EGG HARBOR CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $7 million sale of a 5,585-square-foot retail property in Egg Harbor City, located in Atlantic County. The property is under construction and is preleased to convenience store operator Wawa for 20 years on a triple-net basis. Jason Pucci and Justin Lupo of Kislak represented the buyer, Kamson Corp., in the transaction. The seller was not disclosed.
NEWARK, N.J. — General contractor SJP Properties has completed a 30,000-square-foot office project in Newark that is a build-to-suit for KS Engineering. The new space includes a boardroom and reception area at the entry, huddle rooms, a café with a virtual golf and gaming area, a wellness room and a library/lounge. Design-build firm Ware Malcomb provided interior and exterior design services for the project.
NEW YORK CITY — JLL has arranged a $49 million loan for the acquisition of a two-acre industrial development site in Brooklyn. The borrower, a partnership between Turnbridge Equities and Dune Real Estate Partners LP, plans to develop an 80,000-square-foot facility at the site using a portion of the proceeds from this loan. The project will also include 92,000 square feet of covered and rooftop parking space. Christopher Peck and Peter Rotchford of JLL arranged the loan through Starwood Property Trust.
UTICA, N.Y. — CBRE and Newmark have brokered the sale of Deerfield Place, a 156-unit apartment complex located in the upstate New York community of Utica. The property was built in 2016 and offers amenities such as a pool, resident lounge, fitness center, conference room and a dog park. Jeff Dunne and Eric Apfel of CBRE, in conjunction with Gene Pride and Jamie Thelwell of Newmark, represented the seller, New York-based United Group of Cos., in the transaction. The quartet also procured the buyer, an undisclosed, publicly traded REIT.
NEW YORK CITY — Bentex Group, a consortium of companies that provides electronics, pet supplies and home décor products, has signed a 48,881-square-foot office lease at 34 W. 33rd St. in Manhattan. The 12-story building was originally constructed in 1908. David Levy and Brett Maslin of Adams & Co. represented the landlord, Arcade Building Associates, in the lease negotiations. Michael Beyda of Benchmark Properties represented the tenant.
HILLSIDE, N.J. — NAI James Hanson has negotiated the sale of a 28,000-square-foot vacant industrial building in the Northern New Jersey community of Hillside. The building sits on a 1.4-acre site that provides access to Interstate 78, Route 9 and the Garden State Parkway. Eric Demmers and Russel Verducci of NAI James Hanson represented the seller, Certified Processing, in the transaction. The buyer, an investor who owns nearby properties, plans to demolish the existing structure and add more parking space for an existing business.
PISCATAWAY, N.J. — New York City-based Ready Capital has closed a $3.7 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot industrial property in the Northern New Jersey community of Piscataway. The nonrecourse, interest-only loan was structured with a 48-year term, floating interest rate and one extension option. The borrower was not disclosed.
WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.
NEW YORK CITY — Locally based direct lender Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an 81-unit multifamily property in the Murray Hill submarket of New York City. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate and two extension options. Upon acquisition, the undisclosed sponsor will execute a sale-leaseback of the ground and implement a capital improvement plan to renovate units and upgrade common areas.