SOMERSET, N.J. — Marcus & Millichap has brokered the $7 million sale of a gas station and convenience store located in the Northern New Jersey community of Somerset. QuickChek occupies the property, which is located immediately off I-287. Matthew Klang and Michael Tuccillo of Marcus & Millichap represented the undisclosed seller and developer in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal, additional terms of which were not disclosed, as the broker of record.
MOUNTAIN LAKES, N.J. — NAI James E. Hanson has negotiated a 22,224-square-foot office lease in Mountain Lakes, about 40 miles west of New York City. According to LoopNet Inc., the property at 333 Route 46 was built in 1987 and includes office space within its 147,944-square-foot footprint. Andrew Somple and Justin Allessio of NAI Hanson represented the tenant, integrated marketing firm Phase 3 Media LLC, in the lease negotiations.
NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a $52.5 million construction loan for The Braddock Apartments, a 135-unit multifamily project located across the Hudson River from Midtown Manhattan in North Bergen. New York City-based Sanz Management is developing the 10-story building, which will also house 2,400 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans and will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Private balconies/patios will also be available in select residences. Amenities will include a fitness center, coworking lounge and a rooftop terrace. Peter Nicoletti, Dylan Kane and Zach Redding of Colliers arranged the loan. Construction is slated for a summer 2025 completion.
BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.
Prism Capital Partners Completes Two Multifamily Buildings Totaling 84 Units in Dunellen, New Jersey
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has completed two multifamily buildings totaling 84 units in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the buildings are the second and third structures to be delivered within The Nell, a development that will ultimately consist of 252 units across six buildings. Units come in one- and two-bedroom formats, with rents starting at $2,075 per month for the former floor plan.
Progress Capital Arranges $14.9M Construction Loan for Northern New Jersey Multifamily Redevelopment
ROSELLE PARK, N.J. — Locally based financial intermediary Progress Capital has arranged a $14.9 million construction loan for Hunter Lofts, a 57-unit multifamily redevelopment project in the Northern New Jersey community of Roselle Park. The site formerly housed the operations of H&H Building Supply. Six of the units will be reserved as affordable housing, and the new development will include 4,000 square feet of retail space. Kathy Anderson and Caillin Boles of Progress Capital arranged the loan through Columbia Bank on behalf of the developer, The Kontos Group.
LIVINGSTON, N.J. — Cushman & Wakefield has negotiated the $5.2 million sale of a 27,252-square-foot office and retail building in the Northern New Jersey community of Livingston. The two-story building sits on 2.3 acres and was fully leased at the time of sale. Andy Schwartz, Brian Whitmer, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, ACFM Corp., in the transaction. The buyer was HREA LLC.
CLIFTON, N.J. — Lee & Associates has brokered the sale of a 20,000-square-foot warehouse in the Northern New Jersey community of Clifton. The building at 25 Styertowne Road is a single-tenant property that was fully leased to food manufacturer Pereg Gourmet at the time of sale. Josh Krantz of Lee & Associates represented the seller, New Jersey-based Kessler-Schwartz Associates, and procured the undisclosed buyer in the off-market deal.
PLAINSBORO, N.J. — Locally based brokerage firm Fennelly Associates has negotiated the $7.7 million sale of an industrial property in Plainsboro, about 50 miles southwest of Manhattan. The facility, which sits on a 31-acre site and totals 50,150 square feet, was originally built in 1957 as a nuclear research facility and subsequently used for pharmaceutical research and development. Jerry Fennelly and Matt Fennelly of Fennelly Associates represented the seller, Turkey Island Corp., in the transaction and procured the buyer, Princeton Life Science Park.
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.