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New Jersey

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DevelopmentIndustrialLoansNew JerseyNortheastSelf-Storage

CrownPoint, Lamar Cos. to Develop 1,200-Unit Self-Storage Facility in Newark

by Taylor Williams

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.

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DevelopmentIndustrialNew JerseyNortheast

DWS Group to Undertake 141,000 SF Industrial Expansion Project in Southern New Jersey

by Taylor Williams

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.

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AcquisitionsIndustrialNew JerseyNortheast

Sitex Group Acquires 640,000 SF Industrial Campus in Saddle Brook, New Jersey

by Taylor Williams

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.

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IndustrialLeasing ActivityNew JerseyNortheast

CBRE Secures 63,902 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams

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.

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LoansNew JerseyNortheastOffice

Maverick Commercial Arranges $4.5M Acquisition Loan for Trenton Office Building

by Taylor Williams

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.

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IndustrialLeasing ActivityNew JerseyNortheast

Global Courier Express Signs 96,375 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams

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.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

NJEDA Approves $90M in Tax Credits for Mixed-Income Residential Building in Newark, New Jersey

by Taylor Williams

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.

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Leasing ActivityNew JerseyNortheastOffice

Relievus Signs 7,000 SF Office Lease in Voorhees, New Jersey

by Taylor Williams

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.

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AcquisitionsHospitalityNew JerseyNortheast

Berkadia Negotiates Sale of 131-Room Hotel in Eatontown, New Jersey

by Taylor Williams

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.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Arc Building Partners, Claremont Complete 60,000 SF Supportive Housing Project in Jersey City

by Taylor Williams

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.

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