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.
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.
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.
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.
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
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.
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.