WOODLAND PARK, N.J. — JLL has negotiated the $18 million sale of West Falls Plaza, a 90,945-square-foot shopping center located in the Northern New Jersey community of Woodland Park. Cost Plus World Market and Christmas Tree Shops anchor the property. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction and procured the buyer, an affiliate of New York-based Northeast Capital Group.
NEWARK, N.J. — Locally based developer J&L Cos. has begun leasing Fifty-Five Union, a 403-unit apartment community in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Rents start at $1,900 per month for a studio apartment. Move-ins will begin later this month.
NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $11.1 million sale of a 38,310-square-foot industrial property in North Bergen, located across the Hudson River from Manhattan. Built on 2.8 acres in 2004, the property features a clear height of 26 feet, 21 drive-in doors and 50 parking spaces. Mark Gjonbalaj, Alan Cafiero and Giacomo Fiorenza represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
NEWARK, N.J. — Locally based investment firm The STRO Cos. has acquired a two-building, 45,500-square-foot industrial property located at 202-231 Vanderpool St. in Newark. The site spans 1.6 acres, and the buildings feature clear heights of 14 and 18 feet, as well as a combined 12 drive-in doors and seven loading docks. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program.
BRIDGEWATER, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee. PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the mall into a mixed-use development. Specific details and uses of the redevelopment have not yet been finalized.
PRINCETON, N.J. — JLL has negotiated the $12.7 million sale of a 71,550-square-foot office building in Princeton. Built in 2001, the three-story building sits on 7.6 acres at 150 College Road W and was 69 percent leased at the time of sale. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Tom Romano and Alexander Alfier of JLL represented the seller, Nessel Development, in the transaction. The buyer was New Jersey-based Strategic Funding Alternatives.
IRVINGTON, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed 722 Chancellor, a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story building houses a mix of one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, computer room, children’s playroom and onsite laundry facilities.
READINGTON, N.J. — New Jersey-based developer Larken Associates has completed The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington features a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences are furnished with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. Rents start at $1,950 per month for a one-bedroom apartment.
PISCATAWAY, N.J. — JLL has brokered the $26.5 million sale of a 101,381-square-foot warehouse located at 100 New England Ave. in the Northern New Jersey community of Piscataway. The industrial facility sits on eight acres and features a clear height of 24 feet, six loading docks and one drive-in door. Marc Duval, Jordan Avanzato, Frank Recine, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.
PISCATAWAY, N.J. — Webster Bank has provided financing for a 109,000-square-foot warehouse and distribution center in the Northern New Jersey community of Piscataway. The building features a clear height of 24 feet, 24 loading docks and two drive-in doors and was fully leased to 19 tenants at the time of the loan closing. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between New Jersey-based Denholtz Properties and Boston-based Long Wharf Capital. The capital markets team involved in the deal did not specify how the loan proceeds would be used.