ISELIN, N.J. — Global pharmaceutical company Helsinn has opened a 25,000-square-foot office at 200 S. Wood Ave. in Iselin, about 30 miles south of Manhattan. The development and management arm of New York City-based SJP Properties, which owns the 200,000-square-foot building, executed a custom build-out of the space as part of Helsinn’s relocation from 170 S. Wood Ave. SJP Properties acquired the building in 2020 and implemented a capital improvement program.
UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …
SECAUCUS, N.J. — Third-party warehousing and freight firm Global Interactive Logistics (GIL) has signed a 115,000-square-foot industrial lease in the Northern New Jersey community of Secaucus. The multi-tenant facility at 1000 New County Road was built on 25.5 acres in 1968 and totals 525,224 square feet. Conor Dolan, Jeff Babikian, Nick Klacik and Kevin Dudley of CBRE represented GIL, which will relocate from nearby Kearny, in the lease negotiations. Larry Schiffenhaus and Tom Monahan, also with CBRE, represented the landlord, Prologis.
ALLENDALE, N.J. — NAI James E. Hanson has negotiated a 32,895-square-foot lease at 1 Pearl Court, an industrial flex building in the Northern New Jersey community of Allendale. The building is one of seven within the 370,000-square-foot Allendale Industrial Park, which is owned by Camber Real Estate Partners and Advance Realty Investors. Thomas Vetter and Jeff Demagistris of NAI Hanson represented the tenant, a medical equipment manufacturer, in the lease negotiations. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase, also with NAI Hanson, represented the landlord.
JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures has topped out a six-story, 337-unit multifamily project located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the property will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners include JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Completion is slated for the fourth quarter.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has begun leasing the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project that is located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Rents start at $2,440 per month for a one-bedroom apartment.
By Taylor Williams “Numbers never lie; they simply tell different stories depending on the math of the tellers.” Mexican-American poet Luis Alberto Urrea may not have been talking about commercial real estate development and investment when he wrote that line, but the implications of that statement are undeniably applicable to those fields. The use of numerical projections in commercial development and investment is different from employing sabermetrics in sports or using predictive analytics to diagnose illnesses in medicine. Hard costs are what they are, and the formulas that developers and investors rely on to make critical decisions tend to be well-established in their rigidity, even if their inputs can and do change. Respecting the time-tested veracity of these formulas can make the difference between coasting through a down cycle or being crushed by it. Yet this is a world in which complex equations, algorithms and computations increasingly influence key business decisions. And so the ability to accurately forecast, control and manipulate numerical inputs is beyond valuable. Underwriting represents the piece of the real estate development or acquisition process in which these numerical details are shoved under the microscope and relentlessly finagled in hopes of keeping a development or deal alive. …
HAMILTON, N.J. — Fennelly Associates has arranged the $8 million sale of a 59,000-square-foot medical office building at 3575 Quakerbridge Road in the Central New Jersey community of Hamilton. The two-story building, which was constructed in 2004, was sold in conjunction with 72,500 square feet of medical office condo space within White Horse Executive Center, located about five miles away. The second deal carried a price tag of $3.1 million. Jerry Fennelly of Fennelly Associates represented the seller, a family business, in both transactions. The buyer was not disclosed.
SECAUCUS, N.J. — Newmark has negotiated a 46,000-square-foot industrial lease at 60 Metro Way in the Northern New Jersey community of Secaucus. The facility features 8,000 square feet of office, space seven loading docks and one drive-in door. David Simson and Dan Reider of Newark represented the tenant, Creative Technology Inc., which supplies technical equipment for sports and entertainment events, in the lease negotiations. Locally based investment firm Hartz Mountain Industries owns the building.
LONG BRANCH, N.J. — Locally based developer and general contractor Prime City has broken ground on SICA Lofts, a 31-unit multifamily project that will be located in the coastal New Jersey community of Long Branch. The site originally housed the home of the Lincoln Can Manufacturing Co. and later the Shore Institute of Contemporary Arts, from which the property derives its titular acronym. The project will feature one-bedroom units with an average size of 750 square feet and 2,500 square feet of ground-floor retail space. Manasquan Bank provided a $7.5 million, floating-rate construction loan for the project, which is scheduled for a third-quarter 2024 completion.