Northeast Real Estate Business

MAY 2018

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/978140

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14 • May 2018 • Northeast Real Estate Business www.REBusinessOnline.com N E W J E R S E Y HFF ARRANGES SALE OF 360-UNIT APARTMENT COMMUNITY IN HACKENSACK HACKENSACK, N.J. — HFF has ar- ranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O'Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise build- ing with 203 units. Amenities include an outdoor pool, grilling stations, fit- ness centers, billiards room and 653 covered parking spaces. The commu- nity is currently 96 percent occupied. PROGRESS CAPITAL ARRANGES $5.2 MILLION IN FINANCING FOR APARTMENT COMMUNITY IN NEWARK NEWARK, N.J. — Progress Capital has arranged $5.2 million in permanent financing on behalf of West of Hud- son Properties for the acquisition of a two-building apartment community in Newark. The lender was Sabal Fi- nancial. The terms of the loan include a $5.2 million non-recourse mortgage with five years of interest-only pay- ments at a fixed rate of 3.86 percent. The loan represents a 65 percent loan- to-purchase price accompanied by a 20-year term and 30-year amortiza- tion. After the interest-only period ex- pires in five years, the rate will reset. Located at 10-36 Osbornse Terrace and 9 Hedden Terrace, the 70-unit com- munity was fully renovated in 2007. Brad Domenico of Progress Capital arranged the loan on behalf of West of Hudson Properties. CUSHMAN & WAKEFIELD CLOSES 404,000 SF LEASE IN MEADOWLANDS FOR BERGEN LOGISTICS RUTHERFORD, N.J. — Cushman & Wakefield has closed a lease on behalf of Bergen Logistics for a 404,000-square-foot fully automated distribution center at 299 Thomas E. Dunn Memorial Highway in Ruth- erford. It is the largest Meadowlands industrial deal since mid-2016, ac- cording to Cushman & Wakefield. The long-term lease of the recently renovated Murray Metro Distribution Center closed in December and was handled by Bonni Heller of Cushman & Wakefield. The landlord, Murray Construction Co. Inc., was represent- ed in house by Michael Nachtome and Thomas Monahan of CBRE. Lo- cated off exit 16W of the New Jersey Turnpike, the 25.5-acre property of- fers easy access to commuter rail lines and is about 15 minutes from Newark Liberty International Airport. The transaction will result in the creation of around 200 new jobs, according to Ron Roman, CEO of Bergen Logistics. STRATEGIC CAPITAL TOP OUTS WATERFRONT CONDOMINIUM DEVELOPMENT JERSEY CITY, N.J. — Developer Stra- tegic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The wa- terfront condominium project con- sists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 sto- ries and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 bou- tique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings fea- ture views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The gen- eral contractor for the project is Pla- za Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pric- ing for one-bedroom homes starting at $640,000. Both buildings are slat- ed to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construc- tion America. Redi-Dock ® Provides Instant Drive-In Access to Your Facility • Modular • Minimal site prep • Low maintenance • Delivered & set • Easily relocated • Lengths to 50' • Infinite 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. The redeveloped Wonder Lofts building in Hoboken will include 89 apartment units and 10,000 square feet of indoor and outdoor amenity space, as well as street-level retail space. ANGELO, GORDON & CO., PRISM CAPITAL TO REDEVELOP FORMER WONDER BREAD FACILITY HOBOKEN, N.J. — Angelo, Gordon & Co. and Prism Capital Partners have un- veiled plans to recapitalize and redevelop a former industrial facility in Hobo- ken as an 89-unit apartment property with 10,000 square feet of indoor and outdoor amenity space as well as a street-level retail space for $120 million. Parkwood Development Corp. started the project in 2012 and will retain an ownership stake in the development. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Won- der Lofts, will be made up of five separate buildings and retain a significant amount of the property's existing architectural detail. The project has received necessary approvals and nearly all demolition and construction preparation has been completed. DUKE REALTY ACQUIRES SIX INDUSTRIAL BUILDINGS, TWO LAND SITES IN CENTRAL NEW JERSEY EAST RUTHERFORD, N.J. — Duke Realty has acquired six industrial buildings and two land sites for future development along the I-95 corridor in central New Jersey. Three of the six buildings are located in Cranbury, South Brunswick, and Carteret and three buildings are located in Perth Amboy. Together, the six prop- erties total 3.1 million square feet of industrial space and increase Duke Real- ty's New Jersey industrial portfolio to 5.6 million square feet. Development has already begun on a 661,000-square-foot warehouse on one of the acquired land sites at 429 Delancy St. in Newark and a 194,000-square-foot warehouse is also proposed at the second land site, 5 Ethel Blvd. in Wood-Ridge. Duke Realty's New Jersey office is located in East Rutherford. northeast@francemediainc.com

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