HACKENSACK, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $6 million permanent loan for Grand Apartments, a 74-unit building in the Northern New Jersey community of Hackensack. Grand Apartments was built in 1970 and houses three studios, 48 one-bedroom apartments, 22 two-bedroom units and one three-bedroom unit. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim placed the loan through Farm Bureau Life Insurance on behalf of the undisclosed borrower.
WOODBRIDGE, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $200 million facility in the Northern New Jersey community of Woodbridge. The project will be part of the larger development of the area surrounding Metropark Station, a major regional transit hub. The 60,000-square-foot facility will be home to an array of primary and specialty care providers, as well as a sports and spine care center. Other services and offerings will include advanced imaging, phlebotomy, rehabilitation services, a retail pharmacy, occupational health services and an urgent care clinic. Hackensack Meridian claims the project will create 1,000 jobs. Completion is slated for late 2025. Russo Development is leading the team behind the larger development, which will ultimately feature residential, office, retail and restaurant uses in addition to the new healthcare facility. Within the residential component, at least 20 percent of the units will be reserved for low-income renters, although specific income restrictions were not announced. The administration of New Jersey Gov. Phil Murphy awarded the development consortium $110 million in tax credit incentives as part of a larger initiative to “push to modernize transportation hubs throughout the state.” Information about additional financing sources was not disclosed. “New Jersey is pioneering …
SECAUCUS, N.J. — Kids apparel retailer The Children’s Place has signed a 120,000-square-foot office lease renewal at 500 Plaza Drive in the Northern New Jersey community of Secaucus. The Children’s Place has been a longtime tenant at the 466,496-square-foot building, which is located within the 200-acre Harmon Meadow campus. David Stifelman and Timothy Greiner of JLL represented the landlord, Manulife Investment Management, in the lease negotiations. David Goldstein and Gregg Najarian of Savills represented the tenant.
HOBOKEN, N.J. — CBRE has brokered the $7.5 million sale of a 13,000-square-foot multifamily development site located at 511-521 Newark St. in Hoboken. The site is part of a portfolio of seven Northern New Jersey parcels that have collectively been approved for the development of 450 units. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the owner, AIRN Management, in the land sale. The buyer, a private developer based in Hudson County, did not provide further details or plans for the site.
GARWOOD, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $6.5 million loan for the refinancing of Garwood Mall, an 89,624-square-foot shopping center in Northern New Jersey. Built in 1971, Garwood Mall is home to tenants such as Kings Food Markets, Crunch Fitness and AutoZone. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the loan through American United Life on behalf of the undisclosed borrower.
EAST WINDSOR, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an $11 million loan for the refinancing of Town Center Plaza, a 196,014-square-foot shopping center in the Central New Jersey community of East Windsor. The property was originally built on 35.5 acres in 1998 and is home to tenants such as grocer ShopRite and Chipotle Mexican Grill. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the loan through Farm Bureau Life Insurance Co. The borrower was not disclosed.
HASBROUCK HEIGHTS, N.J. — Law firm Bertone Piccini has signed an 11,850-square-foot office lease renewal in the Northern New Jersey community of Hasbrouck Heights. The firm has been a tenant at the 200,000-square-foot Heights Plaza complex, located at the junction of I-80 and U.S. Route 17, since 2013. Rob Norton of CBRE represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.
MORRISTOWN, N.J. — A partnership between The Olnick Organization and Fisher Development Associates is underway on the redevelopment of Headquarters Plaza, a 1 million-square-foot mixed-use complex in the Northern New Jersey community of Morristown. Headquarters Plaza consists of 650,000 square feet of office space, 100,000 square feet of retail and restaurant space, a 265-room Hyatt Regency hotel, a 40,000-square-foot health club and a 10-screen AMC movie theater. Full renovations of the hotel and 50,000-square-foot public outdoor space have already been completed. Ownership has now unveiled plans for the redesign of the main office concourse and signed leases with three new restaurant tenants. Gensler is the project architect.
SOUTH BRUNSWICK, N.J. — JLL has brokered the sale of a 216,000-square-foot warehouse in South Brunswick, located just outside of Trenton. Built in 1991, the cross-dock facility at 152 Ridge Road features a clear height of 30 feet and 33 loading docks and was fully leased at the time of sale to an undisclosed, third-party logistics company. The unnamed owner sold the asset to Atlanta-based Invesco Real Estate for an undisclosed price. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Conor Walsh of JLL brokered the deal.
WATCHUNG, N.J. — Urban Edge Properties has purchased Heritage Square, an 87,318-square-foot shopping center located in the Northern New Jersey community of Watchung. The center was built in 2019 and is home to tenants such as HomeSense, Sierra Trading Post, CityMD, Starbucks, Chick-fil-A, Ulta Beauty, Miller’s Ale House and David’s Bridal. The tenant roster has a weighted average remaining lease term of about eight years and no rollover until 2029. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Austin Pierce of JLL represented the undisclosed seller in the transaction and procured Urban Edge as the buyer.