EDISON, N.J. — CBRE has secured an 80,250-square-foot industrial lease in the Northern New Jersey community of Edison. The building at 74 Carter Drive features a clear height of 32 feet, 14 loading docks and 29 parking spaces. Chad Hillyer, Kevin Dudley, Tristan Askew, Jake Westfall, Nicholas Klacik and Kate Granahan of CBRE represented the tenant, Roca Tile, which is relocating from nearby Carteret, in the site selection and lease negotiations. Wick Cos. owns the building.
MIDDLESEX, N.J. — NAI DiLeo-Bram & Co. has arranged the $8.6 million sale of a 69,750-square-foot retail center located in Middlesex. A 57,000-square-foot SuperFresh grocery store anchors the property, which sits on a 3.9-acre site. The center also features a 6,115-square-foot liquor store and 6,300 square feet of second-floor office space. Marc Shein of NAI DiLeo-Bram represented the undisclosed seller in the transaction. Bennett Realty & Development represented the buyer.
HAMILTON, N.J. — Cushman & Wakefield has arranged the sale of a 48-acre industrial development site in the Central New Jersey community of Hamilton that is approved for the construction of up to 420,000 square feet of space. The site at 861 Sloan Ave. offers proximity to both interstates 95 and 295. Robert Rudin, Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, an entity doing business as Manchester 270 Development Inc., in the transaction. The team also procured the buyer, a partnership between Lincoln Equities Group and PGIM.
JERSEY CITY, N.J. — Bank of America has signed a 550,000-square-foot office lease at Newport Tower in Jersey City. Newport Tower is a 36-story, 1.1 million-square-foot waterfront building that recently underwent a multimillion-dollar renovation and connects via skybridge to the 1 million-square-foot Newport Centre Mall. Building amenities include eight onsite dining options, a fitness center, game room, tenant lounge, coworking spaces and meeting rooms. Robert Rudin, David DeMatteis, Mina Shehata, Dirk Hrobsky, Karl Helgessen, Jan Randall Dausend and Christina Magill of Cushman & Wakefield represented the landlord, BentallGreenOak, in the lease negotiations. Bob Alexander, Ryan Alexander and Taylor Callaghan of CBRE represented Bank of America.
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has received $53.9 million in financing for The Nell, a 252-unit multifamily property in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented, newly built property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rodney Sherman and Greg Halvorson of KeyBank Real Estate Capital arranged the seven-year loan, which provides fixed-rate takeout financing, through New York Life Real Estate Investors on behalf of Prism Capital Partners.
HAMILTON, N.J. — Fennelly Associates has signed a 19,008-square-foot office lease at a 47,464-square-foot building located at 200 Horizon Drive in the Central New Jersey community of Hamilton. The tenant, Micro-Air, a designer and manufacturer of air conditioning control systems for boats and RVs, is relocating from a 7,850-square-foot space in nearby Allentown. Jerry Fennelly of Fennelly Associates represented the landlord, Cammeby’s Management, in the lease negotiations. Micro-Air was self-represented.
JERSEY CITY, N.J. — Biotechnology firm Eikon Therapeutics has signed a 36,284-square-foot office lease at 3 Second Street, an 18-story, 600,000-square-foot building in Jersey City. The building boasts a redesigned lobby with concierge services, tenant lounge and multiple onsite dining options. David DeMatteis, Robert Rudin, Mina Shehata and Dirk Hrobsky of Cushman & Wakefield represented the landlord, funds managed by Ares Management, in the lease negotiations. Bill Hartman and James Gale of CBRE represented Eikon Therapeutics.
ASBURY PARK, N.J. — JLL has arranged $80 million in construction financing for SURFHOUSE Asbury Park, a 226-unit multifamily project in coastal New Jersey. The six-story building will house studio, one-, two- and three-bedroom apartments that will range in size from 700 to 1,200 square feet, as well as three- and four-bedroom townhomes. Amenities will include a pool, fitness center, resident lounge and a rooftop deck, and the project also includes 3,500 square feet of ground-floor retail space. Jon Mikula, Matthew Pizzolato and Ryan Carroll of JLL arranged a senior construction loan from Unity Capital for the project in addition to $21 million in equity that was raised on Crowdstreet. The borrower and developer is a joint venture between iStar Residential and Starfield Cos.
CLARK, N.J. — Locally based developer Garden Communities has completed the lease-up of Walnut Hill, a 177-unit apartment complex in Clark, about 23 miles southwest of New York City. The newly built property is now fully occupied and recently secured a long-term debt structure. Units come in one- and two-bedroom units, and amenities include a fitness center, pool, clubhouse with lounges and a game room. About 15 percent (28 units) of the residences are reserved as affordable housing.
MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit apartment complex in the Northern New Jersey city of Morristown. Built in 2018, the property offers one- and two-bedroom units ranging from 679 to 1,203 square feet in size and amenities such as a fitness center with yoga and spin studios, golf simulator with lounge seating and outdoor grilling and dining stations. Gebroe-Hammer and Berkadia represented the seller, a partnership between Veris Residential and Woodmont Properties, in the transaction. The buyer was not disclosed.