New Jersey

Pomeranc Group Acquires 465-Unit Apartment Community in Wayne, New Jersey

by Taylor Williams June 23, 2023

WAYNE, N.J. — The Pomeranc Group, a hospitality-oriented investment firm, has acquired Mountain View Crossing, a 465-unit apartment community located in the Northern New Jersey community of Wayne. The property’s unit mix consists of eight studios, 309 one-bedroom apartments, 141 two-bedroom units and seven three-bedroom units. Residences feature private patios/balconies, stainless steel appliances, hardwood flooring and stone countertops. Amenities include a pool, tennis and basketball courts, fitness center, clubroom, dog park and outdoor grilling and dining areas. Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer of Cushman & Wakefield represented the seller, UBS Realty Investors, in the transaction and procured The Pomeranc Group as the buyer. John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein of Cushman & Wakefield arranged $97.7 million in acquisition financing through Greystone for the deal.

June 23, 2023

Acquisitions New Jersey Northeast Office Retail

Maridian Properties Completes Renovation of 22,500 SF Historic Building in Hoboken

by Taylor Williams June 23, 2023

HOBOKEN, N.J. — Locally based development and investment firm Maridian Properties has completed the majority of the renovations at 95 River Street, a historic building in Hoboken that comprises 22,500 square feet of office and retail space. Upgrades to common areas and office suites are complete, though a full remodel of the lobby remains ongoing. Maridian also rebranded the property as Lions Gate in homage to a decorative frieze on the building’s façade. Maridian acquired the building, which was originally constructed in 1910 for Steneck Trust Co. and last renovated in 1983, last December.

June 23, 2023

Development Industrial New Jersey Northeast

Dermody Properties to Develop 214,271 SF Industrial Facility in Woolwich Township, New Jersey

by Taylor Williams June 19, 2023

WOOLWICH, N.J. — Nevada-based Dermody Properties will develop a 214,271-square-foot industrial property in Woolwich Township, located in the northern part of the Garden State. The site spans 14 acres, and the facility will feature a clear height of 40 feet, two drive-in doors, 39 dock doors, 169 car parking spaces and 19 trailer parking stalls. Delivery is slated for mid-2024. Gerry Blinebury, Gary Gabriel, Kyle Schmidt, Brendan McGeary, John Gartland and Jonas Skovdal of Cushman & Wakefield represented the seller in the land deal.

June 19, 2023

Acquisitions Industrial New Jersey Northeast

CBRE Arranges $40.5M Sale of Four Industrial Buildings in Wall Township, New Jersey

by Taylor Williams June 19, 2023

WALL TOWNSHIP, N.J. — CBRE has arranged the $40.5 million sale of four industrial buildings in Wall Township, located near the Jersey Shore. The buildings range in size from 20,000 to 80,000 square feet and are located within Monmouth Business Campus. The buyer was Treetop Cos., and the seller was not disclosed. Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick of CBRE brokered the sale, while CBRE’s Jason Gaccione and Shawn Rosenthal arranged acquisition financing on behalf of the buyer.

June 19, 2023

Development New Jersey Northeast Office Retail

S. Hekemian Group Completes 52,000 SF Office, Retail Project in Montvale, New Jersey

by Taylor Williams June 19, 2023

MONTVALE, N.J. — The S. Hekemian Group, a locally based developer, has completed Workplace North Market, a 52,000-square-foot office and retail project in Montvale, located near the New York-New Jersey border. The four-story building houses 40,500 square feet of office space and 11,500 square feet of retail space and is located within North Market, a mixed-use redevelopment of the former Mercedes-Benz USA North America headquarters campus. Law firm Beattie Padovano has committed to leasing 20,000 square feet as the anchor tenant.

June 19, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $6.4M Sale of Rose Gardens Apartments in Long Branch, New Jersey

by Taylor Williams June 19, 2023

LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.4 million sale of Rose Gardens, a 32-unit apartment complex located in the Northern New Jersey community of Long Branch. Built in 1955, the property houses two studios and 30 one-bedroom apartments. Daniel Lanni of Kislak represented the seller, an entity doing business as Rose 3 Holdings LLC, in the transaction. Lanni also procured the undisclosed buyer.

June 19, 2023

Development Multifamily New Jersey Northeast

Accurate Begins Leasing 185-Unit Apartment Complex in Little Falls, New Jersey

by Taylor Williams June 16, 2023

LITTLE FALLS, N.J. — New Jersey-based developer Accurate has begun leasing Citizen Little Falls, a 185-unit apartment complex located in the northern part of the Garden State. The property offers one- and two-bedroom units and amenities such as a fitness center, business center, landscaped courtyards, pet wash area and package lockers. Lessard Design served as the project architect. Rents start at $2,640 per month for a one-bedroom apartment.

June 16, 2023

Development Multifamily New Jersey Northeast

Vango Development Begins Leasing 60-Unit Apartment Complex in Rutherford, New Jersey

by Taylor Williams June 15, 2023

RUTHERFORD, N.J. — Vango Development has begun leasing The Parker 118, a 60-unit apartment complex located in the Northern New Jersey community of Rutherford. Designed by Minno & Wasko Architects & Planners, the building houses studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, resident lounge and outdoor grilling and dining stations. Rents start at $2,370 per month for a studio apartment.

June 15, 2023

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers Sale of 7,987 SF Industrial Building in Hackensack

by Taylor Williams June 15, 2023

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a 7,987-square-foot industrial building located at 101 S. State St. in Hackensack. The building offers a clear height of 22 feet, one drive-in door and 11 parking spaces. David Ukleja of NAI Hanson represented the seller, BCB Janitorial Supply Co. Inc., in the transaction and procured the buyer, an entity doing business as APEX 101 Holdings LLC. The sales price was not disclosed.

June 15, 2023

Development Multifamily New Jersey Northeast

Brookfield, G&S Investors Break Ground on 60-Story Multifamily Tower in Jersey City

by Taylor Williams June 14, 2023

JERSEY CITY, N.J. — Brookfield Properties and G&S Investors have broken ground on a 60-story multifamily tower in Jersey City that represents Phase II of the Hudson Exchange, a mixed-use redevelopment project. Designed by Beyer Blinder Belle and built by Consigli Construction, the building will house 802 residential units and 115,000 square feet of retail space that will be anchored by grocer ShopRite. Residences will be furnished with quartz countertops, walk-in closets and individual washers and dryers. Amenities will include a rooftop pool, social lounge, fitness center, game room and a coworking lounge. Phase II of Hudson Exchange will also feature 20,000 square feet of public green space. At full build-out, Hudson Exchange will comprise 6 million square feet of development, including roughly 5,500 residential units, across 18 acres.

June 14, 2023

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