JERSEY CITY, N.J. — JLL has arranged a $41 million acquisition loan for Bela Apartments, a 104-unit luxury apartment building in Jersey City. Ares Commercial Real Estate Corp. provided the two-year, floating-rate loan to the borrower, Golden Glades Capital Management. Completed in 2019, the eight-story property features one- and two-bedroom apartments, a fitness center, yoga studio and approximately 2,600 square feet of ground-level retail. Thomas Didio and Matthew Pizzolato of JLL arranged the loan. Golden Glades acquired the property from a partnership between Alpine Development, Fields Development Group and Grade Development Co. in mid-March for $53.
NORTH BERGEN, N.J. — Imperial Dade, a Jersey City-based distributor of maintenance supplies and foodservice packaging, has signed a 28,756-square-foot office lease in North Bergen, just north of Jersey City. The space is located on the seventh floor of West Side Center, a 300,000-square-foot, Class A office property located at 5901 West Side Ave. Beginning in the fall, the office will house Imperial Dade’s executive team, as well as its finance, human resources and customer service departments. The firm’s current Jersey City facility will serve as its largest distribution center. Palestina Scrivo Properties Inc. represented Imperial Dade in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Real Capital Solutions.
NEW YORK CITY — Marcus & Millichap has brokered the $9.2 million sale of a vacant, five-story multifamily building in Manhattan’s Tribeca neighborhood. Located at 36 Walker St. and originally built in 1915, the asset formerly included five apartment units and offers the buyer 11,336 square feet of redevelopment opportunity. Barbara Dansker of Marcus & Millichap represented the seller, a private investor, in the transaction. Dansker also procured the buyer, an active owner and manager in New York City. No redevelopment plans were disclosed.
GREENWICH, CONN. — Lyman Real Estate has negotiated the $5.5 million sale of a retail property in Greenwich, a western suburb of Stamford. Located at 100 East Putnam Ave., the 2,581-square-foot building has been leased to M&T Bank for the last 20 years. The buyer, AFT Management LLC, plans to redevelop the property to house a larger building. Exact construction plans were undisclosed, but the new building will include space for multiple retail tenants. M&T Bank will retain the same footprint in the new building through November 2028. Jean Pierre Gagne of Lyman Real Estate represented AFT Management in the transaction. Ron Lyman, also of Lyman, represented the seller, Fried & Taylor LLC.
NEW YORK CITY — Innovo Property Group (IPG) and equity partner Square Mile Capital Management LLC have received $305 million in financing for the development of a 1 million-square-foot, two-story industrial facility in New York City’s Bronx borough. The joint venture acquired the land in 2017. Construction is underway with completion slated for first-quarter 2022. The last-mile distribution property is situated on 20 acres at 2505 Bruckner Blvd., nine miles from LaGuardia Airport, 15 miles north of John F. Kennedy International Airport and at the intersection of Interstates 95, 278 and 295. Additionally, the facility is located within 30 miles of 9.4 million people. The facility will feature 133 exterior parking spaces for trailers and box trucks as well as 664 interior parking spaces for cars and sprinter vans. The building will offer direct loading on the first and second floors, each with a 130-foot truck court. The first floor will feature 32-foot clear heights, 40-foot-by-40-foot column spacing and cross-docked loading with 74 dock doors and two drive-in doors. The second floor will be accessible to 53-foot tractor-trailers via two double-wide ramps and will feature 28-foot clear heights, 80-foot-by-80-foot column spacing, 37 loading dock doors and two drive-in doors. “As in …
ROCHESTER, N.Y. — Rochester-based regional grocer Wegmans Food Markets will hire approximately 900 full- and part-time workers across its stores in Massachusetts (400 jobs) and New Jersey (500 jobs) in response to increased grocery shopping amid the novel coronavirus outbreak. Positions will be filled across the grocer’s six stores in Massachusetts and nine stores in New Jersey, as well as its warehouses and inventory replenishment centers in both states. As of March 31, the New Jersey Department of Health tracked 18,696 cases in the state. The Massachusetts Department of Public Health tracked 6,620 cases in the state.
NEW YORK CITY — The Kaufman Organization has acquired a 66,190-square-foot office and retail asset in Manhattan’s Flatiron District for $48.5 million. The 12-story building is located at 56 W. 22nd St. and includes 59,719 square feet of office space on the second through 12th floors, and 6,471 square feet of retail space on the ground floor. Maynicke & Franke constructed the building in 1907. Bob Knakal and Stephen Palmese led a JLL team that represented the seller, a private investor, in the transaction. The team also procured the buyer, the Kaufman Organization.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.
VERNON, CONN. — Chozick Realty Inc. has negotiated the $5 million sale of a portfolio of commercial properties in Vernon, a northeastern suburb of Hartford. The portfolio included the 65-unit Westar Apartments, an 8,600-square-foot warehouse, a 2,400-square-foot office building, a 1,700-square-foot retail property and an eight-unit apartment building. Tom Boyle of Chozick Realty represented the undisclosed seller in the transaction. Boyle also procured the buyer, a regional multifamily investor.
HACKENSACK, N.J. — Audiovisual technology company MetroMultimedia has signed an 18,000-square-foot industrial lease at 211 S. Newman St. in Hackensack, a northwestern suburb of New York City. The landlord, The Stro Companies, acquired the property in June 2019 and implemented a capital improvement plan that included upgrades to the roof, parking area, truck court, windows and façade, and also expanded the building’s loading capabilities. Andrew Somple, Scott Perkins and Justin Allessio of NAI James Hanson represented the landlord in the lease negotiations. MetroMultimedia was represented internally.