Page 6 - RE-NJ

4 APRIL 2022
THE BRIEFING
INVESTORS ACQUIRE EDGEWATER APARTMENTS FOR $130 MILLION
J.B. Bruno, Steve Simonelli,
Kevin O’Hearn and Mark Belenky represented the seller, Barings, and the buyer, while the firm’s Michael Klein, Matthew Pizzolato, Gerard Quinn and Jake Moore led the
debt placement team on the joint venture’s behalf.
“We are continuing to assemble an attractive portfolio of value-add, multifamily
properties
in our core markets,” said Andrew Miller, a founding partner of Skylight
Real Estate
Partners. “With
our longstanding
relationships with partners like PCCP, and our current development pipeline, we believe we are well- positioned for continued growth and expansion in 2022.”
Rising 20 stories, Riello overlooks the 100-unit luxury rental building known as Infinity Edgewater that Skylight and PCCP purchased last fall. Their newest addition has a mix of upscale one-, two- and three-bedroom
units averaging 1,200 square feet, plus amenities such as an outdoor swimming pool, a 24-hour fitness center and a sauna and steam room.
Riello also overlooks the Hudson River and provides panoramic views of the New York City skyline, the
begin construction in April on what will be a nine-building campus near Jake Brown Road in Old Bridge. It expects to roll out the 4.2 million- square-foot park in three phases, with the first building set to be delivered in the first quarter of 2023.
C&W’s Mindy Lissner, Bill Waxman, David Gheriani, Christine
investors noted. It’s less than two miles from NY Waterway service and three miles from the George Washington Bridge and Lincoln Tunnel.
“We are pleased to expand our relationship with Skylight Real Estate Partners through the acquisition of Riello,” PCCP’s Brian Haber said. “This deal reflects our continued confidence in the Edgewater area, which remains a strong market with increasing demand.”
Building residents also have access to some 1.1 million square feet of retail within a one-mile radius of the property, including the Whole Foods- anchored Edgewater Towne Center, Edgewater Marketplace, Edgewater Commons and City Place at the Promenade.
“We were excited to be a part of this one and help the Skylight Real Estate
A joint venture has made its second major acquisition in Edgewater in less than five months, adding 226 luxury apartments in a newly completed, $130 million deal by JLL.
Skylight Real Estate Partners, a privately held real estate investment
firm, teamed with PCCP LLC to purchase what’s known as Riello at 99 Gorge Road. They did so with a $112 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management.
JLL’s Jose Cruz, Michael Oliver,
Riello at 99 Gorge Road in Edgewater
the lending community given the institutional sponsorship and their knowledge and proven track record to execute on this asset type in this submarket.”
Andrew Miller
Matthew Pizzolato
Partners and PCCP team continue to expand their portfolio in this area,” Pizzolato said. “This
deal received tremendous interest from
DEVELOPER PLANS 4.2 MILLION SQ. FT. LOGISTICS PARK IN OLD BRIDGE
warehouse and can be accessed using New Jersey Turnpike exits 11, 10 and 9, providing for multiple modes of ingress and egress.”
A developer is set to break ground on a project that will bring more than 4 million square feet of new industrial space to a stretch of Route 9 in
Middlesex County.
According to Cushman & Wakefield, which serves as the project’s leasing team, 2020 Acquisitions planned to
Mindy Lissner
A project by 2020 Acquisitions calls for the development of a nine-building, 4.2 million-square-foot industrial park along Route 9 in Old Bridge, as depicted in this rendering.
Eberle and Chris Griffith will market the industrial park for lease on the developer’s behalf.
“Central 9 Logistics
Park is a cutting-edge development in one
of the most desired industrial markets in the country,” Lissner said. “The asset’s centralized location has unrivaled reach to over 100 million consumers and an exceptional labor pool. The park sits on Route
9 with dedicated traffic lights accessing every
Upon completion, each building will have 40-foot clear ceiling heights, office space, LED lighting and ample parking with additional trailer storage, C&W said. The nine buildings will range from 150,000 to 950,000 square feet, providing a location less than 30 minutes from Port Newark-Elizabeth and Newark Liberty International Airport.
“We are thrilled to be working with 2020 Acquisitions to market and lease this premier industrial park, which is ideally suited for a multitude of uses including e-commerce, warehouse and distribution,” Waxman said.
Courtesy: Cushman & Wakefield Courtesy: JLL