ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $1.4 million sale of a 12-unit apartment building located at 153 Pierson St. in the Northern New Jersey community of Orange. According to Apartments.com, the building was originally constructed in 1896 and offers one-bedroom units. Julie Gralla of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.
PASSAIC, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.5 million sale of a 23-unit apartment building located at 60 Dayton St. in the Northern New Jersey community of Passaic. According to LoopNet Inc., the building, which houses a restaurant on the ground floor, rises three stories and was constructed in 1975. Julie Gralla of Kislak represented the seller, an entity doing business as Hobart Dayton Proud Passaic LLC, in the transaction. Gralla also procured the buyer, Bonim Realty LLC.
MONTVALE, N.J. — JLL has brokered the $14.7 million sale of a 119,089-square-foot office building in the Northern New Jersey community of Montvale. The two-story building sits on a 16.5-acre site at 5 Paragon Drive and houses amenities such as a cafeteria and a fitness center. Jeremy Neuer, Jose Cruz and Kevin O’Hearn of JLL represented the seller, Dallas-based Nessel Development, in the transaction. The buyer was Exclusive Management, an investment firm based in New York’s Hudson Valley region. The building was 76 percent leased at the time of sale.
NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.
GLOUCESTER COUNTY, N.J. — An affiliate of German asset management firm DWS Group will undertake a 141,000-square-foot industrial expansion project at Commerce Corner, a 259,910-square-foot development located about 25 miles outside of Philadelphia in Southern New Jersey. The expansion project, which is expected to cost about $29 million, is a build-to-suit for Performance Food Group. Construction is scheduled to begin in the fourth quarter and to last about a year. In conjunction with the project, Performance Food Group is extending its lease by 15 years.
SADDLE BROOK, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired Zuckerberg’s Industrial Park, a 640,000-square-foot industrial campus located in the Northern New Jersey community of Saddle Brook. Zuckerberg’s Industrial Park, which has been owned by a local family for three generations, comprises 50 buildings on a 40-acre site and a four-acre trailer parking lot. Tenants at the development include UPS, ServePro and Johnstone Supply. The sales price was not disclosed, and no third-party brokers were involved in the deal. Sitex plans to implement a value-add program via new paving, lighting and signage, as well as updated building interiors.
KEARNY, N.J. — CBRE has secured a 63,902-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 20 Basin Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp., in the lease negotiations. Jimo Liu with Avison Young represented the tenant, logistics firm Global Courier Express.
TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
KEARNY, N.J. — Global Courier Express has signed a 96,375-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 205 Campus Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp. in the lease negotiations. Jimo Liu with Avison Young represented Global Courier Express.
NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for the development of a mixed-income residential building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans, and 70 units will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.