WOODBRIDGE, N.J. — Marcus & Millichap has brokered the $11 million sale of a gas station and convenience mart in the Northern New Jersey community of Woodbridge. The property totals 4,453 square feet and is net leased to QuickChek. Justin Natalizio and Eric Anton of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
METUCHEN, N.J. — Baltimore-based Klein Enterprises will undertake a redevelopment project in Metuchen, about 40 miles southwest of Manhattan, that will convert a former industrial site at 212 Durham Ave. into a 272-unit multifamily complex. The yet-to-be-named community will feature studio, one-, two- and three-bedroom apartments, and 15 percent of the units will be reserved as affordable housing. Klein Enterprises recently completed remediation of the site and demolition of the existing structures and expects to deliver the project in fall 2025.
ATLANTIC CITY, N.J. — Atlantic City Development Co. has opened a 416-bed residence hall that will serve students at Stockton University. The six-story, 135,000-square-foot building represents the second phase of a larger development that also featured two other residence halls totaling 543 beds and a 56,000-square-foot academic center. Amenities include multiple lounges, a meeting room, business center and onsite laundry facilities. Other project partners included architect Thriven Design and Philadelphia-based engineering firm O’Donnell & Naccarato.
FLORHAM PARK, N.J. — Locally based developer Garden Communities is underway on construction of a two-building, 126-unit multifamily project in the Northern New Jersey community of Florham Park. The site at 147 Columbia Turnpike formerly housed an office building. Units will come in one- and two-bedroom floor plans with an average size of 1,200 square feet, and amenities will include a fitness center, resident lounge and multiple open green spaces. Completion of the first building is slated for the end of the year.
SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.
PARSIPPANY, N.J. — NAI James E. Hanson has negotiated the $2.8 million sale of a 22,798-square-foot office building in the Northern New Jersey community of Parsippany. The building is one of two twin structures within the Parsippany Boulevard Commons complex, which recently underwent a capital improvement program. Josh Levering of NAI Hanson represented the seller in the transaction. Chris Hovanec of Colliers represented the buyer, The Mental Health Association of Essex & Morris County.
CLIFTON, N.J. — New Jersey-based Prism Capital Partners has broken ground on Hackensack Meridian Health Ambulatory Care Center, an 80,000-square-foot healthcare project in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. The facility will include a surgical center, multiple specialty practice areas and a 400-space parking garage. Completion is slated for the third quarter of 2024.
SADDLE BROOK, N.J. — Atlanta-based hospitality brokerage firm Hodges Ward Elliott has negotiated the sale of Marriott Saddle Brook, a 241-room hotel in Northern New Jersey. The hotel opened in 1967 and offers an indoor pool, fitness center, 8,000 square feet of meeting and event space and an onsite restaurant and bar. B.J. Patel, Jay Morrow and Coby Campbell of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to implement a value-add program.
MAHWAH, N.J. — Locally based investment firm The STRO Cos. has purchased an 81,000-square-foot industrial property located at 300 Route 17 in the Northern New Jersey community of Mahwah. The property was fully leased to seven tenants at the time of sale. Marc Duval, Jordan Avanzato, Howard Weinberg, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the undisclosed seller in the transaction.
HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.