Page 15 - RENJ May 2021 Issue 53
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Route 31 North, a 6,400-square-foot building in Pennington, to Greater Princeton Investments for $650,000. Al Toto of Commercial Property Network Inc. represented the seller.
DIVERSIFIED PROPERTIES leased 2,694 square feet and 2,306 square feet at 350 Main Road, a 33,900-square-foot building in Montville, to Montville Financial Group LLC and Guaranteed Rate Inc., respectively.
RESIDENTIAL
TIME EQUITIES INC. acquired the Trenton Loft Portfolio, a collection of 200 apartments in Trenton, for $28.85 million. JLL’s Michael Oliver, Fran Coyne and Jose Cruz represented the seller.
EXCELSIOR EQUITIES sold 125-129 Magnolia Ave., a mixed-use property with 94 apartments and five ground- floor retail units in Jersey City, to Spring Property Management for $25 million. Gebroe-Hammer Associates’ Niko Nicolaou brokered the sale, while Brad Domenico of Progress Capital arranged a $17.25 million acquisition loan.
NV MF HOLDINGS LLC sold The Residences at North Village, a 60-unit apartment building in Sparta, to Sparta Residence LLC for $14.65 million. Gebroe-Hammer Associates’ Stephen Tragash represented both parties.
A private investor purchased 12 Railroad Ave. in Ewing, a development site slated for a 59-unit multifamily development. Marcus & Millichap’s Chez Eider and Jason Petrick represented the seller.
RETAIL
HOLOBEAM INC. renewed a 30,000-square-foot lease at 30 A&S Drive in Paramus with JOANN Fabrics and Crafts Store. Chuck Lanyard of The Goldstein Group represented the landlord, while Jerry Welkis of Welco
Realty represented the tenant.
A personal trust sold 618 Route 22,
a 13,222-square-foot Advance Auto Parts location in North Plainfield, for $3.05 million. Marcus & Millichap’s Brent Hyldahl, Alan Cafiero and Ben Sgambati represented the seller.
LIGHTBRIDGE ACADEMY subleased 13,000 square feet at 1414-1418 Willow Ave. in Hoboken. CBRE’s Joseph AmecAngelo and Nicole Nannola represented the subtenant.
APPLE MONTESSORI SCHOOLS leased 11,856 square feet at 117 Mount Bethel
Road in Warren. Gary Krauss of Pierson Commercial represented the tenant.
SUSSEX PLAZA REALTY LLC sold Sussex Plaza, a 10,100-square-foot property on East Main Street in Sussex, to Anil Bansal. The Goldstein Group’s Chris Conway and Richard Curran III brokered the transaction.
THE KLEIN GROUP leased 8,631 square feet at 396 Route 17 North in Paramus to Bin52 Wine & Gourmet. CBRE’s Samuel Bernhaut and Nicole Nannola represented the tenant.
LARKEN ASSOCIATES leased a combined 6,442 square feet at Hillsborough Village Center, a mixed-use development at 650 Route 206 in Hillsborough, to JAG-ONE Physical Therapy, Tropical Smoothie Café, Star Glow Salon and Village Barber Shop. Daniel Reider of Newmark represented JAG-ONE, while Gary Krauss of Pierson Commercial represented Tropical Smoothie Café.
PETS PLUS and DIM SUM AND THEN SOME leased 3,600 square feet and 1,882 square feet, respectively, at
Smithville Square at 45 New York Road in Galloway Township. Vantage Commercial’s Aran Ploshansky
and Corinne Giletto represented ownership.
201 ROCK ROAD LLC leased 2,757 square feet at 201 Rock Road, a 30,000-square- foot property in Glen Rock, to Champions Martial Arts. NAI James E. Hanson’s Randy Horning and Darren Lizzack represented ownership.
M A REALTY ASSOCIATES LLC leased 2,500 square feet at 2 Split Rock Drive in Cherry Hill to Clarity Psychiatric Care. Wolf Commercial Real Estate’s Mike Scanzano represented the tenant.
3707 ROUTE 9 S. REALTY LLC sold 3707 Route 9 South, a 2,300-sqaure-foot building in Middle Township, to Ocean First Bank N.A. Mark Gerlach of Metro Commercial and The Goldstein Group’s John Ostrowski represented the seller and buyer, respectively.
OPTICAL GROUP OF NJ LLC leased 2,000 square feet at Somerset Shopping Center, a 219,000-square-foot property at the junction of Route 202/206 and Route 28. Vanessa Fernandez-Kelty
of Levin Management Corp. and Cushman & Wakefield’s David Townes represented the landlord and tenant, respectively.
PRINCETON PROPERTY PARTNERS leased 221 square feet at 15 Spring St. in Princeton to Planted Plate. Sab Russo of Mercer Oak Realty represented ownership.
KUHN THAI sold 504 Millburn Ave., a restaurant location in Millburn, to Jack’s Lobster Shack. Cheryl Darmanin and Nicole James of Midtown Commercial Realty represented the seller.
FINANCE
A lender closed $49.8 million in financing to the developer of 266 luxury apartments in Union. Gretchen Wilcox, Albert Raymond and Wesley
REALESTATENJTM 13 Wilcox of G.S. Wilcox & Co. arranged
the loan.
CONNECTONE BANK provided a
$42 million construction loan to Larken Associates for The Ridge at Readington, a new 254-unit luxury apartment complex at 460 Route 22 West in Readington. JLL’s Jim Cadranell, Steven Klein and Max Custer represented the borrower.
A life insurance company originated $27 million to The Kaplan Cos. to refinance Camelot at Townelake, a 184-unit apartment complex at 100 Baist Drive in Sayreville. NorthMarq arranged the permanent-fixed loan, which was structured with a 35-year fully amortizing term.
PROVIDENT BANK closed $19.25 million in financing to Kokes Properties for the first phase of The Mill at Riverside,
a 190-unit residential project along South Fairview Street in Riverside.
FANNIE MAE provided $11.5 million to Echevarria Properties to refinance Hudson Hall, a redeveloped 35-unit residential building at 6020 Hudson Ave. in West New York. Black Bear Capital Partners’ Emil DePasquale, Brandon Harris and Phil Bowman arranged the 15-year loan, which has a fixed rate of 3.445 percent and six years of interest-only payments.
THE STATE LIFE INSURANCE CO. provided a $10.35 million loan to the owner
of a 129-unit apartment portfolio that includes Berkshire Gardens Apartments in Summit, Gordonhurst Village in Upper Montclair and Wood Arms Apartments in Linden. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing. RE
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JIM MCGUCKIN l REGIONAL MANAGER l 250 PEHLE AVE #501, SADDLE BROOK, NJ 07663 l PHONE: (201) 742-6150
Real Estate Investment Sales » Financing » Research » Advisory Services
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