MONTVALE, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground. Full completion is slated for August.
SOMERSET, N.J. — Cushman & Wakefield has brokered the sale of a 151,756-square-foot industrial development site in the Northern New Jersey community of Somerset. The fully entitled site is located at 110 Belmont Drive and spans 7.8 acres. Gary Gabriel, Kyle Schmidt, Ryan Larkin, Mindy Lissner and David Gheriani of Cushman & Wakefield represented the seller, Braha Properties, in the transaction. Nevada-based Dermody Properties acquired the site with plans to construct a facility with a clear height of 40 feet, 30 loading positions and 93 car parking spaces.
LONG BRANCH, N.J. — Locally based firm Inspired by Somerset Development has broken ground on a 22-unit multifamily project at the site of the former Inkwell Coffee House in the coastal New Jersey community of Long Branch. The three-story building will house one- and two-bedroom units, 800 square feet of street-level retail space, an indoor parking garage and a private rooftop deck. Construction is slated for a summer 2024 completion.
PISCATAWAY, N.J. — New York City-based developer Rockefeller Group has broken ground on Constitution Logistics Center, a 147,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The 18-acre site at 10 Constitution Ave. formerly housed a 100,000-square-foot office building that was owned and occupied by hearing aid manufacturer WS Audiology and that is now being demolished. Constitution Logistics Center will feature a clear height of 36 feet, 41 loading docks, 123 car parking spaces and 57 trailer stalls. Completion is slated for the second quarter of 2024. ARCO Construction is the general contractor for the project. Cushman & Wakefield and KBC Advisors have been appointed as the leasing agents.
RIDGEFIELD, N.J. — Locally based investment firm Faropoint has acquired a 113,979-square-foot industrial facility in the Northern New Jersey community of Ridgefield for $28.3 million. Faropoint acquired the two-building facility, which consists of a 57,599-square-foot food processing and production building and a 56,380-square-foot distribution building, in a sale-leaseback with the tenant, Biazzo Dairy Products. Frank Costa III, Jim Isbell and Brian Sherlock with Viewpoint Advisors brokered the deal.
JERSEY CITY, N.J. — A joint venture between Cleveland-based developer The NRP Group, asset management firm Rockwood Capital and locally based firm G&S Investors has broken ground on a 401-unit multifamily project in Jersey City. The site is located at 190 Chapel Ave. in the Port Liberté area. Units will come in one-, two- and three-bedroom formats. Amenities will include a pool, pet play and wash area, outdoor grilling and dining stations, rooftop deck with a lounge area, game room, communal kitchen, conference room and a commuter lounge. Citizens Bank and Fifth Third Bank provided senior construction loans for the project, which is slated for a summer 2025 completion.
SOMERSET, N.J. — Bridge Industrial has acquired a 152,175-square-foot facility in the Northern New Jersey community of Somerset. The newly built facility sits on a 22-acre site at 230 Belmont Drive and features a clear height of 36 feet, 28 loading docks, 108 car parking spaces and 2,500 square feet of office space. Upon acquisition, Bridge Industrial simultaneously executed a full-building lease with an undisclosed packaging company that will take occupancy immediately. Chuck Fern of Cushman & Wakefield represented the tenant in that deal. The seller was not disclosed.
PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …
SPRINGFIELD, N.J. — The Springfield Board of Education has issued a $32.9 million tax- exempt bond that will finance upgrades at various schools in the Northern New Jersey community. Upgrades will include HVAC system modernizations; plumbing and sewer system enhancements; improvements to video-monitoring systems; installation of new exterior doors with protective glazings; energy-efficient window replacements; and interior renovations to select education spaces. New Jersey-based DIGroup Architecture is designing the projects, all of which are expected to be complete by 2026.
SPRINGFIELD, N.J. — Crunch Fitness will open a 32,000-square-foot gym at General Green Shopping Center in the Northern New Jersey community of Springfield. Crunch Fitness will backfill a space previously occupied by NY Sports Club. Marc Palestina and Chuck Lanyard of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Stephen Picurro of Pierson Commercial Real Estate represented the tenant. Other users at the center include Gold Valley Supermarket, GNC and Springfield Bagels.