FAIRFIELD, N.J. — CBRE has negotiated a 35,235-square-foot industrial lease in the Northern New Jersey community of Fairfield. The property at 10 Evans St. offers a clear height of 36 feet. Kate Granahan, Nicholas Klacik and Sean Dodd of CBRE represented the tenant, countertop and flooring products provider Caesarstone, in the lease negotiations. Kevin Dudley and Chad Hillyer, also with CBRE, represented the landlord, Stalwart Equities.
DENVILLE, N.J. — NAI Hanson has brokered the sale of a 9,560-square-foot industrial flex building in the Northern New Jersey community of Denville. According to LoopNet Inc., the single-tenant property at 305 Palmer Road was built in 1981 and renovated in 1988. Joseph Vindigni of NAI Hanson represented the seller, Venturini Investments Group, in the deal. Charity Realty International represented the buyer, Groome Industrial Service Group.
MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and Scotto Properties has broken ground on M Station West, a 260,000-square-foot office project in the Northern New Jersey community of Morristown. Designed by Gensler and inclusive of retail space, the two-building complex will serve as the new flagship office of Sanofi, a global pharmaceutical company that is based in Paris. Sanofi plans to employ nearly 2,000 people at the campus, which is slated for a first-quarter 2025 delivery. The partnership completed the 120,0000-square-foot M Station East in July 2022.
TRENTON, N.J. — RPM Development will build a 120-unit mixed-income residential project in downtown Trenton. The site at 150-170 Broad St. spans 1.3 acres, and the development will consist of 70 market-rate units, 48 affordable housing units and two superintendent units. Units will come in one-, two- and three-bedroom formats. Amenities will include a fitness center, resident lounge and a rooftop deck, and the property will also offer 168 parking spaces and a 7,500-square-foot retail plaza. The New Jersey Economic Development Authority and the New Jersey Housing & Mortgage Finance Agency both provided tax credit equity to finance the project. A construction timeline was not disclosed.
LINDEN, N.J. — Bridge Industrial has acquired a 115,000-square-foot facility located in the Northern New Jersey community of Linden. The property was originally built on 9.2 acres in 1949 and offers a clear height of 19 feet, 19 drive-in doors and 7,500 square feet of office space. The seller and sales price were not disclosed. The Blau & Berg Co. brokered the deal. Bridge plans to implement capital improvements to the building’s interior and exterior features, and the facility is expected to be available for occupancy in the fourth quarter.
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.
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.
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.
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.
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.