMultifamilyNew JerseyNortheast

Sitar Realty Arranges Sale of 27-Unit Apartment Building in Wall Township, New Jersey

by Taylor Williams

WALL TOWNSHIP, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has arranged the sale of a 27-unit apartment building in Wall Township, located near the Jersey Shore. The sales price was $3.1 million. According to the property website, the building at 2538 Allaire Road exclusively houses one-bedroom units that are reserved for residents age 55 and above who meet certain income restrictions. Ronald Schrader Jr. of Sitar Realty represented the buyer and seller, both of which were limited liability companies, in the transaction.

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Leasing ActivityNew JerseyNortheastRetail

Lidl Opens 25,000 SF Grocery Store in Paramus, New Jersey

by Taylor Williams

PARAMUS, N.J. — German discount grocer Lidl has opened a 25,000-square-foot grocery store in the Northern New Jersey community of Paramus. The store is housed within a freestanding building at 651 U.S. Route 17 and offers Lidl’s traditional selections of cured meats and cheeses, as well as a bakery. Lidl expects the store opening to create about 25 new jobs within the community.

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The-Mural-Orange-New-Jersey
LoansMultifamilyNew JerseyNortheast

Reynolds Receives $30.5M Loan for Refinancing of Northern New Jersey Apartment Complex

by Taylor Williams

ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.

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1-University-Square-Drive-Princeton
Leasing ActivityNew JerseyNortheastOffice

Blackrock Signs 176,000 SF Office Lease Extension in Princeton, New Jersey

by Taylor Williams

PRINCETON, N.J. — Blackrock has signed a 10-year, 176,000-square-foot office lease extension in Princeton. The global private equity firm will continue to occupy the entire third and fourth floors, as well as part of the fifth floor and a street-level space, at the 330,000-square-foot building at 1 University Square Drive. Tim Greiner, Tom Romano, Vinny DiMeglio, Mike Pietrowicz and Jonathan Ortiz of JLL represented the landlord, Argent Ventures, in the lease negotiations. Peter Riguardi, Matt Astrachan, Nicole Tiger, George Gemelos and Hannah Bernstein, also with JLL, represented Blackrock.

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Leasing ActivityLife SciencesNew JerseyNortheast

IAVI Opens 29,782 SF Life Sciences Facility in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — IAVI has opened a 29,782-square-foot life sciences facility in Jersey City. The nonprofit scientific research organization relocated its vaccine design and development operations from the Brooklyn Army Terminal to the 350,000-square-foot building at 95 Greene St., which was originally built as a manufacturing facility for Colgate Palmolive. CBRE represented IAVI in its site selection and lease negotiations.

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BeiGene-Hopewell
DevelopmentLife SciencesNew JerseyNortheast

BeiGene Opens 400,000 SF Life Sciences Facility in Hopewell, New Jersey

by Taylor Williams

HOPEWELL, N.J. — BeiGene, a global biotech firm that develops cancer medicines, has opened a 400,000-square-foot life sciences facility in Hopewell, a suburb of Trenton. The manufacturing and research facility is situated on a 42-acre site within the Princeton West Innovation Campus that was previously home to pharmaceutical giant Bristol Myers Squibb. Lincoln Equities Group owns Princeton West Innovation Campus. Philadelphia-based architecture firm Meyer designed the project, and other partners included Integrated Project Services, Mainstay Engineering Group, Van Note-Harvey Associates and DPR Construction. The project was announced in late 2021, and construction topped out in spring 2023.

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AcquisitionsIndustrialNew JerseyNortheast

NAI Hanson Brokers $33.5M Sale of Industrial Outdoor Storage Site in South Plainfield, New Jersey

by Taylor Williams

SOUTH PLAINFIELD, N.J. — NAI James E. Hanson has brokered the $33.5 million sale of an 8.8-acre industrial outdoor storage (IOS) site in South Plainfield, about 35 miles southwest of New York City.  The site at 115 St. Nicholas Ave./115 Skyline Drive is located just off Exit 5 on I-287. Scott Perkins, Christopher Todd and William Ericksen of NAI Hanson represented the buyer, a partnership between Boston-based investment firm Oliver Street Capital and Bain Capital Real Estate, in the transaction. The seller was Trans American Trucking Services. Jon Mikula, Jim Cadranell, John Cumming and Christian Badalamenti of JLL arranged $22.3 million in acquisition financing for the deal through Byline Bank.

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Waldwick-Station
AcquisitionsMultifamilyNew JerseyNortheast

Invel Capital Acquires Waldwick Station Apartments in Northern New Jersey for $39M

by Taylor Williams

WALDWICK, N.J. — Locally based investment firm Invel Capital has acquired Waldwick Station, a 111-unit apartment complex in Northern New Jersey, for $39 million. Built in 2017, Waldwick Station features one- and two-bedroom units and roughly 1,000 square feet of retail space that is leased to a café/creperie. Amenities include a rooftop terrace, fitness center and a resident lounge. Brian Whitmer, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield brokered the off-market deal. The seller was not disclosed. Michael Klein, Gerard Quinn and John Cumming of JLL arranged acquisition financing through an undisclosed lender on behalf of Invel Capital. Ben Schlegel and Paul McCormick of Ariel Property Advisors arranged $9 million in joint venture equity for the deal through an undisclosed partner.

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