New Jersey

JLL Arranges $27M Acquisition Loan for Hoboken Apartment Complex

by Taylor Williams November 8, 2023

HOBOKEN, N.J. — JLL has arranged a $27 million acquisition loan for Edge Lofts, an apartment complex located in the Northern New Jersey community of Hoboken. Edge Lofts comprises 69 units across two five-story buildings located at 1405 Clinton and 1405 Adams St. that were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans and average 975 feet. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. Jim Cadranell, Greg Nalbandian, Salvatore Buzzerio and John Cumming of JLL arranged the 10-year, fixed-rate loan through an unnamed life insurance company. The borrower was also not disclosed. In addition, a JLL team of Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce represented the seller, Bijou Properties, in the disposition of Edge Lofts.

November 8, 2023

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Downtown Newark

by Taylor Williams November 7, 2023

NEWARK, N.J. — Locally based firm Russo Development has begun leasing Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $1,900 per month for a studio apartment.

November 7, 2023

Leasing Activity New Jersey Northeast Office

Jefferies LLC Signs 60,000 SF Office Lease Renewal in Jersey City

by Taylor Williams November 7, 2023

JERSEY CITY, N.J. — Global investment banking firm Jefferies LLC has signed a 60,000-square-foot office lease renewal at 101 Hudson St. in Jersey City. The 42-story, 1.2 million-square-foot tower is located in the city’s Exchange Place neighborhood and is known as The Merrill Lynch Building. Conor Dolan, David Opper and Mike Nieliwodski of CBRE represented the landlord, The Birch Group, in the lease negotiations. Rob Lowe of Cushman & Wakefield represented the tenant.

November 7, 2023

Development New Jersey Northeast Office

Onyx Equities Completes Renovation of Two Office Buildings Totaling 33,882 SF in Parsippany, New Jersey

by Taylor Williams November 7, 2023

PARSIPPANY, N.J. — Locally based investment and development firm Onyx Equities has completed renovations of 4 and 6 Campus Drive, two office buildings totaling 33,882 square feet in the Northern New Jersey community of Parsippany. Both buildings are part of Arbors at Parsippany, a 60-acre campus that offers amenities such as a conference center, café and outdoor walking trails. Renovations included upgrades of the lobbies and various common areas. Ware Malcomb handled design of the project.

November 7, 2023

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates 60,435 SF Industrial Lease in Southern New Jersey

by Taylor Williams November 6, 2023

WOOLWICH TOWNSHIP, N.J. — Cushman & Wakefield has negotiated a 60,435-square-foot, full-building industrial lease at 135 High Hill Road in Woolwich Township, located outside of Philadelphia in Southern New Jersey. The newly constructed building features a clear height of 32 feet and 49 car parking spaces. John Gartland, Jonas Skovdal and Chris Butera of Cushman & Wakefield represented the landlord, a partnership between regional developer Endurance Real Estate Group and Boston-based Cabot Properties, in the lease negotiations. Harry McKenna of Jackson Cross Partners represented the tenant, Valken Inc., a supplier of paintball, airsoft and defense protection products.

November 6, 2023

Acquisitions Industrial New Jersey Northeast

Urban Edge Properties Sells Northern New Jersey Light Industrial Portfolio for $217.5M

by Taylor Williams November 3, 2023

EAST HANOVER, N.J. — Urban Edge Properties (NYSE: UE) has sold a portfolio of seven light industrial buildings totaling 1.2 million square feet in the Northern New Jersey community of East Hanover. The portfolio was fully leased to a roster of 13 tenants at the time of sale, and the buildings feature an average clear height of 21 feet. Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce of JLL represented Urban Edge Properties in the transaction. The buyer was a partnership between an investment fund managed by Morgan Stanley and New Jersey-based owner-operator Saxum Real Estate.

November 3, 2023

Loans Multifamily New Jersey Northeast

Greystone Provides $12.2M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 3, 2023

BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.

November 3, 2023

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $8.1M Sale of Jersey City Apartment Complex

by Taylor Williams November 3, 2023

JERSEY CITY, N.J. — CBRE has brokered the $8.1 million sale of a 41-unit apartment complex located at 160 Vroom St. in the Journal Square area of Jersey City. The transit-served property houses 22 one-bedroom units, 19 two-bedroom apartments and onsite laundry facilities. A private investment group acquired the building from a New York City-based family office, with both parties requesting anonymity. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented both parties in the deal.

November 3, 2023

Development Multifamily New Jersey Northeast

UNLMTD Real Estate Underway on 300-Unit Multifamily Project in Fort Lee, New Jersey

by Taylor Williams November 2, 2023

FORT LEE, N.J. — Regional developer UNLMTD Real Estate is underway on construction of FIAT House, a 300-unit multifamily project in the Northern New Jersey community of Fort Lee. The site is located at the foot of the George Washington Bridge. Units will come in studio, one- and two-bedroom formats, and the property will house more than 30,000 square feet of amenity and social gathering spaces. The first units are expected to be available for occupancy in early 2024. The developer is constructing the project in partnership with Italian automaker FIAT, and residents will have access to a car-sharing program of FIAT electric vehicles.

November 2, 2023

Acquisitions Industrial NAI New Jersey Northeast

NAI DiLeo-Bram Arranges $21M Sale of Northern New Jersey Warehouse

by Taylor Williams November 2, 2023

LINDEN, N.J. — NAI DiLeo-Bram has arranged the $21 million sale of a 67,355-square-foot warehouse in the Northern New Jersey community of Linden. The facility at 1900 Lower Road is located adjacent to an Amazon fulfillment center and has housed the operations of electrical and industrial distribution company Turtle & Hughes since its original construction in 1960. Christopher Galiano of NAI DiLeo-Bram represented the buyer, Service Truck Tire Center, which plans to occupy the property and implement a value-add program, in the deal.

November 2, 2023

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