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.
VOORHEES, N.J. — Relievus, a provider of pain management treatments and procedures, has signed a 7,000-square-foot office lease in the Southern New Jersey community of Voorhees. According to commercialcafé.com, the 50,109-square-foot building at 400 Laurel Oak Road was constructed on 5.3 acres in 1989. Adam Rose of Rose Commercial Real Estate represented the tenant in the lease negotiations. Brett Davidoff, also with Rose Commercial Real Estate, represented the unnamed landlord.
EATONTOWN, N.J. — Berkadia has negotiated the sale of Homewood Suites Eatontown, a 131-room hotel in Northern New Jersey. The hotel was originally constructed in 2004 and was rebranded from the Staybridge Suites flag in 2016. Amenities include an outdoor pool, fitness center, two meeting rooms and a grilling area. Dan Hawkins and Jake Pietras of Berkadia represented the seller, an entity doing business as Jersey Shore Hotel Partners LLC, in the transaction. Highline Hospitality Partners purchased the asset for an undisclosed price.
JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a 60,000-square-foot supportive housing project in Jersey City. The newly expanded campus features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took roughly two years to construct.
ORANGE, N.J. — New Jersey-based developer Prime City has broken ground on two affordable housing projects in the Northern New Jersey community of Orange. The projects at 150 and 151 Taylor St. will consist of four one-bedroom townhomes averaging 1,100 square feet and a nine-building complex, respectively. Delivery is slated for 2025. Information on specific income restrictions was not disclosed.
MONROE TOWNSHIP, N.J. — CBRE has brokered the $53.7 million sale of a 203,000-square-foot industrial property in Monroe Township, located outside of Trenton in Central New Jersey. The site at 34 Engelhard Drive spans 12 acres, and the building was originally constructed in 1980. Brian Fiumara of CBRE represented the seller, New York-based Clarion Partners, in the transaction. Fiumara also procured the buyer, GLP Capital Partners.
WOODBRIDGE, N.J. — New Jersey-based Cronheim Mortgage has arranged an $11.2 million loan for the refinancing of a Residence Inn hotel located in the Northern New Jersey community of Woodbridge. The 107-room hotel originally opened in October 2012. David Turley led the Cronheim team that arranged the debt through an undisclosed bank. The borrower was also not disclosed.
DELRAN, N.J. — JLL has negotiated the sale of Hartford Corners, a 214,896-square-foot shopping center in the Southern New Jersey community of Delran. Anchored by grocer ShopRite, the center was 95 percent leased at the time of sale to tenants such as Planet Fitness, Five Below, Virtua Health, Five Guys and Mattress Firm. Jim Galbally, Christopher Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Principal Asset Management, in the transaction. Jim Cadranell, also with JLL, led the team that arranged acquisition financing on behalf of the buyer, Haverford Properties.
WACHTUNG, N.J. — A joint venture between two regional investment firms, Agus Holdings and Treeco, has acquired a 10-screen Cinemark movie theater in the Northern New Jersey community of Wachtung. The theater was constructed in 2019 at the six-acre site of a former Sears store, spans 37,630 square feet and features luxury recliners and an XD auditorium. J.B. Bruno, Kevin O’Hearn, Ryan Robertson and Jose Cruz of JLL represented the undisclosed seller in the transaction.
VOORHEES TOWNSHIP, N.J. — Basis Industrial, a Florida-based owner-operator, will develop an 855-unit self-storage facility in Voorhees Township, located just outside of Philadelphia in Southern New Jersey. The facility will span 113,000 gross square feet and feature climate-controlled space. Construction is scheduled to begin later this month and to be complete in fall 2024. WSFS Bank provided $12.1 million in construction financing for the project. Berkadia arranged the loan on behalf of Basis Industrial. Public Storage will operate the facility.