SHORT HILLS, N.J. — The Silverman Group, a New Jersey-based developer, has broken ground on The Estates at Short Hills, a 62-unit multifamily project in Northern New Jersey. Designed by Michels & Waldron Associates, the property will feature 10 one-bedroom units, 49 two-bedroom apartments and three three-bedroom residences. Amenities will include a rooftop terrace, outdoor courtyard, fitness center, resident lounge and game room, package and mail rooms and garage bike storage. The building will also house 10,000 square feet of medical office space on the ground floor. The first units are expected to be available for occupancy in early 2027.
New Jersey
BOUND BROOK, N.J. — Locally based developer Denholtz has completed The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. Citizens Bank financed the project, construction of which began in May 2023. Rents start at approximately $1,800 per month for a studio apartment.
WILLOW GROVE, PA. — New Jersey-based financial intermediary G.S. Wilcox & Co. has placed an $18.2 million loan for the refinancing of a 123,397-square-foot retail building in Willow Grove, a northern suburb of Philadelphia. The property address was not disclosed, but the building is a freestanding grocery store that sits on a 12.4-acre site. Wesley Wilcox and Al Raymond of G.S. Wilcox originated the debt through an undisclosed life insurance company. The borrower was also not disclosed.
JERSEY CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $20 million sale of 70 Central Lofts, a 31-unit apartment building in Jersey City. Completed in 2024, the five-story building includes a 32-space parking garage and a 1,696-square-foot retail space, as well as 7,000 square feet of amenity space. Davis Briones of Kislak represented the seller, Legacy Development, in the transaction and procured the buyer, an entity doing business as 70 Central Lofts LLC.
JERSEY CITY, N.J. — Locally based developer Panepinto Properties has topped out 505 Summit, a 54-story apartment tower in the Journal Square area of Jersey City. Formerly known as Pathside, the property encompasses 605 units in studio, one-, two- and three-bedroom floor plans. The property will also feature 4,000 square feet of street-level retail space, a landscaped public plaza, parking garage and 304 bicycle storage spaces. Residential amenities will include an outdoor terrace with a pool, grilling stations, a resident lounge, coworking spaces, sports simulator and a fitness center. Pacific Life financed construction of the project. Leasing is scheduled to begin next spring.
WASHINGTON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $6 million ground-lease sale of a 5,585-square-foot retail building in Washington Township, located outside of Philadelphia in Southern New Jersey. The building, which was completed in 2024, is net leased to convenience store operator Wawa on a 20-year, corporate-guaranteed deal. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based 1031 exchange investor. Both parties requested anonymity.
WALLINGTON, N.J. — Newmark has secured a 22,000-square-foot industrial lease in the Northern New Jersey community of Wallington. According to LoopNet Inc., the 101,481-square-foot building at 480 Main Ave. was built in 1940 and renovated in 2004. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, Excellent Packaging & Supply, in the lease negotiations. The name and representative of the landlord were not disclosed.
WEEHAWKEN, N.J. — Boston-based private equity and real estate investment firm Rockpoint has begun leasing The Declan, a 298-unit apartment community located in the Northern New Jersey community of Weehawken. The 10-story building offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and private balconies, patios or terraces. Amenities include a landscaped courtyard with grilling stations, an outdoor dining room, gaming area, pool, fitness center, golf simulator, coffee bar, library and coworking spaces. According to Apartments.com, monthly rental rates start at $3,380.
EATONTOWN, N.J. — Marcus & Millichap has brokered the $8 million sale of Aspen Court, a 27,965-square-foot medical office building in the coastal New Jersey community of Eatontown. Anchored by Advanced Endoscopy & Surgical Center, which recently signed a 10-year lease extension, the building was fully leased at the time of sale. Other tenants include Carbon Health Urgent Care, Atlantic Medical Imaging and Eatontown Dental. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, PB7 Associates, in the transaction and procured the buyer, an entity doing business as Aspen Court Partners LLC.
RANDOLPH, N.J. — Locally based brokerage firm Resource Realty has negotiated the $4.5 million sale of a 28,000-square-foot industrial building located in the Northern New Jersey community of Randolph. According to LoopNet Inc., the single-tenant building at 273 Franklin Road was completed in 1991 and features a clear height of 12 feet and two dock-high loading doors. Tom Consiglio of Resource Realty represented the buyer, Commerce Park Investors, in the transaction.