MORRIS PLAINS, N.J. — Locally based developer JMF Properties has opened The American, a 125-unit apartment complex in the Northern New Jersey community of Morris Plains. Residences come in one- and two-bedroom floor plans with a maximum size of 1,300 square feet. Amenities include a fitness center, coffee bar, conference rooms, a theater, golf simulator, billiards room and outdoor grilling and dining stations. Rents start at $2,775 per month for a one-bedroom unit.
HACKENSACK, N.J. — Valley Bank has provided an $11 million loan for the refinancing of 211-215 South Newman Street, an 81,000-square-foot industrial property located in the Northern New Jersey community of Hackensack. The multi-building facility features a clear height of 15 feet, three drive-in doors, 11 docks and ample car and trailer parking. The borrower was locally based investment firm The STRO Cos. Tenants at the property include Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes.
UNION, N.J. — Barnes & Noble will open a 15,000-square-foot bookstore at Union Plaza Shopping Center in Northern New Jersey. Chuck Lanyard and Marc Palestina of The Goldstein Group represented Barnes & Noble in the lease negotiations. Peter Robbins of Robbins Agency represented the landlord. Other tenants at Union Plaza Shopping Center include grocer ShopRite, Best Buy, Designer Shoe Warehouse and Marshalls.
JERSEY CITY, N.J. — NewPoint Real Estate Capital has provided a $153.6 million Freddie Mac loan for the refinancing of The One, a 35-story apartment tower located in Jersey City’s waterfront district. Built in 2015, The One features 451 units in studio, one-, two- and three-bedroom formats, with 10 percent of the units reserved as affordable housing. Residences are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, children’s playroom, theater room, golf simulator, game room and a dog park. Carol Shelby and Eric Schleif of Meridian Capital Group placed the loan, which carried a seven-year term and a 35-year amortization schedule, with NewPoint on behalf of the borrower and developer, BLDG Management. The One was 98 percent occupied at the time of the loan closing.
HACKENSACK, N.J. — Locally based developer Hornrock Properties has begun leasing Ivy & Green, a 221-unit apartment complex in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects, the six-story building houses studio, one- and two-bedroom units. Amenities include coworking spaces, private conference rooms, a gaming lounge, speakeasy bar, demonstration kitchen, theater and music studio, a children’s playroom, fitness center, pet spa and package lockers. Monthly rents start in the $2300s. A second phase of Ivy & Green totaling 168 units is also in the development pipeline.
PISCATAWAY, N.J. — A joint venture between Levin Properties and an undisclosed partner has broken ground on a 78,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The site at 30 Duke Road is located within Rutgers Industrial Center, a seven-building, 650,000-square-foot development. Building features will include a clear height of 40 feet, 13 bays and an ESFR sprinkler system. Completion is slated for the fourth quarter. Cushman & Wakefield is marketing the property for lease.
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.
