FAIRFIELD, N.J. — Brave Wings Therapy has signed a 12,954-square-foot medical office lease in the Northern New Jersey community of Fairfield. The pediatric speech therapy services provider has committed to Airport Executive Center, a four-story, 88,000-square-foot building that is owned by Bergman Real Estate Group. Andrew Kirshenbaum of NAI James E. Hanson represented Brave Wings Therapy in the lease negotiations.
KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …
LEONIA, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $19.8 million sale of Grand Lee Apartments, an 80-unit apartment complex located in the Northern New Jersey community of Leonia. The property was built in 1947, according to Apartments.com, and offers one- and two-bedroom units. Joseph Gehler and David Betesh of Gebroe-Hammer represented the seller, Fairlawn Co., in the transaction and procured an unnamed private investor as the buyer.
CHATHAM, N.J. — Helping Hands Family, a provider of support services for children with autism, has signed a 4,830-square-foot medical office lease in the Northern New Jersey community of Chatham. The single-tenant building includes 14 parking spaces. Zach Schwartz of MSC Retail represented the tenant in the lease negotiations. Andrew Kirshenbaum of NAI James E. Hanson represented the landlord, an entity doing business as 330 Main Street Chatham LLC.
WOODBRIDGE, N.J. — JLL has arranged a $43.2 million loan for the refinancing of St. Georges Crossing, a 343,423-square-foot shopping center located in the Northern New Jersey community of Woodbridge. Grocer ShopRite, which recently renewed its lease, anchors the center, which was fully leased at the time of sale. Other tenants include P.C. Richard & Son, PetSmart and T.J. Maxx. Jim Cadranell, Greg Nalbandian and Salvatore Buzzerio arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of the borrower, Levin Properties LP.
BASKING RIDGE, N.J. — New Jersey-based developer Garden Communities has completed the second phase of The Enclave at Dewy Meadows, a 198-unit multifamily project in the Northern New Jersey community of Basking Ridge. Phase I of the project comprised 90 units, and the latest phase added another 108 apartments. Residences come in one-, two- and three-bedroom floor plans and include individual washers and dryers, as well as private balconies/patios in select units. The amenity package comprises a pool, courtyards, fitness center, two lounges, business center, dog park, card room and a children’s play area. Rents start at $2,700 per month for a one-bedroom unit.
EASTAMPTON, N.J. — New York City-based development and investment firm Rockefeller Group has sold a 345,600-square-foot warehouse and distribution center in Eastampton, located east of Philadelphia, for $83 million. Building features include a clear height of 36 feet, 185-foot truck court depths, 54 dock doors, 384 car parking spaces, 96 trailer parking spaces and 4,000 square feet of office space. Glendale Warehouse & Distribution Corp. purchased the facility and will use it to store and distribute spices and other food products. Tom Monahan, Gerard Monahan, Stephen D’Amato, Larry Schiffenhaus, Lauren Hageman and Ana Lazarides of CBRE represented Rockefeller Group in the transaction. Chuck Fern of Cushman & Wakefield represented the buyer.
VINELAND, N.J. — Marcus & Millichap has brokered the $19.3 million sale of Maintree Shopping Center, a 138,445-square-foot retail center located in the Southern New Jersey community of Vineland. Grocer Acme anchors the center, which was originally built in 1996. Other tenants include Boston Market, Burger King, Pizza Hut, Sino Wok and Primo Hoagies. Joseph French Jr., Kodi Traver and Thomas Dalzell of Marcus & Millichap represented the seller, a New Jersey-based limited liability company, in the deal. French also procured the buyer, a California-based private investor.
ALLENDALE, N.J. — Locally based developer The Hampshire Cos. will build a 70-unit multifamily project at 220 W. Crescent St. in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex will offer one- and two-bedroom units, with nine residences subject to income restrictions. Amenities will include a clubroom, lounge and an outdoor courtyard. Construction is slated for a second-quarter 2024 completion.
BRANCHBURG, N.J. — Locally based developer Walters is nearing completion of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021. The first move-ins are underway, and full completion is scheduled for the spring.