BRISTOL, PA. — Colliers International has brokered the $6.8 million sale of 220 Rittenhouse Circle, a 100,800-square-foot industrial facility in Bristol, a southern suburb of Trenton. The property is located within Keystone Industrial Park, which offers immediate access to I-95 and also houses tenants including FedEx, L3 Communications and Office Depot. Jim Scott of Colliers represented the buyer, Penwood Real Estate Investment Management. The seller was undisclosed.
HOPEWELL, N.J. — Environmental consulting and engineering firm Geosyntec Consultants has signed an 8,886-square-foot office lease at Princeton Place at Hopewell, an office campus located approximately 15 miles north of Trenton. The company will relocate its regional office from Ewing to the three-building, Class A office campus. Additional tenants at the campus include health insurance provider Horizon Blue Cross, pharmaceutical developer Janssen Research and Bank of America. Amenities include onsite dining services, a fitness ccenter and an outdoor space with a jogging trail, multiple sporting fields and courts. Steve Tolkach of Newmark Knight Frank represented Geosyntec Consultants in the lease negotiations. Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Lindy Communities.
Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City
JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …
NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $44 million acquisition loan for 4650 Broadway, a 47,350-square-foot development site located in the Inwood neighborhood of Manhattan. SCALE Lending, the lending arm of Slate Property Group, provided the floating-rate loan to Arden Group Inc. The borrower plans to use the loan to acquire the site and develop a 300,000-square-foot multifamily building with retail space. Dustin Stolly and Jordan Roeschlaub led the NKF team that secured the loan.
NEW HAVEN, CONN. — HJ Sims has secured a $45.8 million construction loan for The Mary Wade Home, a seniors housing property in New Haven that offers a skilled nursing center, residential care home services, adult day medical health center, physical rehabilitation and transportation services. The borrower, Mary Wade, is expanding by adding an assisted living and memory care building on parcels of nearby land acquired over several years. This new building, when delivered in 2021, will complete the continuum of care by enabling residents with assisted living needs to remain in the community as their needs change over time.
PARSIPPANY, N.J. — JLL has negotiated the sale of 4 Sylvan Way, a 105,000-square-foot, Class A office building in Parsippany, located approximately 30 miles west of New York City. The property is situated within the 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to incorporate retailers including Wegmans, 24-Hour Fitness, Panera, Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of JLL represented the seller, Torchlight Investors, in the transaction. The JLL team also procured the buyer, a private regional investor.
NAI James Hanson Brokers Sale of 130,000-Square-Foot Industrial Property in North Bergen, New Jersey
NORTH BERGEN, N.J. — NAI James Hanson has brokered the sale of a 130,000-square-foot industrial building in North Bergen, an eastern suburb of New York City. Located at 7300 West Side Ave., the property features 22-foot ceiling heights. Scott Perkins, Greg James and Chris Todd of NAI James Hanson represented the buyer, a partnership between Blackstone and Roman Real Estate Holdings Inc. Bonnie Heller of Cushman & Wakefield represented the seller, which was undisclosed. The sales price was also undisclosed.
NEW YORK CITY — Tech company Monacle Vision Inc. has signed a 10-year, 2,000-square-foot office lease at 268 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. The company will use the new space as a coworking office aimed at tech companies and ventures. Monocle Vision Inc. creates image capturing solutions for commercial retail use and will continue to provide this service from its Manhattan office. Moshe Akiva led the Tri State Commercial Realty team that represented Monocle Vision Inc. in the lease negotiations. Tri State Commercial represented the landlord, All Year Management.
WATERTOWN, MASS. — Berkadia has arranged a $49.7 million acquisition loan for Riverbend on the Charles, a 170-unit multifamily community in Watertown, a western suburb of Boston. PNC Bank provided the seven-year, fixed-rate loan. Built in 2014, Riverbend on the Charles offers studio, one- and two-bedroom units with amenities including a clubhouse with a billiards room, a bike storage room, heated pool, fitness center, storage units and a dog park. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, Harbor Group International.
CRANBURY, N.J. — Cushman & Wakefield has negotiated a 233,000-square-foot industrial lease for pharmaceutical manufacturer CMIC CMO USA in Cranbury, a northeastern suburb of Trenton. The company will be the sole occupant of the facility, which was previously leased to Sun Pharmaceutical and will retain much of the same research and manufacturing equipment. Shawn Straka, Chuck Fern, Todd Elfand, Jason Barton, Thomas Tucci, Stephen Shoemaker, Paul Giannone, Kevin Carton, Jaclyn Marques, Elizabeth Rouse and Joseph Vacca of Cushman & Wakefield represented the tenant in the lease negotiations. Gary Hans of Matrix Development represented the landlord, which was undisclosed.