New Jersey

PRC Group Receives $88.4M Refinancing for 612-Bed Student Housing Community in Ewing, New Jersey

by Taylor Williams January 31, 2023

EWING, N.J. — Locally based student housing development and management firm The PRC Group has received an $88.4 million loan for the refinancing of Campus Town at TCNJ, a 612-bed development located in the Northern New Jersey community of Ewing. The property, which serves students at The College of New Jersey, offers 184 units in one-, two- and four-bedroom floor plans alongside 78,787 square feet of ground-floor retail space. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop arranged the financing on behalf of PRC Group. The direct lender was not disclosed.

January 31, 2023

Development Industrial New Jersey Northeast

PCCP, Stonemont Financial to Develop 295,500 SF Warehouse in Northern New Jersey

by Taylor Williams January 31, 2023

PASSAIC, N.J. — A partnership between Los Angeles-based finance and investment firm PCCP LCC and Atlanta-based private equity group Stonemont Financial will develop a 295,500-square-foot warehouse in the Northern New Jersey community of Passaic. The site spans 17 acres. Building features will include a clear height of 40 feet, 185-foot truck court depths, 40 dock doors, two drive-in doors, 167 car parking spaces and 55 trailer parking stalls. Construction is set to begin in February and to be complete in spring 2024.

January 31, 2023

Leasing Activity New Jersey Northeast Office

Valley Medical Group Signs 22,500 SF Office Lease in Paramus, New Jersey

by Taylor Williams January 31, 2023

PARAMUS, N.J. — Valley Medical Group has signed a 22,500-square-foot office lease at Paramus Corporate Center in Northern New Jersey. The tenant will occupy most of the first floor at the four-story, 119,846-square-foot building, which was recently renovated. Jeffrey Prezant of Cushman & Wakefield represented the landlord, American Equity Partners, in the lease negotiations. Peter Hamburger, Robert Rudin and Jan Randall, also with Cushman & Wakefield, represented the tenant.

January 31, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $6.8M Sale of Apartment Building in East Orange, New Jersey

by Taylor Williams January 30, 2023

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $6.8 million sale of a 52-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 60 N. Arlington Ave. offers 30 one-bedroom units, 17 two-bedroom residences and four three-bedroom apartments. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.

January 30, 2023

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $5.3M Sale of Office Building in Ocean Township, New Jersey

by Taylor Williams January 30, 2023

OCEAN TOWNSHIP, N.J. — Marcus & Millichap has brokered the $5.3 million sale of a 25,000-square-foot office building in the coastal New Jersey community of Ocean Township. Built in 1986, the two-story building was fully leased at the time of sale to law firm Ansell, Grimm, & Aaron PC, which has occupied the entirety of the property since 1996. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Kevin Taub, also with Marcus & Millichap, procured the buyer. Both parties were limited liability companies.

January 30, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.2M Sale of Multifamily Building in Asbury Park, New Jersey

by Taylor Williams January 27, 2023

ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $2.2 million sale of a four-unit multifamily building located in the coastal New Jersey city of Asbury Park. The building consists of two one-bedroom units, two two-bedrooom units and 3,300 square feet of retail space. Daniel Lanni of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

January 27, 2023

Industrial Loans New Jersey New York Northeast

M&T Capital Arranges $62.5M in Financing for Industrial Portfolio in Upstate New York, Southern New Jersey

by Taylor Williams January 26, 2023

BALTIMORE — Baltimore-based M&T Realty Capital has arranged $62.5 million in financing for a portfolio of industrial properties totaling approximately 1.9 million square feet that are located in various areas in Rochester, New York, and Southern New Jersey. An undisclosed life insurance company provided the nonrecourse financing, which was structured with a 10-year term and a fixed interest rate. The names and addresses of the properties, as well as the borrower, were also not disclosed.

January 26, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 93,029 SF Shopping Center in Vernon Township, New Jersey

by Taylor Williams January 25, 2023

VERNON TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. An ACME grocery store anchors the property, which was built between 2001 and 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities that requested anonymity. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carried a five-year term, fixed interest rate and a 30-year amortization schedule.

January 25, 2023

Industrial Leasing Activity New Jersey Northeast Office

CBRE Negotiates 40,000 SF Office, Industrial Lease Renewal in Lincoln Park, New Jersey

by Taylor Williams January 25, 2023

LINCOLN PARK, N.J. — CBRE has negotiated a 40,000-square-foot office and industrial lease renewal in the Northern New Jersey community of Lincoln Park. Thomas Mallaney and Denise Kokulak of CBRE represented the tenant, Hishi Plastics USA, a division of Mitsubishi Chemical America, in the lease negotiations. The Frassetto Cos. owns the building.

January 25, 2023

Development New Jersey Northeast Office

Campbell Soup Co. to Invest $50M in Headquarters Campus in Camden, New Jersey

by Taylor Williams January 24, 2023

CAMDEN, N.J. — Campbell Soup Co. (NYSE: CPB) will invest $50 million in capital improvements to its headquarters campus in the Southern New Jersey community of Camden. The project will both enhance existing workspaces and amenity spaces as well as deliver new ones. As part of the initiative, the company will consolidate its offices in Charlotte and Norwalk, Conn., into the Camden office, yielding a regional workforce of about 1,600 employees. Campbell Soup has been headquartered in Camden since 1869, and this project represents the first renovation of the campus since 2010. Construction is set to begin in March. Employees will begin relocating from the other offices later this year.

January 24, 2023

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