WAYNE, N.J. — Cushman & Wakefield has negotiated the $22.2 million sale of Oak Hill Park, a 122,600-square-foot medical and office complex in Wayne, about 25 miles west of New York City. The two-building complex was recently renovated and was 95 percent leased at the time of sale. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Seth Zuidema of Cushman & Wakefield represented the seller, Chopp Holdings, in the transaction. Brad Domenico of Progress Capital arranged acquisition financing on behalf of the undisclosed buyer.
TOTOWA, N.J. — Illinois-based investment firm Venture One Real Estate and Kovitz Investment Group have acquired a 67,048-square-foot industrial building in the Northern New Jersey community of Totowa. The building at 5 Taft Road, which was fully leased at the time of sale, features a clear height of 20 feet, six exterior docks, two drive-in doors and additional outdoor storage space. Jeffrey Fulton and Ed Schein of Team Resources represented Venture One in the transaction. The seller and sales price were not disclosed.
EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities is underway on construction of Legacy Place, a 520-unit multifamily project located in the Northern New Jersey community of East Brunswick. The development will comprise one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities will include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Garden Communities plans to begin leasing Legacy Place in mid-2023.
EAST ORANGE, N.J. — Real estate development firm Triangle Equities, along with investment partners Goldman Sachs, Basis Investment Group and co-developer Incline Capital, recently broke ground on The Crossings at Brick Church Station in East Orange, a suburb of Newark in Essex County. The $500 million mixed-use redevelopment project will be one of the largest real estate developments ever constructed in the city, according to East Orange Mayor Ted Green. Upon completion, The Crossings will comprise approximately 200,000 square feet of commercial and restaurant space, including a new ShopRite grocery store. The development will also include 820 mixed-income rental units, a 1,200-space parking garage and a public promenade and plaza. Located on 533 Main St., the transit-oriented project will be situated near NJ Transit’s Brick Church Train Station, which the City of East Orange is revamping. The Crossings will replace the former Brick Church Plaza and include a nine-story building, a five-story building and a seven-story parking garage. March Associates Construction, based out of Wayne, N.J., will serve as the construction manager and general contractor for the project. The Crossings will be built in two phases and is scheduled for completion in the fourth quarter of 2024. Over 85 percent …
HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,240 per month for a one-bedroom apartment.
LINDEN, N.J. — Chicago-based investment and development firm CenterPoint Properties has broken ground on a 321,875-square-foot industrial project in the Northern New Jersey community of Linden. The site, which formerly housed a Walmart-anchored shopping center, is located within four miles of two I-95 interchanges. Building features will include a clear height of 40 feet, 50 loading docks with room to expand and parking for up to 100 trailers and some 250 cars. Completion is slated for August 2023. CenterPoint has tapped Cushman & Wakefield to lease the development.
NORTH BERGEN, N.J. — Mobility services provider First Transit has signed a 72,000-square-foot industrial lease in North Bergen, located across the Hudson River from Upper Manhattan. According to LoopNet Inc., the single-tenant property at 5901 Tonnelle Ave. was originally built in 1958. Scott Deutchman of Lee & Associates represented the tenant in its site selection and lease negotiations. Chaus Realty represented the landlord, Maryland-based industrial investment firm Realterm.
TRENTON, N.J. — CBRE has brokered the sale of Colonial Gardens and Grand Court Villas, two multifamily properties totaling 160 units in Trenton, for a combined price of $20.5 million. Colonial Gardens totals 97 units in primarily one- and two-bedroom formats. Grand Court Villas was constructed in the 1930s and offers 63 loft-style apartments. Rich Gatto, Fahri Ozturk and Zach McHale of CBRE represented the seller, Metropolitan America, in the deals. The team also procured the separate buyers, both of which requested anonymity.
CLIFTON, N.J. — NAI Hanson has negotiated the sale of a 62,535-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the buyer, Rendina Healthcare Real Estate, in the transaction. First Equity Development Co. sold the property, which recently underwent a capital improvement program, for an undisclosed price.
NEWARK, N.J. — Greystone has provided $39.1 million in Freddie Mac Small Balance Loans for the refinancing of a portfolio of 10 multifamily properties totaling 287 units in Northern New Jersey. Nine of the properties are located in Newark, and the 10th is located in nearby Irvington. Eight of the properties were refinanced with five-year, fixed-rate loans, and the existing debt on the other two properties was restructured with 10-year, fixed-rate loans that carried three years of interest-only payments. Hope Curtis of Greystone originated the financing. The borrower was not disclosed.