New Jersey

Garden State Commercial Sells 240,000 SF Office Building in Trenton, Buyer Plans Residential Conversion

by Taylor Williams October 12, 2023

TRENTON, N.J. — Garden State Commercial Properties has sold a 240,000-square-foot office building located at 240 W. State St. in downtown Trenton to an undisclosed buyer that plans to redevelop the 16-story building for residential usage. The new complex will offer studio, one- and two-bedroom apartments and amenities such as a fitness center, pool and ground-floor café. In addition, the company will renovate the building’s enclosed parking garage. Completion of the conversion is slated for 2026. Jerry Fennelly of Fennelly Associates represented both parties in the sale.

October 12, 2023

Development Industrial New Jersey Northeast

Woodmont Industrial Completes 54,113 SF Project in Woodbridge, New Jersey

by Taylor Williams October 12, 2023

WOODBRIDGE, N.J. — New Jersey-based Woodmont Industrial Partners has completed a 54,113-square-foot project in the Northern New Jersey community of Woodbridge. The building features a clear height of 32 feet, eight exterior dock doors, one drive-in door and build-to-suit office space. Woodmont has also secured a full-building lease with Indiana-based R.A.S. Logistics. Mindy Lissner, Chuck Fern, Jason Barton and David Gheriani of Cushman &. Wakefield represented Woodmont in the lease negotiations.

October 12, 2023

Acquisitions New Jersey Northeast Office

Zimmel Associates Arranges $49.7M Sale of Office Complex in Edison, New Jersey

by Taylor Williams October 10, 2023

EDISON, N.J. — Locally based brokerage firm Zimmel Associates has arranged the $49.7 million sale of a 122,000-square-foot office complex located at 1090 King Georges Post Road in the Northern New Jersey community of Edison. The campus is known as The Business Center at Edison and consists of 12 one-story, standalone buildings. David Zimmel of Zimmel Associates represented the seller, New Jersey-based Denholtz Properties, in the transaction. The buyer, Federal Business Centers, plans to redevelop the property for industrial usage.

October 10, 2023

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 270-Unit Multifamily Property in Springfield, New Jersey

by Taylor Williams October 6, 2023

SPRINGFIELD, N.J. — Locally based developer Garden Communities has begun leasing The Metropolitan, a 270-unit multifamily property located in the Northern New Jersey community of Springfield. The property consists of 223 one- and two-bedroom apartments, 47 two- and three-bedroom townhomes and 5,000 square feet of retail space. Amenities include a pool, fitness center, coffee bar, community room, coworking spaces and an outdoor kitchen with grilling and dining stations. Leasing for the townhomes is underway, with rents starting at $6,945 per month. Leasing of the apartments will commence early next year.

October 6, 2023

Industrial Leasing Activity New Jersey Northeast

Fabuwood Cabinetry Signs 197,072 SF Industrial Lease in Linden, New Jersey

by Taylor Williams October 6, 2023

LINDEN, N.J. — Fabuwood Cabinetry has signed a 197,072-square-foot industrial lease at Linden Logistics Center in Northern New Jersey. Tom Carragher led a Newmark team that represented the tenant in the lease negotiations. Thomas Monahan, Larry Schiffenhaus, Stephen D’Amato and Brian Golden of CBRE represented the landlord, a partnership between Advance Realty Investors, Greek Real Estate Partners and PGIM Real Estate. Linden Logistics Center will ultimately consist of eight buildings totaling 4.1 million square feet on a 350-acre site, and the development’s first three buildings are now complete.

October 6, 2023

Development Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Arranges $4.9M in Financing for Northern New Jersey Industrial Project

by Taylor Williams October 6, 2023

EDISON, N.J. — Cushman & Wakefield has arranged $4.9 million in financing for an 82,500-square-foot industrial project that will be located in the Northern New Jersey community of Edison. Streamline Realty Funding provided the debt, which the borrower, Catalyst Development Partners, will use to acquire the 6.7-acre site and fund predevelopment costs. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein led the transaction for Cushman & Wakefield.

October 6, 2023

Acquisitions Industrial New Jersey Northeast

LXP Industrial Trust Sells 127,144 SF Flight Training Facility in Whippany, New Jersey

by Taylor Williams October 5, 2023

WHIPPANY, N.J. — An affiliate of New York City-based REIT LXP Industrial Trust (NYSE: LXP) has sold a 127,144-square-foot industrial property in the Northern New Jersey community of Whippany that houses a flight training facility. The facility was originally built on 16.8 acres in 2006, expanded in 2008 and renovated in 2020. Building features include a clear height of 38 feet, seven drive-in doors and 312 parking spaces. Jose Cruz, Jeremy Neuer, Marc Duval, Jordan Avanzato, Nicolas Stefans, Jason Lundy and Peter Kim of JLL represented LXP Industrial Trust in the transaction. The buyer and sales price were not disclosed.

October 5, 2023

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $8.3M Sale of Industrial Building in Hillsborough, New Jersey

by Taylor Williams October 4, 2023

HILLSBOROUGH, N.J. — Cushman & Wakefield has brokered the $8.3 million sale of a 40,700-square-foot industrial building in Hillsborough, located just north of Trenton. The building at 139 Stryker Lane features 30-foot clear heights, three dock-high doors and 59 parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Mark Zaziski, Patrick Decker and Dan Bottiglieri of Cushman & Wakefield represented the seller and occupant, RC Fine Foods, in the deal and procured the buyer, an affiliate of The Silverman Group.

October 4, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $11.1M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams October 3, 2023

UNION CITY, WEST NEW YORK AND JERSEY CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $11.1 million sale of a portfolio of three multifamily buildings totaling 66 units in Northern New Jersey. The portfolio consists of a 44-unit complex in Union City that sold for $6.2 million; a 16-unit property in West New York that traded for $3.8 million; and a six-unit building in Jersey City that fetched a price of $1.1 million. Don Baxter of Kislak brokered the deal. All parties requested anonymity.

October 3, 2023

Development Multifamily New Jersey Northeast

Paramount Assets Completes 35-Unit Adaptive Reuse Project in Plainfield, New Jersey

by Taylor Williams October 2, 2023

PLAINFIELD, N.J. — Paramount Assets, a Newark-based development and management firm that specializes in restoring historic buildings and urban redevelopment projects, has completed Frontier Flats in downtown Plainfield. The building is an adaptive reuse of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.

October 2, 2023

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