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IndustrialLeasing ActivityNew JerseyNortheast

Mayrock Group Signs 191,481 SF Industrial Lease in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Mayrock Group, an automotive manufacturer and distributor, has signed a 191,481-square-foot, full-building industrial lease at Crossroads Commerce Center in North Brunswick, about 45 miles southwest of Manhattan. The building sits on 17 acres at 1980 U.S. Route 1 and features a clear height of 40 feet, 29 tailboard doors, two drive-in doors and 31 trailer parking spots. Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the landlord, Principal Asset Management, in the lease negotiations. Gheriani also represented the tenant.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $28.5M Construction Loan for Industrial Project in South Plainfield, New Jersey

by Taylor Williams

SOUTH PLAINFIELD, N.J. — JLL has arranged a $28.5 million construction loan for a 167,281-square-foot industrial project that will be located in South Plainfield, about 40 miles southwest of Manhattan. The 14.8-acre site at 1 Cragwood Road currently houses an office building that is set to be demolished. The new industrial facility will feature a clear height of 36 feet, 26 dock doors and two drive-in doors. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the loan through CIBC on behalf of the borrower and developer, Bridge Industrial.

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AcquisitionsMultifamilyNew JerseyNortheast

Marcus & Millichap Negotiates $6.1M Sale of Hoboken Apartment Building

by Taylor Williams

HOBOKEN, N.J. — Marcus & Millichap has negotiated the $6.1 million sale of an apartment building located at 202-204 Hudson St. in downtown Hoboken. The building consists of 13 apartments and two ground-floor retail spaces that are leased to Jersey Mike’s Subs and J & J Body Works. Devin Perez, Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured a private investor as the buyer. Both parties requested anonymity.

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AcquisitionsMultifamilyNew JerseyNortheast

Marcus & Millichap Arranges $4.2M Sale of Apartment Building in Somerville, New Jersey

by Taylor Williams

SOMERVILLE, N.J. — Marcus & Millichap has arranged the $4.2 million sale of a 10-unit apartment building in Somerville, about 50 miles southwest of Manhattan. The building at 28-32 W. Main St. offers one- and two-bedroom units and houses two retail spaces that are occupied by a bank and an art gallery. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Harborpoint Residential.

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LoansNew JerseyNortheast

CBRE Arranges $29M Loan for Refinancing of Southern New Jersey Apartment Complex

by Taylor Williams

WINSLOW TOWNSHIP, N.J. — CBRE has arranged a $29 million loan for the refinancing of Mi-Place at Brightmoor, a 144-unit apartment complex in Winslow Township, about 30 miles south of Philadelphia. The garden-style property consists of six buildings that house one-, two-and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. An entity managed by Argentic Investment Management provided the three-year loan to the borrower, Fernmoor Homes, which is also planning additional phases for a total of 312 units. Matthew Klauer and Cassandra Russell arranged the debt.

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IndustrialLeasing ActivityNew JerseyNortheast

Carrier Enterprise Signs 78,000 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams

PISCATAWAY, N.J. — Carrier Enterprise has signed a 78,000-square-foot industrial lease in the Northern New Jersey community of Piscataway. The distributor of HVAC parts and systems will occupy the entirety of the newly constructed building at 30 Duke Road, which is located within the 650,000-square-foot Rutgers Industrial Center development. Chuck Fern, Jason Barton and Jack Winge of Cushman & Wakefield represented the landlord, Levin Management Corp., in the lease negotiations. Dan Johnsen, also with Cushman & Wakefield, represented the tenant.

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AcquisitionsIndustrialNAINew JerseyNortheast

NAI Hanson Brokers Sale of 10,878 SF Industrial Building in Irvington, New Jersey

by Taylor Williams

IRVINGTON, N.J. — NAI James E. Hanson has brokered the sale of a 10,878-square-foot industrial building in the Northern New Jersey community of Irvington. The building at 592 Hawthorne Ave., which according to LoopNet Inc. was built in 1950, features a clear height of 12 feet, three drive-in doors and 958 square feet of office space. Justin Allessio of NAI Hanson represented both the seller, Haenssler Realty Corp., in the transaction and procured the buyer, an entity doing business as Irvington Industrial LLC.

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DevelopmentIndustrialNew JerseyNortheast

KRE Group Begins 345,152 SF Industrial Redevelopment in Ewing, New Jersey

by Taylor Williams

EWING, N.J. — Locally based developer KRE Group has begun a 345,152-square-foot industrial redevelopment in the Northern New Jersey community of Ewing. The project will convert the 26.3-acre site of a decommissioned former naval air propulsion center into a single-story, 285,152-square-foot warehouse and three standalone flex buildings of 20,000 square feet each. The development team will also undertake various infrastructural improvements, including upgraded landscaping and lighting, the addition of a new bus stop, surface parking lots and walking trail, and enhancements to the surrounding roadways. The U.S. Navy operated the site as a vital jet engine test facility from 1951 until 1997, and a redevelopment plan for the site was introduced in 2013. A tentative completion date for the project was not disclosed.

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AcquisitionsNew JerseyNortheastRetail

Kislak Negotiates Sale of 6,400 SF Retail Property in Rahway, New Jersey

by Taylor Williams

RAHWAY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a 6,400-square-foot retail property in the Northern New Jersey community of Rahway. The single-story building was constructed in 1950 and was fully leased to three tenants at the time of sale. Daniel Lanni of Kislak represented the seller, LMN Financial Group, in the transaction and procured an undisclosed private investment group as the buyer.

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DevelopmentMultifamilyNew JerseyNortheast

Woodmont Completes Lease-Up of 120-Unit Apartment Complex in Independence, New Jersey

by Taylor Williams

INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Leasing began last April, at which point rents started at $2,440 per month for a one-bedroom apartment.

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