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.
PALMYRA TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $102 million construction loan for a 700,000-square-foot industrial project near Philadelphia. The project represents Phase II of Tac-Pal Logistics Center in Palmyra Township, N.J. Building features will include a cross-dock configuration, a clear height of 40 feet, four drive-up ramps and parking for 438 cars and 236 trailers. John Rose and Chad Orcutt of JLL arranged the debt on behalf of the developer, a fund advised by Crow Holdings Capital. Phase I of Tac-Pal Logistics Center, which also consisted of about 700,000 square feet, was completed earlier this year.
MORRISTOWN, N.J. — JLL has arranged the recapitalization of a portfolio of 16 industrial buildings totaling 630,822 square feet in New Jersey and Pennsylvania. The specific locations were not disclosed. The portfolio was 99 percent leased at the time of the recapitalization to tenants in industries such as logistics, food and beverage, technology and warehousing. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL arranged new joint venture equity with an undisclosed partner on behalf of the sponsor, New Jersey-based owner-operator Denholtz Properties.
DENVILLE, N.J. — JLL has secured joint venture equity for a 119,250-square-foot industrial project that will be located in the Northern New Jersey community of Denville. The site at 12-18 Vanderhoof Ave. spans 19 acres, and the facility will offer a clear height of 36 feet, 18 loading bays, one drive-in door and parking for 52 cars and 13 trailers. Marc Duval, Jason Lundy, Jordan Avanzato, Nicholas Stefans and Jose Cruz of JLL worked on behalf of the sponsor, Cervenka Development Partners, to arrange the equity partnership with global investment manager Monocle Group.
CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae loan for the refinancing of Roosevelt Village Apartments, a 101-unit affordable housing complex in the Central New Jersey community of Carteret. Built in 1969, the complex consists of 10 buildings on a 5.2-acre site that house one-, two- and three-bedroom units. Specific income restrictions were not disclosed. The nonrecourse, fixed-rate loan was structured with a 10-year term, 35-year amortization schedule and seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners.
JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures is nearing completion of a 337-unit apartment community located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the six-story building, which was recently branded The Birch House, houses studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners included JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Leasing will begin in January. Construction began in late 2021 and topped out this spring.
MIDDLESEX COUNTY, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $30.5 million construction loan for a 152,000-square-foot, speculative industrial project in Northern New Jersey. The exact location was not disclosed, but the site is situated in Middlesex County within 20 miles of the Port of Newark/Elizabeth. Building features will include a clear height of 36 feet, 22 dock doors and excess car and trailer parking space. Bridget Wilcox and Albert Raymond of G.S. Wilcox arranged the financing through an undisclosed, West Coast-based bank. The borrower also requested anonymity.
LIVINGSTON, N.J. — RWJBarnabas, a network of New Jersey-based independent providers, has signed a 11,667-square-foot healthcare lease at The Eisenhower, a 384,000-square-foot campus located in the Northern New Jersey community of Livingston. Richel Commercial Brokerage represented the tenant in the lease negotiations. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE, along with internal agent Eric Maurer, represented the landlord, Eastman Cos.
CHATHAM, N.J. — New Jersey-based developer BNE Real Estate Group is nearing completion of The Ivy, a 245-unit multifamily project in the Northern New Jersey community of Chatham. Designed by Minno & Wasko Architects & Planners, the six-story building will house one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and tile backsplashes. The property will also feature 34,000 square feet of indoor and outdoor amenity space. Specifically, the amenity package will include a pool, an outdoor movie lawn and dining areas, fitness center, resident lounge, bar, game room, sport simulator lounges, children’s play area, pet spa and a media screening room. Leasing will begin later this fall.
RANDOLPH, N.J. — Locally based developer CrownPoint Group has acquired a 14.5-acre site in the Northern New Jersey community of Randolph with plans to construct a 125-unit multifamily complex that will be known as Liberty Village. Liberty Village will consist of 11 buildings that will house a mix of two- and three-bedroom units, about 20 percent of which will be subject to income restrictions. Amenities will include a fitness center, golf simulator and a dog park. Construction is expected to begin during the third quarter of 2024.