SADDLE BROOK, N.J. — JLL has negotiated the $16.1 million sale of a 62,504-square-foot grocery store in the Northern New Jersey community of Saddle Brook that is leased to ACME Markets, a subsidiary of Albertsons. ACME has occupied the property at 75 Mayhill St. since it was built in 1998. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Austin Pierce of JLL represented the seller, Vision Real Estate Partners, in the transaction. The buyer was The Winter Organization.
JERSEY CITY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has funded two loans totaling $243 million for a pair of multifamily properties in the Journal Square area of Jersey City. In the first transaction, SCALE provided a $160 million construction loan for a 27-story project that will be located at 626 Newark Ave. The property will house 576 units, 9,915 square feet of street-level retail and 17,747 square feet of office space, with construction slated for a 2026 completion. In the second deal, SCALE provided an $83 million bridge loan for a 27-story, 235-unit building located at 26 Van Reipen Ave. that includes 7,562 square feet of retail and 7,546 square feet of office space. Proceeds from this loan will be used to retire construction debt and fund lease-up and stabilization costs. Drew Fletcher and Bryan Grover of Greystone arranged both loans on behalf of the borrower, Namdar Group.
ROSELLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $6.9 million sale of Sheridan Garden Apartments, a 35-unit multifamily complex in the Northern New Jersey community of Roselle. The building was originally constructed in 1928. Joni Sweetwood of Kislak represented the seller, an entity doing business as Sheridan Estate Urban Renewal LLC, in the transaction. Sweetwood also procured the buyer, Harrison Grove Holdings LLC.
WEST CALDWELL, N.J. — Chicago-based investment firm Venture One Real Estate has acquired a 94,739-square-foot industrial building in West Caldwell, about 25 miles west of Manhattan. The multi-tenant building was fully leased at the time of sale and features a clear height of 21 feet, eight docks, two drive-in doors and 164 car parking spaces. Alex Previdi of Lee & Associates represented the undisclosed seller in the transaction.
OLD BRIDGE, N.J. — Paragon Packaging has signed a 192,000-square-foot industrial lease in Old Bridge, about 40 miles south of Manhattan. The packaging firm is taking space at Building 2 at the 4.2 million-square-foot Central 9 Logistics Park, which is under construction and expected to be complete in the second quarter. Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the landlord, 2020 Acquisitions, in the lease negotiations. Kyle Eaton of Newmark represented Paragon Packaging.
JACKSON TOWNSHIP, N.J. — New Jersey-based investment firm Horizon Equities has purchased Jackson Health Village, a 150,000-square-foot medical office building in New Jersey’s Ocean County, for $24 million. The three-story building was built on 11.3 acres in 2014 and was 64 percent occupied at the time of sale. Jeremy Neuer, Jose Cruz, Dan Loughlin, Tom Stanton and Matt Loughlin of JLL represented the undisclosed seller in the transaction and procured Horizon Equities as the buyer.
JERSEY CITY, N.J. — Hudson Atlantic Realty has brokered the $2.3 million sale of Grand Gardens, a 16-unit apartment complex located in the Bergen-Lafayette area of Jersey City. The property was originally built in 1950 and houses one- and two-bedroom units. Ben Susskind and Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed. The deal traded at a cap rate of 4.46 percent.
PARAMUS, N.J. — Barnes & Noble has opened a 35,000-square-foot store in the Northern New Jersey community of Paramus. The bookseller is backfilling a space formerly occupied by Big Lots at 765 Route 17 S. Marc Palestina of New Jersey-based brokerage firm The Goldstein Group represented Barnes & Noble in the lease negotiations. Joe Dougherty of Metro Commercial represented Big Lots, which previously occupied the space.
PARAMUS, N.J. — First Mile Properties, an affiliate of New York City-based investment firm Crown Acquisitions, has purchased a 287,704-square-foot office building in the Northern New Jersey community of Paramus. The five-story building, which was originally constructed in 1985, was 96 percent leased at the time of sale with an undisclosed financial services firm serving as the anchor tenant. David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between DRA Advisors and Onyx Equities, in the transaction. The quartet also procured First Mile Properties as the buyer.
SUMMIT, N.J. — Cushman & Wakefield has brokered the $2.8 million sale of a mixed-use building in the Northern New Jersey community of Summit. The fully leased building at 351-353 Springfield Ave. consists of three apartments and two retail spaces, as well as a three-car garage. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Both parties requested anonymity.