FAIRFIELD, N.J. — Chicago-based investment firm Venture One Real Estate has acquired a 103,008-square-foot industrial property in the Northern New Jersey community of Fairfield. According to LoopNet Inc., the property at 25 Commerce Road, which was roughly 68 percent leased at the time of sale, was built in 1982 and features a clear height of 24 feet. Leo Joseph and Josh Meisner of Leo Joseph and Co. represented Venture One in the transaction. The new ownership has hired Cushman & Wakefield to market the property for lease. The seller was not disclosed.
ALLENDALE AND MAHWAH, N.J. — Regional investment firm Faropoint has purchased a two-property industrial portfolio in Northern New Jersey for $144.5 million. The portfolio consists of 10 buildings totaling 770,064 square feet across a combined 68 acres. Built in phases in the 1970s and 1980s, Allendale Shallow-Bay Industrial Park consists of seven industrial buildings totaling 370,064 square feet on a 35.1-acre site. The development, which offers dedicated dock-high loading for each unit and 985 total parking spaces, was fully leased at the time of sale to a roster of 19 tenants. Built in the 1960s, Mahwah Industrial Center comprises three buildings totaling 400,000 square feet across 33.2 acres. The complex features a total of 23 drive-in doors, as well as clear heights of 16 feet and parking for 1,463 cars. Mahwah Industrial Center was 91 percent leased to seven tenants at the time of sale. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between Camber Real Estate Partners and Advance Realty, in the transaction. “North Bergen County is one of the tightest industrial submarkets in the state and continues to demonstrate positive market rent growth, leasing velocity and compelling …
JERSEY CITY, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $124.1 million loan for the refinancing of Grove Pointe Apartments, a 458-unit multifamily complex located at 100 Christopher Columbus Drive in Jersey City. Built in 2007, the 29-story building houses 19,675 square feet of ground-floor retail space and 535 parking spaces. The unit mix consists of 34 studios, 274 one-bedroom apartments and 150 two-bedroom residences. Amenities include a pool, fitness center, billiards room, lounge and a children’s playroom. The sponsor, a partnership between Kushner Real Estate Group and National Real Estate Investors, will use a portion of the proceeds to fund capital improvements. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the debt through an undisclosed life insurance company.
BASKING RIDGE, N.J. — The Ferber Co., a South-Florida-based developer, is underway on a retail redevelopment project in the Northern New Jersey community of Basking Ridge. Known as The Shops at The Crossing, the project is part of the larger redevelopment of the 850,000-square-foot Burlington Center Mall, which shuttered in 2018 and was demolished in 2021. Tenants that have already committed include Raising Cane’s, Panera Bread, Freddy’s Frozen Custard & Steakburgers, Discount Tire and Sleep Number. The redevelopment will also feature three industrial buildings totaling 1.9 million square feet that will be developed by Baltimore-based MRP Industrial.
LIVINGSTON, N.J. — Boutique law firm A.Y. Strauss has signed a 10,728-square-foot office lease at The Eisenhower, a 384,000-square-foot campus located in the Northern New Jersey community of Livingston. Harland Hollander of Savills 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.
SICKLERVILLE, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located roughly 25 miles outside Philadelphia in Sicklerville, N.J. A 57,560-square-foot ACME Markets grocery store anchors the property, which was built in 2003. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction and procured an undisclosed, New York-based partnership as the buyer. Jeremy Nussbaum and Andrew Eisen of Walker & Dunlop arranged $8.1 million in acquisition financing for the deal through Citigroup.
JEFFERSON, N.J. — Locally based developer Diversified Properties has broken ground on a 32-unit multifamily project in the Northern New Jersey community of Jefferson that represents Phase I of a larger development known as Jefferson Place. Residences will come in one- and two-bedroom floor plans and range in size from 855 to 1,216 square feet. Amenities will include a fitness center and an outdoor lounge with grilling and dining stations. Delivery is slated for fall 2024. Details of Phase II were not disclosed.
CARTERET, N.J. — Weida Freight System, a third-party logistics firm based in Hong Kong, has signed a 188,000-square-foot industrial lease in the Northern New Jersey community of Carteret. Weida Freight is taking space at Crow Holdings at Carteret, a newly built, 1.2 million-square-foot development. Jules Nissim, Stan Danzig and Kimberly Bach of Cushman & Wakefield represented the landlord, Crow Holdings, in the lease negotiations. Jimo Liu of Avison Young represented the tenant.
JERSEY CITY, N.J. — Whole Foods Market will open a 51,156-square-foot store at the corner of Washington Street and Columbus Drive in Jersey City on Nov. 9. The store, which will be the Austin-based grocer’s first in Jersey City, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.
LAWRENCEVILLE, N.J. — Federal Realty Investment Trust has rebranded Mercer Mall in Lawrenceville, roughly 40 miles northeast of Philadelphia. Moving forward, the property, which totals 551,000 square feet, will be known as Mercer on One. Federal Realty has also signed leases with two new tenants at the property. J. Crew Factory will occupy 6,100 square feet, and Crate & Barrel has opened a 42,000-square-foot store. Additionally, DSW is currently undergoing a full remodel and façade upgrade. Ashton Design led the rebranding effort.