New Jersey

KRE Group Breaks Ground on 239-Unit Multifamily Project in East Hanover, New Jersey

by Taylor Williams April 10, 2023

EAST HANOVER, N.J. — Locally based developer KRE Group has broken ground on Valley View Park, a 239-unit multifamily project in East Hanover, about 30 miles west of Manhattan. The property will consist of five four-story buildings. Units will come in one- and two-bedroom formats, and 34 residences will be subject to income restrictions. The amenity package will comprise a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. A tentative completion date was not disclosed.

April 10, 2023

Development Industrial Loans New Jersey Northeast

Hampshire Cos., Invesco to Develop 187,530 SF Industrial Facility in Northern New Jersey

by Taylor Williams April 10, 2023

BOGOTA AND RIDGEFIELD PARK, N.J. — A joint venture between locally based developer The Hampshire Cos. and Atlanta-based Invesco Real Estate will develop a 187,530-square-foot industrial facility in the Northern New Jersey communities of Bogota and Ridgefield Park. The site at 30 Cross St. spans 11.7 acres, and the building will feature a clear height of 36 feet, 21 dock-high doors and 268 automobile parking spaces. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged $34.5 million in floating-rate construction financing through Texas Capital Bank on behalf of the joint venture. A tentative completion date was not disclosed.

April 10, 2023

Industrial Loans New Jersey Northeast

JLL Arranges $39M Acquisition Loan for Northern New Jersey Industrial Property

by Taylor Williams April 7, 2023

TETERBORO, N.J. — JLL has arranged a $39 million acquisition loan for a 221,448-square-foot warehouse and distribution center in the Northern New Jersey community of Teterboro. Building features include a clear height of 22 feet, 15 dock-high doors, 11 drive-in doors, 95 parking spaces and 15 trailer parking spaces. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged the fixed-rate loan through insurance giant Nationwide on behalf of the borrower, a joint venture between local developer The Hampshire Cos. and Atlanta-based Invesco Real Estate. The property was fully leased to Fashion Logistics at the time of sale.

April 7, 2023

Development Multifamily New Jersey Northeast

Paramount Assets Opens 70-Unit Apartment Complex in Plainfield, New Jersey

by Taylor Williams April 6, 2023

PLAINFIELD, N.J. — Locally based developer Paramount Assets has opened Netherwood Flats, a 70-unit apartment complex in the Northern New Jersey community of Plainfield. The four-story building features 4,000 square feet of retail space and an 84-space parking deck. Units come in one- and two-bedroom formats and range in size from 624 to 1,427 square feet. Amenities include a fitness center, resident lounge and an elevated courtyard. Netherwood Flats opened with 50 percent of its units preleased. Rents start at $1,865 per month for a one-bedroom apartment.

April 6, 2023

Leasing Activity New Jersey Northeast Office

Excell Communications Signs 7,000 SF Office Lease in Summit, New Jersey

by Taylor Williams April 6, 2023

SUMMIT, N.J. — Excell Communications, a provider of network infrastructure for the wireless, fiber and utility industries, has signed a 7,000-square-foot office lease in the Northern New Jersey community of Summit. The two-story building at 44 Middle Ave. is located directly off Route 24 and includes 29 parking spaces. Thomas Ryan of NAI James E. Hanson represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

April 6, 2023

Development Life Sciences New Jersey Northeast

Joint Venture to Develop 38,000 SF Life Sciences Project in Princeton

by Taylor Williams April 5, 2023

PRINCETON, N.J. — A joint venture between Mountain Development Corp. and Gottesman Real Estate Partners will develop a 38,000-square-foot life sciences project within the Roszel Square campus in Princeton. Building features will include lab-level HVAC systems, a 16-foot clear height, freight elevator, loading dock and a backup generator. The joint venture will market the two-story facility as a build-to-suit. Princeton Property Partners has been appointed as leasing agent.

April 5, 2023

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $90M Permanent Loan for Northern New Jersey Apartments

by Taylor Williams April 4, 2023

UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $90 million permanent loan for Sol at Vermella Union, a 309-unit apartment community in Northern New Jersey. The property, which is part of the larger Vermella Union mixed-use development, offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, children’s play area, outdoor grilling and dining stations and a rooftop terrace. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year loan through an undisclosed direct lender on behalf of the borrower, Russo Development.

April 4, 2023

Industrial Leasing Activity New Jersey Northeast

CODA Logistics & Distribution Signs 321,765 SF Industrial Lease in Linden, New Jersey

by Taylor Williams April 3, 2023

LINDEN, N.J. — CODA Logistics & Distribution, a third-party provider of freight services, has signed a 321,765-square-foot industrial lease in the Northern New Jersey of Linden. The company will occupy the entirety of CenterPoint at Linden, a speculative development by Chicago-based CenterPoint Properties that is slated for an August completion. Building features include a clear height of 40 feet, 62 loading doors and parking for 89 trailers and 240 cars. Michael Kimmel of KBC Advisors represented CODA Logistics & Distribution in the lease negotiations.

April 3, 2023

Industrial Loans New Jersey Northeast

Delta Equity Management Refinances 195,723 SF Industrial Property in Bayonne, New Jersey

by Taylor Williams April 3, 2023

BAYONNE, N.J. — Locally based development and investment firm Delta Equity Management has refinanced Harborview Logistics & Distribution Center, a 195,723-square-foot industrial property located in the Northern New Jersey community of Bayonne. The property features a clear height of 40 feet, 46 loading doors, 32 trailer parking spaces and 149 car parking spaces. Jon Mikula and Michael Lachs of JLL arranged the fixed-rate loan through Lincoln Financial Group. At the time of the loan closing, Harborview Logistics & Distribution Center was fully leased to an affiliate of The Home Depot.

April 3, 2023

Leasing Activity New Jersey Northeast Office

Law Firm Signs 5,909 SF Office Lease in Hackensack, New Jersey

by Taylor Williams March 31, 2023

HACKENSACK, N.J. — Law firm Newman, Simpson & Cohen LLP has signed a 5,909-square-foot office lease at Court North Plaza in the Northern New Jersey community of Hackensack. The three-building, 335,000-square-foot complex offers a fitness center, conference room and a cafeteria, as well as an onsite bank, dry cleaner and car detailing service. Stephen Jennings internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Josh Folco, formerly of Alexander Anderson Real Estate Group, represented the tenant.

March 31, 2023

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