PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.
LIVINGSTON, N.J. — Cushman & Wakefield has arranged the sale of West Essex Logistics Center, a 293,887-square-foot industrial property in the Northern New Jersey community of Livingston. The property is a redevelopment of the former CIT Bank office headquarters campus and features a clear height of 36 feet, 54 loading docks and two drive-in doors. Gary Gabriel, David Bernhaut, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, a partnership between Bluewater Property Group and Affinius Capital, in the deal. The buyer was Atlanta-based Invesco Real Estate.
PRINCETON, N.J. — New Jersey-based Accurant Biotech has signed a 26,556-square-foot life sciences lease at 500 College Road in Princeton. The four-story, 160,000-square-foot building is situated within Princeton Forrestal Center, a 2,200-acre master-planned development, and offers amenities such as a fitness center, conference center, game room and a full-service café. Vinny Di Meglio and Erin Moran of JLL represented the landlord, a joint venture between Bergman Real Estate Group and Hornig Capital Partners, in the lease negotiations. The tenant plans to take occupancy of the space in August.
NORTH BRUNSWICK, N.J. — Marcus & Millichap has arranged the sale of Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, about 40 miles southwest of Manhattan. The sales price was $4.4 million. Built on 2.9 acres in 1991, Church Lane Plaza was 90 percent leased at the time of sale to tenants such as Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a New Jersey-based limited liability company, in the transaction.
ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.
HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.
NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.
LODI, N.J. — CBRE has brokered the $5.5 million sale of a 24,500-square-foot industrial property in the Northern New Jersey community of Lodi. According to LoopNet Inc., the property at 80 Hancock St. was built on 1.8 acres in 1965 and features six dock doors and one drive-in door. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley, Nick Klacik and Chad Hillyer of CBRE represented the buyer, Prologis, in the transaction. The seller was not disclosed. CBRE has also been retained to market the property for lease.
ELMWOOD PARK, N.J. — Texas-based Crow Holdings has begun vertical construction on a 206,826-square-foot industrial project in Elmwood Park, located in Northern New Jersey’s Bergen County, that is a redevelopment of the former Marcal Paper factory site. Crow Holdings acquired the 11.8-acre site in 2022, three years after a fire destroyed the majority of the historic structure. The new building will house a clear height of 40 feet, 32 loading docks, two drive-in doors and parking for 56 trailers and 198 cars. Construction is slated for a third-quarter completion. JLL is marketing the facility for lease.
UNION, N.J. — Easton Coach Co., a provider of ground transportation services, has signed a 160,000-square-foot industrial lease at in the Northern New Jersey community of Union. The property sits on 7.5 acres at 601 Lehigh Ave. and was constructed in 1966. Joseph Komitor and Scott Deutchman of Lee & Associates represented the tenant in the negotiations for the full-building lease. Jordan Metz and Eric Koons of Bussel Realty represented the landlord.