ORANGE, N.J. — Locally based development and management firm PEEK Properties has begun leasing The Highland, a 138-unit apartment complex in the Northern New Jersey community of Orange. The five-story building houses a mix of studio, one- and two-bedroom apartments that range in size from 533 to 1,163 square feet. Amenities include a resident lounge, fitness center, dog park and outdoor grilling and dining stations. Information on starting rents was not disclosed.
HOBOKEN, N.J. — CBRE has brokered the $8.5 million sale of a multifamily development site located at 921-931 Madison St. in Hoboken, located just outside New York City. Locally based firm AIRN Management sold the site, which formerly housed the operations of Water Music Studios, to an undisclosed private developer that plans to construct a 36-unit building with roughly 10,000 square feet of retail space. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE brokered the deal.
TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.
DELRAN AND SWEDESBORO, N.J. — Endurance Real Estate Group, a developer based in metro Philadelphia, has sold a portfolio of five industrial buildings totaling 342,098 square feet in the Southern New Jersey communities of Delran and Swedesboro. The specific addresses of the shallow-bay buildings, all of which were constructed in the 1970s and 1980s, were not disclosed. The buyer was Taurus Investment Holdings. Michael Hines, Brad Ruppel, Joe Hill, Lauren Dawicki, Dan McGovern and Charlotte Sands of CBRE brokered the deal. The portfolio was fully leased to 22 tenants at the time of sale.
BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $11.8 million sale of Brighton Estates, a 95-unit multifamily property located in the Northern New Jersey community of Belleville. Built in 1962 and recently renovated, Brighton Estates consists of three two-story buildings that house 13 studios, 66 one-bedroom units and 16 two-bedroom apartments. Tom Scatuorchio of Kislak represented the seller in the transaction. Andrew Scheinerman of Kislak procured the buyer. Both parties requested anonymity.
BURLINGTON, N.J. — IronLink Logistics, a third-party freight company formerly known as MD 3PL, has signed a 71,056-square-foot industrial lease in the Southern New Jersey community of Burlington. IronLink will occupy the entirety of a newly constructed building at 2609 Rancocas Road, which features a clear height of 32 feet. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, metro Philadelphia-based developer Endurance Real Estate Group, in the lease negotiations. Casey Mungo of Daum Commercial represented the tenant.
EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities has begun leasing Legacy Place, a 520-unit multifamily project located in the Northern New Jersey community of East Brunswick. The development features studio, one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Rents start at roughly $2,300 per month for a one-bedroom apartment.
BURLINGTON, N.J. — United Fulfillment Solutions Inc. has signed a 217,986-square-foot industrial lease in the Southern New Jersey community of Burlington. The e-commerce company will occupy the entirety of Building 1 at Rancocas 5 Industrial Park, which features a clear height of 36 feet, 42 loading docks, 183 car parking spaces and 28 trailer drops. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, regional developer Endurance Real Estate Group, in the lease negotiations. Allen Ding of Visionaire Real Estate represented the tenant.
FLEMINGTON, N.J. — Locally based financial intermediary G.S. Wilcox Co. has arranged a $16 million loan for the refinancing of a 170,000-square-foot shopping center in the Northern New Jersey community of Flemington. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 10-year term, 30-year amortization schedule and flexible prepayment options, through an undisclosed life insurance company. The borrower was also not disclosed.
POHATCONG, N.J. — Locally based developer Larken Associates has broken ground on Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. The first move-ins are scheduled to begin in fall 2024.