New Jersey

JLL Arranges $49.5M Loan for Refinancing of Central New Jersey Apartments

by Taylor Williams November 27, 2023

CLARK, N.J. — JLL has arranged a $49.5 million loan for the refinancing of Walnut Hill, a 177-unit apartment complex in Clark, about 23 miles southwest of New York City. The newly built property features one-, two- and three-bedroom units and amenities such as a fitness center, pool, clubhouse with lounges and a game room. About 15 percent (28 units) of the residences are reserved as affordable housing. Evan Pariser, Matthew Pizzolato and Jackie Ferrer of JLL arranged the 10-year, fixed-rate loan through Nationwide. The borrower was an affiliate of locally based developer Garden Communities.

November 27, 2023

Acquisitions Industrial New Jersey Northeast

Seagis Property Group Buys 30,058 SF Industrial Building in Carlstadt, New Jersey

by Taylor Williams November 27, 2023

CARLSTADT, N.J. — Seagis Property Group has purchased a 30,058-square-foot industrial building within Gotham Industrial Park in the Northern New Jersey community of Carlstadt. The building, which was vacant at the time of sale, sits on 1.5 acres and features a clear height of 16 feet, four loading docks and roughly 1,500 square feet of office space. Leo Josephs and Joshua Meisner of Leo Josephs & Co. represented Seagis, which plans to implement a value-add program, in the transaction. The seller and sales price were not disclosed.

November 27, 2023

Loans New Jersey Northeast Retail

JLL Arranges Refinancing of 700,000 SF Roxbury Mall in Northern New Jersey

by Taylor Williams November 20, 2023

SUCCASUNNA, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Roxbury Mall, a 700,000-square-foot regional power center located in the Northern New Jersey community of Succasunna. Grocer ShopRite anchors the center, and other tenants include Home Depot, Kohl’s, Ramsey Outdoors, Petco, Panera and Planet Fitness. Roxbury Mall also includes a 60,000-square-foot medical office building with a surgery center and a 30,000-square-foot office building. Jon Mikula, Jim Cadranell and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Roxville Associates.

November 20, 2023

Development Multifamily New Jersey Northeast

PEEK Properties Begins Leasing 138-Unit Apartment Complex in Orange, New Jersey

by Taylor Williams November 20, 2023

ORANGE, N.J. — Locally based development and management firm PEEK Properties has begun leasing The Highland, a 138-unit apartment complex in the Northern New Jersey community of Orange. The five-story building houses a mix of studio, one- and two-bedroom apartments that range in size from 533 to 1,163 square feet. Amenities include a resident lounge, fitness center, dog park and outdoor grilling and dining stations. Information on starting rents was not disclosed.

November 20, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $8.5M Sale of Multifamily Development Site in Hoboken

by Taylor Williams November 20, 2023

HOBOKEN, N.J. — CBRE has brokered the $8.5 million sale of a multifamily development site located at 921-931 Madison St. in Hoboken, located just outside New York City. Locally based firm AIRN Management sold the site, which formerly housed the operations of Water Music Studios, to an undisclosed private developer that plans to construct a 36-unit building with roughly 10,000 square feet of retail space. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE brokered the deal.

November 20, 2023

Loans Multifamily New Jersey Northeast

Eastern Union Arranges $74.2M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams November 17, 2023

TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.

November 17, 2023

Southern-New-Jersey-Light-Industrial-Portfolio

Acquisitions Industrial New Jersey Northeast

Endurance Real Estate Sells 342,098 SF Industrial Portfolio in Southern New Jersey

by Taylor Williams November 17, 2023

DELRAN AND SWEDESBORO, N.J. — Endurance Real Estate Group, a developer based in metro Philadelphia, has sold a portfolio of five industrial buildings totaling 342,098 square feet in the Southern New Jersey communities of Delran and Swedesboro. The specific addresses of the shallow-bay buildings, all of which were constructed in the 1970s and 1980s, were not disclosed. The buyer was Taurus Investment Holdings. Michael Hines, Brad Ruppel, Joe Hill, Lauren Dawicki, Dan McGovern and Charlotte Sands of CBRE brokered the deal. The portfolio was fully leased to 22 tenants at the time of sale.

November 17, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $11.8M Sale of Northern New Jersey Multifamily Property

by Taylor Williams November 16, 2023

BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $11.8 million sale of Brighton Estates, a 95-unit multifamily property located in the Northern New Jersey community of Belleville. Built in 1962 and recently renovated, Brighton Estates consists of three two-story buildings that house 13 studios, 66 one-bedroom units and 16 two-bedroom apartments. Tom Scatuorchio of Kislak represented the seller in the transaction. Andrew Scheinerman of Kislak procured the buyer. Both parties requested anonymity.

November 16, 2023

Industrial Leasing Activity New Jersey Northeast

IronLink Logistics Signs 71,056 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams November 16, 2023

BURLINGTON, N.J. — IronLink Logistics, a third-party freight company formerly known as MD 3PL, has signed a 71,056-square-foot industrial lease in the Southern New Jersey community of Burlington. IronLink will occupy the entirety of a newly constructed building at 2609 Rancocas Road, which features a clear height of 32 feet. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, metro Philadelphia-based developer Endurance Real Estate Group, in the lease negotiations. Casey Mungo of Daum Commercial represented the tenant.

November 16, 2023

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 520-Unit Apartment Community in East Brunswick, New Jersey

by Taylor Williams November 14, 2023

EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities has begun leasing Legacy Place, a 520-unit multifamily project located in the Northern New Jersey community of East Brunswick. The development features studio, one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Rents start at roughly $2,300 per month for a one-bedroom apartment.

November 14, 2023

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