New Jersey

KRE Group, Russo Development Complete 78-Unit Multifamily Project in Northern New Jersey

by Taylor Williams March 7, 2023

ROCKAWAY TOWNSHIP, N.J. — A partnership between two locally based developers, KRE Group and Russo Development, has completed the latest phase of Rock Pointe, a multifamily project in the Northern New Jersey community of Rockaway. This phase adds 78 one- and two-bedroom units to the local supply, with rents starting at $2,250 per month. Rock Pointe now offers a total of 345 residences and amenities such as a pool, fitness center, children’s play area, outdoor grilling and dining stations, package lockers and a dog park.

March 7, 2023

Development Leasing Activity Multifamily New Jersey Northeast

Coldwell Banker Begins Leasing 63-Unit Apartment Complex in Passaic, New Jersey

by Taylor Williams March 7, 2023

PASSAIC, N.J. — Coldwell Banker has begun leasing South Street Lofts, a 63-unit apartment complex located in the Northern New Jersey community of Passaic. The building offers studio, one- and two-bedroom units ranging in size from 755 to 1,885 square feet,. Amenities include a fitness center, resident lounge, business center, rooftop deck, outdoor grilling stations and a dog park. Rents start at $2,500 per month, and the complex is now 40 percent preleased. The owner/developer was not disclosed.

March 7, 2023

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Lee & Associates Negotiates 189,000 SF Industrial Lease in South Plainfield, New Jersey

by Taylor Williams March 6, 2023

SOUTH PLAINFIELD, N.J. — Lee & Associates has negotiated a 189,000-square-foot industrial lease in South Plainfield, about 35 miles south of Manhattan. The tenant, an undisclosed logistics group, will occupy the entirety of the building at 602 New Market Ave., which sits on 21 acres. Building features include a clear height of 36 feet, 40 exterior docks and 70 trailer parking spots. Drew Maffey and Rick Marchisio of Lee & Associates represented the tenant in the lease negotiations. Colliers represented the landlord, Bridge Development.

March 6, 2023

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $15M Loan for Refinancing of Industrial Flex Campus in Northern New Jersey

by Taylor Williams March 6, 2023

FAIRFIELD, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $15 million loan for the refinancing of Madison Corporate Campus, a 350,000-square-foot industrial flex property located in the Northern New Jersey community of Fairfield. David Fryer of G.S. Wilcox arranged the financing through Ohio National Life Insurance Co. The borrower was not disclosed.

March 6, 2023

Industrial Loans New Jersey Northeast

BEB Lending Provides $5M Acquisition Loan for Northern New Jersey Industrial Property

by Taylor Williams March 6, 2023

KEARNY, N.J. — New York-based BEB Lending has provided a $5 million, 18-month bridge loan for the acquisition of an 87,000-square-foot industrial property in the Northern New Jersey community of Kearny. The building at 244 Duke St. sits on 2.4 acres. Sean Silverbrook led the transaction for BEB Lending, and Mark Brachfeld of Meridian Capital Group arranged the debt. The borrower was not disclosed.

March 6, 2023

Acquisitions Industrial Lee & Associates New Jersey Northeast

BlackRock Realty Advisors Buys Industrial Facility in Piscataway, New Jersey for $80M

by Taylor Williams March 3, 2023

PISCATAWAY, N.J. — BlackRock Realty Advisors has purchased 330 S. Randolphville Road, an approximately 300,000-square-foot industrial facility in the Northern New Jersey community of Piscataway, for $80 million. According to LoopNet Inc., the property was built on 7.9 acres in 1969, renovated in 2021 and features a clear height of 36 feet. At the time of sale, the facility was fully leased to General Plumbing Supply. Matthew Schnurr of Lee & Associates represented BlackRock Realty Advisors in the transaction. The seller was not disclosed.

March 3, 2023

Development Industrial New Jersey Northeast

Amazon Signs 205,000 SF Industrial Lease in Woodland Park, New Jersey

by Taylor Williams March 3, 2023

WOODLAND PARK, N.J. — Amazon has signed a 205,000-square-foot industrial lease in the Northern New Jersey community of Woodland Park. The e-commerce giant will occupy the entirety of the facility at 1150 McBride Ave., which was developed by a partnership between two New Jersey-based firms, Kushner Real Estate Group and The STRO Cos. The property features a clear height of 36 feet, two drive-in doors, 20 loading docks and ample car and trailer parking. Jason Goldman and Andrew Siesman of KBC Advisors represented Amazon in the lease negotiations. Jack Shulman and Elliot Ferris represented the landlord on an internal basis.

March 3, 2023

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Negotiates Sale of 24-Unit Apartment Complex in North Bergen, New Jersey

by Taylor Williams March 3, 2023

NORTH BERGEN, N.J. — Locally based brokerage firm Redwood Realty Advisors has negotiated the sale of a 24-unit apartment complex in North Bergen, located in Hudson County. The sales price was $2.5 million. The property offers one-bedroom units and was 70 percent occupied at the time of sale. Steven Matovski of Redwood Realty represented the undisclosed seller and unnamed buyer, which plans to implement a value-add program, in the all-cash transaction.

March 3, 2023

Development Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $17M Acquisition Loan for Northern New Jersey Industrial Site

by Taylor Williams March 2, 2023

BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $17 million acquisition loan for a 15.3-acre industrial development site in the Northern New Jersey community of Belleville. The borrower, a partnership between Lincoln Equities Group and The Carlyle Group, plans to demolish the site’s existing structures and build two Class A warehouses totaling 204,550 square feet. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through ConnectOne Bank on behalf of the developer. A construction timeline was not disclosed.

March 2, 2023