AVENEL, N.J. — GenPsych, a provider of mental health services, has signed a 10,043-square-foot medical office lease in the Northern New Jersey community of Avenel. The building at 1030 St. Georges Ave. totals 70,000 square feet. Darren Lizzack and Randy Horning of NAI James E. Hanson represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.
ATLANTIC CITY, N.J. — Provident Bank has provided a $7.5 million loan for the refinancing of Renaissance Plaza, a 76,000-square-foot, grocery-anchored shopping center in Atlantic City. Tenants include Family Dollar, CVS and H&R Block. Daniel Fromm led a Newmark team that placed the debt with Provident Bank on behalf of the borrower, New York City-based investment firm Ashkenazy Acquisition Corp. The loan carried a seven-year term and a fixed interest rate.
EAST RUTHERFORD, N.J. — Babies ‘R’ Us will open a 10,000-square-foot flagship store at American Dream, an entertainment destination located in the Northern New Jersey community of East Rutherford. The parent company of Babies ‘R’ Us, New York City-based WHP Global, purchased a controlling stake in Tru Kids Inc., which also owned Toys ‘R’ Us, in March 2021 and announced plans to reopen certain stores. As such, the American Dream store effectively represents the flagship location for the retailer as WHP Global works to re-establish its physical footprint. The opening is scheduled for this summer.
PARSIPPANY, N.J. — Avis Budget Group has signed a 155,234-square-foot office headquarters lease in the Northern New Jersey community of Parsippany. The holding company of the car rental agency will occupy space at LATITUDE, a two-building, 35-acre campus. Jon Meisel and Joseph Sarno of CBRE represented Avis in the lease negotiations. David Simson and Jaime Drummond of Newmark represented the landlord, a joint venture between Rubenstein Partners and Vision Real Estate Partners, which acquired the property in 2018 and implemented a capital improvement program.
CARLSTADT, N.J. — Third-party logistics provider AxleHire has signed a 79,076-square-foot industrial lease in the Northern New Jersey community of Carlstadt. The property at 100 Industrial Road totals 142,815 square feet and features a clear height of 21 feet, as well as 110-foot truck court depths and ample onsite parking. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the undisclosed landlord in the lease negotiations. Robin Dodson, Stephen Elman and John McManus of Cushman & Wakefield represented AxleHire.
NEWARK, N.J. — JLL has arranged a $75.8 million acquisition loan for a portfolio of three industrial buildings totaling 738,238 square feet in Newark. The portfolio sits on a combined 19.5 acres and features clear heights of 27 feet, 68 dock doors and approximately 80 car parking spaces. In addition, the portfolio includes 23,302 square feet of land for trailer parking that is leased to One Stop Newark. Colby Mueck, Matthew Pizzolato and Ryan Carroll of JLL arranged the loan through SMBC on behalf of the borrower, Houston-based investment and development firm Hines. At the time of the loan closing, the portfolio was fully leased to 16 tenants.
CINNAMINSON, N.J. — Colliers has brokered a 67,260-square-foot industrial sale-leaseback in the Southern New Jersey community of Cinnaminson. The property at 1450 Taylors Lane sits on four acres and features a clear height of 24 feet, nine loading docks and three drive-in doors. An affiliate of Massachusetts-based Northbridge Partners purchased the property from Actega North America, a provider of specialty coatings, inks and adhesives for a variety of industries. Richard Gorodesky of Colliers brokered the deal.
BLOOMFIELD, N.J. — Newmark has negotiated a 15,186-square-foot office lease in the Northern New Jersey community of Bloomfield. The tenant, Technogym, a provider of equipment and digital technologies for the fitness industry, will occupy space at the 400,000-square-foot Broadacres Office Park. Jeff Schotz, Dan Reider and Peter Kasparian of Newmark represented the landlord, ERCT Capital Group, in the lease negotiations.
LIVINGSTON, N.J. — JLL has arranged $88.6 million in construction financing and a $38 million equity placement for Canterly Place, a 300-unit multifamily project in Livingston, approximately 20 miles west of Manhattan. The total project cost is estimated at $135 million. Canterly Place will feature 240 market-rate units and 60 affordable units in one-, two- and three-bedroom floor plans. Residences will be funished with hardwood-style flooring, oversized windows, walk-in closets and individual washers and dryers. Communal amenities will include a pool, clubroom, library lounge, private dining rooom, game room, fitness center, coworking lounge, golf simulator, basketball court and a pickleball court. The site of Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. The property offers an easy commute to the region’s major employment hubs in the surrounding area including New York City. Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs led the JLL team that arranged the debt and equity on behalf of the borrower, Okner Developers LLX. Northwestern Mutual provided the loan, which was structured with a 10-year term and a fixed interest rare, as well as the joint venture equity. — …
MILLBURN, N.J. — JLL has arranged a $20 million construction loan for a 53-unit multifamily project in the Northern New Jersey community of Millburn. Units will come in one- and two-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, private event room and a clubhouse with a wet bar. Jon Mikula and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Provident Bank. The borrower was a partnership between Eagle Cliff Real Estate Partners and MRY Associates. Completion is slated for early 2024.