JERSEY CITY, N.J. — Business management consulting firm EXL has signed a 17,712-square-foot office lease renewal at 10 Exchange Place, a 30-story, 740,354-square-foot building in Jersey City. David DeMatteis, Nicholas Dysenchuk and Robert Lowe of Cushman & Wakefield represented the landlord, an affiliate of Canadian insurance and financial services giant Manulife, in the lease negotiations. Scott Bogetti and Meghan Marchini of Savills represented the tenant.
PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit multifamily project in the Northern New Jersey community of Parsippany. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast casual restaurants, as well as fitness users and soft goods merchandisers. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. Completion is slated for early 2025.
BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit apartment complex in Northern New Jersey. Designed by Jarmel Kizel Architects & Engineers, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio
WEST BERLIN, N.J. — Colliers has brokered the sale of a 48,000-square-foot industrial building located in the Southern New Jersey community of West Berlin. The building, which sold for $4.2 million and was fully leased at the time of sale, features a clear height of 18 feet, five drive-in doors and six loading docks. Ian Richman, Ross Abramsohn and Marc Isdaner of Colliers represented the seller, metro Philadelphia-based Velocity Venture Partners, in the transaction. The buyer was not disclosed.
BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $23.7 million sale of a 151,000-square-foot industrial building in the Northern New Jersey community of Branchburg. The facility houses the North American headquarters of eyewear designer and distributor Marcolin USA. Gary Gabriel, Kyle Schmidt, Andrew Schwartz, Jordan Sobel, Ryan Larkin and Andre Balthazard of Cushman & Wakefield represented the seller, an entity doing business as Viva Branchburg LLC, in the transaction. The team also procured the buyer, locally based investment firm Faropoint.
UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox has arranged a $10 million permanent loan for an 88-unit affordable housing complex in the Northern New Jersey community of Union. The two-building complex is situated within the Vermella Union mixed-use development. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, an affiliate of Russo Development. The direct lender was not disclosed.
EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $5.1 million sale of a 42-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 17 Summit St. was originally constructed in 1926 and offers 35 one-bedroom units and seven two-bedroom residences. 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.
TOTOWA, N.J. — Maryland-based investment firm Realterm has acquired a three-acre industrial outdoor storage facility in the Northern New Jersey community of Totowa. The site at 20 Jackson Road houses a 6,960-square-foot warehouse, and the new ownership plans to upgrade this facility and its surrounding infrastructure. Torsten Thaler, Steve Shoemaker and Tom Tucci of Cushman & Wakefield represented Realterm in the transaction. The seller and sales price were not disclosed.
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.
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.