TOMS RIVER AND BRICK, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in Southern New Jersey’s Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private investor Edele Hovnanian, in the transaction. The team also procured the buyer, Horizon Equities. At the time of sale, the portfolio was leased to more than 100 tenants and had a collective occupancy rate of 70 percent.
JEFFERSON, N.J. — Locally based developer Diversified Properties has acquired two lots totaling 9.8 acres in the Northern New Jersey community of Jefferson for the construction of a new multifamily project. Phase I of the project, which will be known as Jefferson Place, will total 32 units. Residences will be available in one- and two-bedroom floor plans and will range in size from 855 to 1,216 square feet. Amenities will include a fitness center, and an outdoor lounge with grilling and dining stations. Details of Phase II were not disclosed. John Schilp and Sigmund Schorr of NAI James E. Hanson represented Diversified Properties and the sellers of the tracts in the land deal. Sitework on Phase I will begin this spring.
OLD BRIDGE, N.J. — SETS Hybrid Training, a fitness concept that offers customizable strength and conditioning programs, has signed a 3,000-square-foot retail lease at Route 9 Plaza in the Central New Jersey community of Old Bridge. Kendal Hand-Freda of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Justin Goodman of Sitar Realty Co. represented the tenant. Other tenants at the 26,000-square-foot center include AutoZone and Tots & Blocks Academy.
NEW YORK CITY — California-based investment firm Avanath Capital Management has purchased 7 Dekalb, a 251-unit apartment building in Brooklyn, for $101.2 million. The 18-story building, which features mix of market-rate and affordable housing units, is located within the City Point mixed-use development. Amenities include a fitness center, rooftop deck, children’s play area, tenant lounge and a cinema room. Newmark represented the seller, The Brodsky Organization, in the transaction. Avanath plans to introduce new social services programs for residents, including afterschool care, professional development workshops and health classes.
MANSFIELD, MASS. — Locally based investment firm Berkeley Partners has acquired a 215,575-square-foot warehouse in the southern Boston suburb of Mansfield. At the time of sale, the building was fully leased to an affiliate of global automotive manufacturer Stellantis, which also owned the facility and has agreed to lease back the space. Michael Restivo, Joe Fabiano, Dave MacDonald and Lenny Pierce of JLL negotiated the sale-leaseback. Brett Paulsrud, also with JLL, arranged acquisition financing for the deal.
SOMERSET, N.J. — San Francisco-based investment firm Terreno Realty Corp. has sold an 86,000-square-foot industrial property located in the Northern New Jersey community of Somerset for $25 million. The property at 70 Schoolhouse Road sits on seven acres and was fully leased to a single tenant at the time of sale. Dan Badenhausen and Andrew Stypa of Lee & Associates represented the seller and procured the undisclosed buyer in the transaction.
NEW YORK CITY — JLL has negotiated the sale of Mr. C Seaport, a 66-room boutique hotel in Manhattan’s Seaport District. The property reopened in 2018 following a renovation that converted the hotel from 72 rooms to 66. Jeffrey Davis, Stephany Chen and Harry Keeshan of JLL represented the seller, Atlantic Pearl Investments Inc., in the transaction. The buyer and sales price were not disclosed.
WESTPORT, CONN. — Crate & Barrel has signed a 37,253-square-foot retail lease renewal in Westport, located in southern Connecticut’s Fairfield County. The furniture and home décor retailer will continue to occupy space at a 58,196-square-foot center at 1200 Post Road E. that was recently renovated. Adam Klimek and Jim Fagan of Cushman & Wakefield represented the landlord, an entity doing business as 1200 Post Road LLC, in the lease negotiations. The representative of the tenant was not disclosed.
NORTHAMPTON, PA. — New York City-based investment and development firm Rockefeller Group has sold a 453,600-square-foot warehouse located in the Lehigh Valley community of Northampton for $91 million. The site spans 36 acres and is located within the 1.8 million-square-foot Rockefeller Group Logistics Park. The cross-dock facility was completed in 2022 and features a clear height of 36 feet, four drive-in doors, 90 dock doors, 59 trailer stalls and 264 car parking spaces. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented Rockefeller Group in the transaction. The buyer was New York City-based Link Logistics.
NEW YORK CITY — Locally based investment firm Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.