Mack-Cali Realty Corp. has secured a $150 million loan to refinance a waterfront office building in Hoboken, brokers with CBRE announced Tuesday.
A multifamily buyer has paid more than $300 million for a 134-building portfolio spanning more than 1,800 units in Essex and Bergen counties, Gebroe-Hammer Associates announced.
JLL has arranged $43 million in financing for a newly built, 197-unit luxury apartment property in Morris Plains developed by Roseland Residential Trust.
A fitness operator has leased nearly 50,000 square feet to become the new anchor of a Camden County shopping center, according to Soloff Realty & Development Inc.
The Hampshire Cos. has sold a 270,000-square-foot corporate headquarters building in Madison, the site of a sweeping project that transformed what had been a defunct call center facility.
At first glance, one might assume that new, luxury apartments are receiving the most interest from investors. While a steady pace of construction can be seen in Northern New Jersey with an average of 5,900 apartments delivered annually, this product is trading infrequently. The majority of investors focused on new construction are institutions that prefer a “build-to-core” strategy over asset acquisition and non-institutional players are unwilling to pay the premium for new development. Thus, the majority of new luxury construction is being held long term.
A soaring luxury condominium tower under construction in Jersey City recently became a showcase for the city’s vibrant public art scene, hosting a one-night gallery event that drew local officials, artists and other stakeholders.
Real estate services firm JLL has closed on its $1.8 billion acquisition of HFF, greatly expanding its capital markets platform under a blockbuster deal announced earlier this year.
A joint venture has marked the opening of a new 257-unit residential building in Harrison, where renters have already leased nearly a third of the available apartments.
Within the Real Estate world, by now we know that the Tax Cuts and Jobs Act enacted a new opportunity to incentivize real estate investment and development in low-income communities across the country through Qualified Opportunity Zones (“QO Zones”). These designated low-income housing income tracts in the United States (and Puerto Rico) allow investors who previously recognized a taxable gain to defer it by investing the gain proceeds into a Qualified Opportunity Fund (“QO Fund”).