SOUTH PLAINFIELD, N.J. — A partnership between two investment firms, New York-based Ridgecut Road and Boston-based Marcus Partners, has acquired an industrial outdoor storage site in South Plainfield, about 40 miles south of New York City. The site at 250 Mack Road spans 3.6 acres and houses two buildings totaling 13,500 square feet that are leased to an undisclosed waste management company. The seller and sales price were not disclosed.
ELMWOOD PARK, N.J. — Crow Holdings has completed a 207,000-square-foot industrial project in the Northern New Jersey community of Elmwood Park that is a redevelopment of the former Marcal Paper factory site. Crow Holdings acquired the 11.8-acre site in 2022, three years after a fire destroyed the majority of the historic structure. The new building features a clear height of 40 feet, 32 loading docks, two drive-in doors and parking for 56 trailers and 198 cars. Crow Holdings developed the facility in partnership with Atlas Holdings. JLL is marketing the property for lease.
BRIDGEWATER, N.J. — Lee & Associates has negotiated the $10.5 million sale of a 24,200-square-foot medical office building in the Northern New Jersey community of Bridgewater. The building sits on 2.5 acres and houses a physical therapy practice and two surgery centers, as well as parking for 135 cars. Erica Davidson and Gary Sopko of Lee & Associates represented the undisclosed, private seller in the transaction. The duo also procured the buyer, which similarly requested anonymity.
UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $7 million loan for the refinancing of a 38,247-square-foot shopping center in Northern New Jersey. The unnamed center is located on a 2.4-acre site along one of the area’s major retail corridors. Wesley Wilcox and David Fryer of G.S. Wilcox arranged the five-year loan, which carries a fixed interest rate and a 30-year amortization schedule, through a correspondent life insurance company lender on behalf of the undisclosed borrower.
LINDEN, N.J. — Chicago-based investment and development firm CenterPoint Properties has delivered a 321,875-square-foot industrial project in the Northern New Jersey community of Linden. The site, which formerly housed a Walmart-anchored shopping center, is located within four miles of two I-95 interchanges. Building features include a clear height of 40 feet, 50 loading docks with room to expand and parking for up to 100 trailers and some 250 cars. CODA Logistics & Distribution preleased the entire facility last spring. Construction began in late 2022.
ALLENDALE, N.J. — Locally based developer The Hampshire Cos. has completed The Vale, a 70-unit multifamily project in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex offers one- and two-bedroom units, with nine residences subject to income restrictions, including three units that have specifically been set aside for first responders. Amenities will include a clubroom, lounge and an outdoor courtyard. Rents start at roughly $2,800 per month for a one-bedroom apartment.
CAMDEN, N.J. — Hudson Valley Property Group has purchased Northgate One, a 321-unit affordable housing building located in the Southern New Jersey city of Camden. The 21-story building was originally constructed in 1963, and the majority of the units are reserved for households earning 60 percent or less of the area median income. The new ownership plans to rehabilitate the property with infrastructural upgrades, mechanical system replacements and in-unit bathroom, kitchen and apartment safety improvements. The project is expected to last about two years and will be funded with a mix of federal and state tax credits as well as private capital, including a $40.7 million FHA loan originated by PGIM Real Estate.
PISCATAWAY, N.J. — Cushman & Wakefield has negotiated a 469,000-square-foot industrial sublease in the Northern New Jersey community of Piscataway. The subtenant, an affiliate of Henglin Home Co., will occupy the entirety of the space at 600 Ridge Road, which features 100 loading docks, two drive-in doors and parking for 310 cars and 85 trailers. Christine Eberle, Mindy Lissner, Bill Waxman, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the sublandlord, Kiss Products, in the sublease negotiations. The owner of the building was not disclosed.
JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Starling, a 39-unit apartment building in Jersey City’s Bergen-Lafayette neighborhood. Designed by GRT Architects, Starling offers studio, one-, two- and three-bedroom units and amenities such as a rooftop lounge, fitness center, coworking space, golf simulator and a package room, as well as ground-floor restaurant space. Rents start at $2,690 per month for a studio apartment.
LAWRENCEVILLE, N.J. — Crate & Barrel Outlet will open a 23,400-square-foot store in Lawrenceville, a northern suburb of Trenton. The space is located within Mercer on One, a 551,000-square-foot shopping center that was originally built in 1975. Alana Friedman and David Townes of JLL represented Crate & Barrel Outlet in the lease negotiations. Jeff Fischer represented the landlord, Federal Realty Investment Trust, on an internal basis.