TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.3 million sale of Parkview Commons, a 33-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.
HAINESPORT AND LUMBERTON, N.J. — A partnership between New Jersey-based Camber Real Estate Partners and Atlanta-based global investment manager Invesco has acquired a portfolio of five industrial buildings totaling 384,335 square feet in Southern New Jersey. The buildings, which were originally developed by Whitesell Real Estate Group, are located off Exit 5 of the New Jersey Turnpike in Hainesport and Lumberton and feature clear heights of 30 feet. Michael Hines, Joe Hill and Brad Ruppel of CBRE represented the seller in the transaction.
TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.8 million sale of Belleview Commons, a 24-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.
MOORESTOWN, N.J. — Chicago-based Brennan Investment Group has recapitalized a portfolio of 20 industrial buildings totaling approximately 1 million square feet in Moorestown, located about 12 miles east of Philadelphia in Southern New Jersey. The shallow-bay buildings were all constructed between 1984 and 2000 and had a collective occupancy rate of about 96 percent at the time of the recapitalization. Brennan, which acquired the portfolio in 2017, did not disclose specific details on either the debt and/or equity aspects of the recapitalization.
TETERBORO, N.J. — Seagis Property Group is nearing completion of a 166,725-square-foot warehouse in the Northern New Jersey community of Teterboro. Known as Teterboro Distribution Center, the building offers proximity to Port Newark-Elizabeth and Liberty International Airport. Building features include a clear height of 40 feet, 5,000 square feet of office space, 40 loading docks, 185-foot truck court depths and parking for 46 trailers and 114 cars. CBRE is marketing the property, which is slated for a summer delivery, for lease.
MORRISTOWN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Morris Marketplace, an 85,513-square-foot shopping center located roughly 25 miles west of New York City. The newly developed center was fully leased at the time of sale to more than 35 restaurant and service-oriented tenants, including Wells Fargo, Jersey Mike’s, Orangetheory Fitness and Panda Express. Brad Nathanson and JP Colussi of IPA represented the seller and developer, DeVimy Equities, in the transaction. The duo also procured the buyer, Ohio-based Last Mile Investments.
WALL TOWNSHIP, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has arranged the sale of a 27-unit apartment building in Wall Township, located near the Jersey Shore. The sales price was $3.1 million. According to the property website, the building at 2538 Allaire Road exclusively houses one-bedroom units that are reserved for residents age 55 and above who meet certain income restrictions. Ronald Schrader Jr. of Sitar Realty represented the buyer and seller, both of which were limited liability companies, in the transaction.
PARAMUS, N.J. — German discount grocer Lidl has opened a 25,000-square-foot grocery store in the Northern New Jersey community of Paramus. The store is housed within a freestanding building at 651 U.S. Route 17 and offers Lidl’s traditional selections of cured meats and cheeses, as well as a bakery. Lidl expects the store opening to create about 25 new jobs within the community.
ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.
PRINCETON, N.J. — Blackrock has signed a 10-year, 176,000-square-foot office lease extension in Princeton. The global private equity firm will continue to occupy the entire third and fourth floors, as well as part of the fifth floor and a street-level space, at the 330,000-square-foot building at 1 University Square Drive. Tim Greiner, Tom Romano, Vinny DiMeglio, Mike Pietrowicz and Jonathan Ortiz of JLL represented the landlord, Argent Ventures, in the lease negotiations. Peter Riguardi, Matt Astrachan, Nicole Tiger, George Gemelos and Hannah Bernstein, also with JLL, represented Blackrock.