Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.
Issue link: https://northeastrealestatebusiness.epubxp.com/i/632700
10 • January/February 2016 • Northeast Real Estate Business www.REBusinessOnline.com N E W J E R S E Y Redi-Dock ® Provides Instant Drive-In Access to Your Facility • Modular • Minimal site prep • Low maintenance • Delivered & set • Easily relocated • Lengths to 50' • Infnite widths • Heavy duty rating • No future demolition • ADA ramps available Call: 800-724-4881 www.ReadingPrecast.com anthony@readingprecast.com Call for an immediate consultation. JV TO DEVELOP MIXED-USE CENTER NEAR NEW JERSEY CITY UNIVERSITY JERSEY CITY, N.J. — A joint venture between affliates of Claremont Prop- erties Inc. and The Hampshire Compa- nies is developing a mixed-use project at the intersection of New Jersey State Highway Route 440 and Stegman Boulevard in Jersey City. The 22-acre urban redevelopment will feature ground-level retail space, including a ShopRite, an LA Fitness, a performing arts center and residential space. The partnership appointed Silbert Realty & Management Co. Inc. as the exclusive marketing and leasing agent for com- bined Blocks 3 & 2, which will feature approximately 22,000 square feet of ground-level retail, commercial and restaurant space with on-site and me- tered parking. The frst phase (Block 3), which is slated for spring construc- tion, will be a fve-story building with 163 apartments and 10,000 square feet of ground-level retail, commercial and restaurant space available for lease. The estimated delivery of the commer- cial space is April 2017. PARTNERSHIP ACQUIRES 550- UNIT APARTMENT PROPERTY PISCATAWAY, N.J. — A partnership between The KRE Group, Oxford Realty Group and Blue Vista Capi- tal Management has acquired Royal Gardens Apartments, located at 3060 New Brunswick Ave. in Piscataway, for $107.2 million. Situated on 36 acres, the 550-unit property features 258 one- bedroom apartments and 292 two- bedroom units. The property was 96 percent occupied at the time of sale. Joseph Brecher of Gebroe-Hammer Associates represented the seller in the transaction. RED CAPITAL ARRANGES CONSTRUCTION LOAN FOR HOMESTEAD AT HAMILTON HAMILTON, N.J. — RED Capital Part- ners has arranged a $36.4 million frst mortgage construction loan for the development of Homestead of Ham- ilton, a seniors housing community in Hamilton. The borrower was Home- stead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 fnancing, along with the sponsor's equity. Pike Senior Housing Partners LLC has partnered with Sol- vere Senior Living, an affliated com- pany of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units. CBRE GLOBAL INVESTORS FUNDS ACQUIRES 350-UNIT APARTMENT COMMUNITY ENGLEWOOD, N.J. — A fund ad- vised by CBRE Global Investors has acquired The Brownstones at Engle- wood South, an apartment commu- nity located at 73 Brownstone Way in Englewood, for an undisclosed price. The 350-unit property features a mix of loft, fat and townhome-style foor plans with high-end fnishes, includ- ing granite countertops and stainless steel appliances. Community ameni- ties include a clubhouse, ftness center, pool and deck and green space. The buyer has an interior and amenity up- grade plan for the property. The prop- erty, which features 12,521 square feet of ground-foor retail space, was 98 percent occupied at the time of sale. Jose Cruz, Kevin O'Hearn, Michael Oliver and Andrew Scandalios of HFF represented the undisclosed seller. ADVANCE REALTY, INVESCO ACQUIRE 244,000 SF RETAIL PORTFOLIO IN NEW JERSEY PARAMUS, N.J. — A partnership be- tween Advance Realty and Invesco Real Estate has acquired a four-prop- erty, 244,000-square-foot retail port- folio located on Route 17 in Paramus. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two stand-alone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot offce building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot pow- er center featuring a variety of ten- ants, including DSW, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bella- pianta of Advance Realty led the joint venture partnership in the acquisition. AVALONBAY COMMUNITIES OPENS 224-UNIT AVALON BLOOMFIELD STATION BLOOMFIELD, N.J. — AvalonBay Communities Inc. has opened Avalon Bloomfeld Station, its newest com- munity in New Jersey. The 224-unit transit-oriented community, which is located near the Bloomfeld New Jer- sey Transit Train station, features a mix of studio, one-, two- and three-bed- room apartments. On-site amenities include a ftness center with a ftness- on-demand and yoga studio, a rooftop patio lounge, a resident lounge and game room with complementary WiFi, and gas barbecue grills and fre pit, as well as on-site restaurants and retail, including Super Foodtown, Tilted Kilt Pub and Eatery and Taste of Tuscany. SITEX ACQUIRES 20-ACRE SITE FOR SPEC INDUSTRIAL DEVELOPMENT AVENEL, N.J. — Sitex Group has ac- quired a 20-acre site located at 215 Blair Road in Avenel within the Exit 12 submarket in New Jersey. The prop- erty includes a 175,000-square-foot warehouse facility with four acres of trailer parking, as well as excess land for development. Sitex plans to reha- bilitate the existing property, which is a former C&S; Wholesale Grocers/ White Rose Foods warehouse, and construct a 200,000-square-foot spec- ulative logistics facility with 36-foot ceiling heights, 53 loading docks and several acres of on-site trailer parking. Mindy Lissner, William Waxman, Ste- ven Beyda, Kevin Dudley, Robert Pine, Jennifer Ferrara and Susan Strauss- Rickwalder of CBRE represented the buyer and undisclosed seller. FIRST PHASE OF JOURNAL SQUARED TOPS OUT JERSEY CITY, N.J. — Construction for the frst phase of Journal Squared in Jersey City has topped out at 563 feet. The 53-story building, which will fea- ture 538 residential units, is part of the three-tower, mixed-use project that is revitalizing Jersey City's historic Jour- nal Square neighborhood. Scheduled for completion in late 2016, the frst phase will feature a mix of studio, one-, two- and three-bedroom rental units and more than 10,000 square feet of amenities, including a ftness center, golf simulator, children's playroom, outdoor pool and entertaining space. The project will also include a 60-story tower and a 70-story building. Upon completion, the project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space, and a pe- destrian-friendly public plaza to the neighborhood. Designed by HWKN and Handel Architects, the project is being developed by KRE Group and National Real Estate Advisors. IRONSTATE DEVELOPMENT, THE PEGASUS GROUP OPEN HARRISON STATION 330 HARRISON, N.J. — Ironstate Devel- opment Co. and The Pegasus Group have opened Harrison Station 330, a collection of 329 rental apartments in Harrison. Situated one block from the Harrison PATH station, the prop- erty features studio, one- and two- bedroom residences, a lobby/lounge, a courtyard with a swimming pool, a ftness center, and 9,600 square feet of street-level retail space. The project's frst two phases include 275 apart- ments, more than 20,000 square feet of street-level retail space and a 138- key Element hotel. Once completed, the overall development will feature 2,250 residences and 80,000 square feet retail, in addition to the hotel. Resi- dences at Harrison 330 currently offer monthly rents starting at $1,555.