HOPEWELL, N.J. — A partnership between Lincoln Equities Group and New York City-based H.I.G. Realty will develop a three-building, 380,000-square-foot life sciences project in Hopewell, located just outside of Trenton. The site is located within Princeton West Innovation Campus, which is a redevelopment of the former campus of pharmaceutical giant Bristol Myers Squibb. The campus also features 250,000 square feet of traditional office space, and 200 acres of the site have been preserved as farmland and open public space. JLL handles leasing of Princeton West Innovation Campus. Construction is expected to begin in January. The partnership acquired the property in summer 2020.
New Jersey
PATERSON, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $3.7 million sale of two apartment buildings totaling 18 units in the Northern New Jersey community of Paterson. The buildings are located in the Wrigley Park area and include commercial uses. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
LINDEN, N.J. — SRS Real Estate Partners has brokered the sale of a ground lease for a 185,682-square-foot retail building in the Northern New Jersey community of Linden that is occupied by Walmart. The building was constructed on 14 acres in 2019, and there are 17 years remaining on the corporate-guaranteed lease. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the sellers, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group, in the deal. David Chasin of Pegasus Investments Real Estate Advisory represented the buyer.
WEST WINDSOR, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of Woodmont Way, a 443-unit apartment community in West Windsor, located outside of Trenton in Mercer County. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pickleball and bocce ball courts, a golf simulator, theater room, game room and a dog park. Woodmont Way is now fully occupied. Information on starting rents was not disclosed.
TRENTON, N.J. — Locally based firm Hx2 Development is underway on construction of a 100,000-square-foot life sciences project in Trenton’s Chambersburg neighborhood. The transit-served facility, which is known as Building 114, will be located within Roebling Center, a five-building, 7.1-acre mixed-use redevelopment. Shell construction of the building is expected to be complete by the end of the year. JLL has been appointed as the leasing agent.
PASSAIC, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4.5 million sale of a 23-unit apartment complex located in the Northern New Jersey community of Passaic. The four-story building at 82 Paulison Ave. was constructed in the early 20th century and exclusively houses one-bedroom units. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
JERSEY CITY, N.J. — CBRE has negotiated an 80,000-square-foot industrial lease within HRP Hudson Logistics Park in Jersey City. The 86-acre park is a redevelopment of a former coal-fired power plant. Kevin Dudley and Nicholas Klacik of CBRE represented the tenant, global logistics firm D.B. Schenker, in the lease negotiations. David Knee, Chris Hile and Ryan Milanik of JLL represented the landlord, Hilco Redevelopment Partners.
EDISON, N.J. — New Jersey-based Armstrong Logistics has signed an 86,936-square-foot industrial lease in the Northern New Jersey community of Edgewater. According to LoopNet Inc., the property at 250 Carter Drive was built on 36.4 acres in 1990, totals 408,860 square feet and offers a clear height of 27 feet. Scott Mertz of NAI Mertz represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
LIVINGSTON, N.J. — JLL has arranged a $49.7 million construction loan for Highgate at Livingston, a 169-unit multifamily project that will be located in Northern New Jersey. The complex will offer one, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center, clubhouse, coworking lounge, outdoor grilling and dining areas and a dog run. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL arranged the floating-rate loan through Truist Bank on behalf of the borrower, Continental Properties.
EDGEWATER, N.J. — New Jersey-based Armstrong Logistics has signed a 70,887-square-foot industrial lease in the Northern New Jersey community of Edgewater. According to LoopNet Inc., the single-tenant property at 801 Bridgeboro Road was built in 1980 and features a clear height of 27 feet and six exterior dock doors. Scott Mertz of NAI Mertz represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.