New Jersey

Greek Development Receives $50M Permanent Loan for Southern New Jersey Industrial Facility

by Taylor Williams February 24, 2023

LOGAN TOWNSHIP, N.J. — Greek Development has received a $50 million permanent loan for Logan North Industrial Park, a 3.2 million-square-foot development in Southern New Jersey. Greek Development, which partnered with Advance Realty Investors on Logan North Industrial Park, is currently underway on the third phase of construction. The transaction allows Greek Development to apply long-term debt to Buildings A and F, which are leased to SEKO Logistics and LaserShip Logistics, respectively. An undisclosed life insurance company provided the financing, which retires the original construction loan from Wells Fargo. Michael Klein, Jim Cadranell, Gregory Nalbandian and Ryan Carroll of JLL arranged the debt.

February 24, 2023

Acquisitions Healthcare New Jersey Northeast

NAI Fennelly Negotiates Sale of 3,400 SF Medical Office Building in Hamilton, New Jersey

by Taylor Williams February 24, 2023

HAMILTON, N.J. — NAI Fennelly has negotiated the sale of a 3,400-square-foot medical office building in Hamilton, located outside of Trenton in Mercer County. According to LoopNet Inc., the property at 2131 Route 33 was originally built in 1985. Matt Fennelly of NAI Fennelly represented the seller, Advanced Family Dentistry LLC, in the transaction. Stephen Kaplan of Keller Williams represented the buyer, an undisclosed private investor.

February 24, 2023

Development Multifamily New Jersey Northeast

Veris Residential Completes Lease-Up of 750-Unit Apartment Tower in Jersey City

by Taylor Williams February 23, 2023

JERSEY CITY, N.J. — Veris Residential, the development and investment firm formerly known as Mack-Cali Corp., has completed the lease-up and stabilization of Haus25, a 750-unit apartment tower in the downtown area of Jersey City. When leasing began in spring 2022, monthly rents for a studio apartment started in the low $3000s. The 56-story building is now approximately 93 percent occupied. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and offers studio, one-, two- and three-bedroom floor plans. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run.

February 23, 2023

Acquisitions Industrial New Jersey Northeast

JLL Arranges $19.5M Acquisition Loan for Northern New Jersey Industrial Building

by Taylor Williams February 23, 2023

CARLSTADT, N.J. — JLL has arranged a $19.5 million acquisition loan for a 109,775-square-foot warehouse and distribution building in the Northern New Jersey community of Carlstadt. The facility at 305 Veterans Blvd. sits on 3.5 acres and features a clear height of 22 feet, six dock-high doors, one drive-in door and 78 parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through TriState Capital Bank on behalf of the borrower, Penwood Real Estate Investment Management. The current tenant is in the process of vacating the property, and JLL has also been retained for leasing services.

February 23, 2023

Development Multifamily New Jersey Northeast

AMS Acquisitions Begins Leasing 96-Unit Multifamily Complex in East Brunswick, New Jersey

by Taylor Williams February 23, 2023

EAST BRUNSWICK, N.J. — Locally based developer AMS Acquisitions has begun leasing Summerhill Gardens, a 96-unit multifamily complex located outside of New York City in East Brunswick. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center with studio space, business center with conferencing facilities, outdoor courtyards with grilling and dining areas, playground, dog run and a resident lounge. Rents start at $2,400 per month for a one-bedroom unit.

February 23, 2023

Loans Net Lease New Jersey Northeast Retail

Axiom Capital Arranges $2.1M Loan for Refinancing of Retail Asset in Teaneck, New Jersey

by Taylor Williams February 22, 2023

TEANECK, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $2.1 million loan for the refinancing of an 11,500-square-foot retail asset in the Northern New Jersey community of Teaneck. The freestanding building sits on a three-quarter acre site and was fully leased to a single, undisclosed tenant at the time of sale. The direct lender and borrower were also not disclosed. The nonrecourse loan carried a four-year term and a fixed interest rate.

February 22, 2023

Industrial Leasing Activity New Jersey Northeast

NAI Hanson Negotiates 9,178 SF Industrial Lease in East Rutherford, New Jersey

by Taylor Williams February 22, 2023

EAST RUTHERFORD, N.J. — NAI James E. Hanson has negotiated a 9,178-square-foot industrial lease in the Northern New Jersey community of East Rutherford. According to LoopNet Inc., the property at 1 Madison St. was built in 1980 and totals 65,000 square feet. Andrew Somple and Jessica Curry of NAI Hanson represented the tenant, Meadowlands Starz Cheer, and the landlord, Kelways Associates, in the lease negotiations.

February 22, 2023

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Buy 21,594 SF Industrial Building in Moonachie, New Jersey

by Taylor Williams February 21, 2023

MOONACHIE, N.J. — A partnership between Illinois-based Venture One Real Estate and Kovitz Investment Group has purchased a 21,594-square-foot industrial building in the Northern New Jersey community of Moonachie. The freestanding building was constructed in 1985 and features 22-foot clear heights and 3,332 square feet of office space. James McNerney of McBride Corporate Real Estate represented the buyer in the transaction.

February 21, 2023

Development Multifamily New Jersey Northeast

Garden Communities Delivers 175-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams February 20, 2023

TOMS RIVER, N.J. — New Jersey-based developer Garden Communities has delivered Green Meadows at Pleasant Plains, a 175-unit apartment complex in the coastal community of Toms River. The development features one-, two- and three-bedroom units, with the largest floor plan being 2,330 square feet. Private patios/balconies are available in select residences. Amenities include a pool, fitness center and a community room. The community is now 75 percent leased, with rents for available two- and three-bedroom units starting at $3,425 per month

February 20, 2023

Development Multifamily New Jersey Northeast

Park Stone, Fields Grade Complete 79-Unit Multifamily Project in Jersey City

by Taylor Williams February 20, 2023

JERSEY CITY, N.J. — A partnership between Park Stone Management and Fields Grade has completed Le Leo, a 79-unit multifamily project in Jersey City’s Journal Square neighborhood. Designed by Marchetto Higgins Stieve, Le Leo features studio, one- and two-bedroom apartments that are furnished with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, rooftop terrace, conference room and a dog run. Rents start at approximately $2,500 per month for a studio.

February 20, 2023

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