New Jersey

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

Acquisitions New Jersey Northeast Office

American Equity Partners Acquires Jersey City Office Building for $46M

by Taylor Williams September 29, 2023

JERSEY CITY, N.J. — American Equity Partners has acquired Harborside 6, a 200,000-square-foot office building in Jersey City, for $46 million. The building is situated within a larger waterfront development known as Harborside that was originally developed by Veris Residential (NYSE: VRE), then known as Mack-Cali Corp. The building can support traditional office tenants as well as healthcare, studio production and creative office users. A Whole Foods Market also recently opened on the building’s ground floor. American Equity Partners has appointed Newmark as the leasing agent.

September 29, 2023

Leasing Activity New Jersey Northeast Office

Sanofi Signs 16,903 SF Office Lease in Morristown, New Jersey

by Taylor Williams September 29, 2023

MORRISTOWN, N.J. — Sanofi has signed a 16,903-square-foot office lease at 21 South St. in the Northern New Jersey community of Morristown. The 43,691-square-foot building was constructed in 1911 as a bank. The move corresponds with the global pharmaceutical company relocating its headquarters to the nearby M Station West development. That larger relocation is expected to bring about 1,900 Sanofi employees to Morristown, while about 70 people within the consumer healthcare division will work in this newly leased space. The Hampshire Cos. owns 211 South Street.

September 29, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Acquire Industrial Outdoor Storage Facility in Old Bridge, New Jersey

by Taylor Williams September 29, 2023

OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.

September 29, 2023

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