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Rosera-Wesmont-Wood-Ridge-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

JCM Living Underway on 295-Unit Multifamily Redevelopment in Wood-Ridge, New Jersey

by Taylor Williams

WOOD-RIDGE, N.J. — New Jersey-based developer JCM Living is underway on construction of Rosera Wesmont, a 295-unit multifamily redevelopment project in Wood-Ridge, located in Bergen County in the northern part of the Garden State. The project represents the final phase of Wesmont Station, which is a redevelopment of a 150-acre site that formerly housed an aircraft engine manufacturing facility. Upon completion, which is slated for early next year, Rosera Wesmont will offer one-, two- and three-bedroom units, as well as Class A amenities and 35,000 square feet of retail and restaurant space. Project partners include Minno & Wasko Architects & Planners, Childs Dreyfus Interior Design and general contractor Ingerman Construction.

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AcquisitionsNew JerseyNortheastRetail

JLL Negotiates $18M Sale of Shopping Center in Woodland Park, New Jersey

by Taylor Williams

WOODLAND PARK, N.J. — JLL has negotiated the $18 million sale of West Falls Plaza, a 90,945-square-foot shopping center located in the Northern New Jersey community of Woodland Park. Cost Plus World Market and Christmas Tree Shops anchor the property. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction and procured the buyer, an affiliate of New York-based Northeast Capital Group.

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Hampton-Inn-&-Suites-by-Hilton-Hershey
AcquisitionsHospitalityNortheastPennsylvania

Shaner Hotels Acquires 86-Room Hilton-Branded Property in Hershey, Pennsylvania

by Taylor Williams

HERSHEY, PA. — Pennsylvania-based owner-operator Shaner Hotels has acquired the Hampton Inn & Suites by Hilton Hershey, and 86-room property located about 100 miles west of Philadelphia. All guestrooms and suites feature microwaves and refrigerators, and the hotel offers amenities such as an indoor pool, fitness center and complimentary breakfast. Shaner plans to invest $1.2 million to remodel guestrooms. The seller and sales price were not disclosed.

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AcquisitionsConnecticutNortheastOffice

Marcus & Millichap Arranges $8.2M Sale of Office Building in Guilford, Connecticut

by Taylor Williams

GUILFORD, CONN. — Marcus & Millichap has arranged the $8.2 million sale of Innovation Park, a 56,564-square-foot office building in Guilford, located in New Haven County. Thermo Fisher Scientific serves as the building’s anchor tenant. Ani Paulson and C.J. Wilson of Marcus & Millichap represented the seller in the transaction. Paulson also procured the buyer. Both parties were private investors that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

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Fifty-Five-Union
DevelopmentMultifamilyNew JerseyNortheast

J&L Cos. Begins Leasing 403-Unit Apartment Community in Newark

by Taylor Williams

NEWARK, N.J. — Locally based developer J&L Cos. has begun leasing Fifty-Five Union, a 403-unit apartment community in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Rents start at $1,900 per month for a studio apartment. Move-ins will begin later this month.

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DevelopmentHospitalityNew YorkNortheast

Lightstone Group Completes 303-Room Moxy Hotel on Manhattan’s Lower East Side

by Taylor Williams

NEW YORK CITY — New York City-based development and investment firm Lightstone Group has completed the 303-room Moxy Hotel at 145 Bowery St. on Manhattan’s Lower East Side. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor and AMA Group, the boutique establishment houses a Japanese restaurant, rooftop bar, piano lounge, subterranean nightclub and a lobby café and bar. Other amenities include coworking spaces and meeting and event rooms.

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DevelopmentMultifamilyNortheastPennsylvania

Westrum Development Opens 211-Unit Apartment Community in Lansdale, Pennsylvania

by Taylor Williams

LANSDALE, PA. — Locally based firm Westrum Development has opened Luxor Lifestyle Apartments Lansdale, a 211-unit multifamily community located about 30 miles north of Philadelphia. Designed by Pennsylvania-based architecture firm Meyer, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, gaming area, outdoor grilling and dining stations and a dog wash area. Rents start at $1,800 per month for a studio apartment. The project carried a total price tag of about $28 million.

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AcquisitionsIndustrialNew JerseyNortheast

Marcus & Millichap Brokers $11.1M Sale of Industrial Property in North Bergen, New Jersey

by Taylor Williams

NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $11.1 million sale of a 38,310-square-foot industrial property in North Bergen, located across the Hudson River from Manhattan. Built on 2.8 acres in 2004, the property features a clear height of 26 feet, 21 drive-in doors and 50 parking spaces. Mark Gjonbalaj, Alan Cafiero and Giacomo Fiorenza represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

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AcquisitionsIndustrialNew JerseyNortheast

STRO Cos. Acquires 45,500 SF Industrial Property in Newark

by Taylor Williams

NEWARK, N.J. — Locally based investment firm The STRO Cos. has acquired a two-building, 45,500-square-foot industrial property located at 202-231 Vanderpool St. in Newark. The site spans 1.6 acres, and the buildings feature clear heights of 14 and 18 feet, as well as a combined 12 drive-in doors and seven loading docks. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program.

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AcquisitionsCompany NewsConnecticutFloridaNortheastRetailSoutheastTop Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

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