HOPEWELL, N.J. — A development team that includes Philadelphia-based architecture firm Meyer and IPS Integrated Project Services has topped out a 400,000-square-foot life sciences project in Hopewell, a suburb of Trenton. The manufacturing and research facility is a build-to-suit for BeiGene, a global biotech firm that develops cancer medicines. The site spans 42 acres within the Princeton West Innovation Campus. Full completion is slated for 2024.
RAHWAY, N.J. — A partnership between developers Fields Grade and The Slokker Group has begun leasing a 109-unit apartment building in the Northern New Jersey community of Rahway. The building is the second at The Mint, a development in the downtown area, the first phase of which consisted of 116 units that were completed in 2020. The new building rises six stories and offers studio, one- and two-bedroom units, as well as Class A amenities. Rents start at $2,095 per month for a studio apartment.
SHORT HILLS, N.J. — Marcus & Millichap has brokered the $7 million sale of a 10,070-square-foot retail strip center in the Northern New Jersey community of Short Hills. Morris Turnpike Strip Center was built in 1959 and is home to tenants such as T-Mobile, Mattress Firm and Alpha Fit Club. Alan Cafiero, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were regionally based limited liability companies that requested anonymity.
SOUTH BRUNSWICK, N.J. — GXO Logistics has signed a 611,000-square-foot industrial lease in South Brunswick, located in Middlesex County. The third-party freight company will occupy the entirety of the building at 301-321 Herrod Blvd., which sits on a 40-acre site. Dave Saltzman of Lee & Associates represented the tenant in the lease negotiations. Marc Petrella of KBC Advisors represented the landlord, Link Properties, which will implement various capital improvements to the property prior to GXO moving in. These upgrades will include renovating the office space, providing new LED lighting and adding new dock doors. Link Properties will also reseal and stripe all warehouse floors and outside paved areas, including parking lots and truck courts.
MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has completed Max on Morris, an 85-unit apartment complex in the Northern New Jersey community of Morristown. The property offers studio, one- and two-bedroom units and amenities such as an entertainment lounge, coworking spaces and work pods and outdoor grilling and dining areas. Max on Morris also houses 610 square feet of retail space. Rents start in the $2,300s for a studio apartment.
LIVINGSTON, N.J. — Sunrise Senior Living has opened an 86,000-square-foot community in Livingston, approximately 20 miles west of Manhattan. Sunrise of Livingston provides assisted living and memory care services. Although the number of units was not disclosed, Sunrise said the property can serve more than 120 residents. Lantz-Boggio Architects designed the property, which Wohlsen Construction Co. built.
HACKENSACK, N.J. — Northmarq has arranged $62 million in construction financing for a 270-unit multifamily project that will be located at 321 Main St. in the Northern New Jersey community of Hackensack. The seven-story building will include a two-level parking garage and 8,700 square feet of retail space. The unit mix will comprise 20 studios, 189 one-bedroom apartments and 61 two-bedroom units. The amenity package will consist of a fitness center, dog walking area, multiple terraces and elevated courtyards and a multi-purpose clubroom. Valley Bank and Fulton Bank provided the financing. The borrower is an affiliate of New Jersey-based developer The Hampshire Cos. Completion is scheduled for the fourth quarter of 2024.
PARSIPPANY, N.J. — New Jersey-based developer Accurate has broken ground on a 325-unit apartment community in Parsippany, located in the northern part of the Garden State. The site at 100 Cherry Hill Road spans 26 acres, and the development will feature two four-story buildings with 162 and 163 units. Residences will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, courtyard, fitness center, resident clubhouse and a tech lounge. Twenty percent (65 units) will be subject to income restrictions. Minno & Wasko Architects & Planners is designing the project. Full completion of both buildings is slated for the first quarter of 2024.
JERSEY CITY, N.J. — JLL has arranged a $58 million loan for the refinancing of 3 Journal Square, a 240-unit apartment building in Jersey City. Built in 2017, the midrise building houses one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a fitness center with a yoga studio, resident lounge with a game room and a rooftop terrace. Thomas Didio, Thomas Didio Jr., Gerard Quinn and John Cumming of JLL arranged the seven-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.
WARREN, N.J. — Locally based investment firm Signature Acquisitions has purchased a 120,623-square-foot office building located in the Northern New Jersey community of Warren. The sale included an 8,250-square-foot retail pad site. The four-story, newly renovated building is situated within Independence Boulevard, a five-building, 650,000-square-foot park. Amenities include a fitness center, game room, lounge and conference facilities. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Will Gerlin of Cushman & Wakefield represented the seller, American Equity Partners, in the transaction.
