Page 8 - RE-NJ
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6 APRIL 2022
firm also sourced the financing with Kearny Bank, with Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran doing so on the borrower’s behalf.
“This asset represents a tremendous value proposition for renters looking for a new building with best-in-class amenities while also located in a rapidly evolving
millennial neighborhood, competitive with the best Hudson County and New York City has
to offer,” said
Ken Pasternak,
chairman and
CEO of Ridgefield Park-based KABR.
Built in 2018, the six-story property boasts upscale apartments and amenities such as a fitness center, garage parking, a game room, two furnished outdoor terraces and business centers on every floor, the news release said. The asset, which sold for $49.6 million, also sits in the center of Bayonne’s commercial district along the Hudson waterfront and is a
Realty Investors CEO Peter Cocoziello said in the mid-March announcement.
“As a result,
short walk from retail and dining.
“Representing one of the first institutional-
 KABR Group has purchased a 138- unit luxury apartment building in Bayonne for nearly $50 million, in a deal arranged by brokers with JLL.
In a news release, the investment firm said it acquired what’s known
as 19 East from a joint venture of Ingerman Group and Verde Capital. It
also secured a $35 million acquisition loan for the collection of studio, one- bedroom and two-bedroom homes at 19 East 19th St.
JLL’s Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce led the team representing the seller. The
Jose Cruz
quality assets
to trade in Bayonne, we were very pleased with the interest level from regional and national bidders,” Cruz
  19 East at 19 East 19th St. in Bayonne
Ken Pasternak
The investment and brokerage team also cited the building’s location
one block from the Hudson-Bergen Light Rail station at 22nd Street. That provides residents with connectivity to Jersey City, Hoboken and Lower Manhattan via PATH service, while they also have quick access to Interstate 78.
“This deal received a tremendous amount of interest from the lending community given the institutional- quality sponsorship,” Klein said. “Kearny Bank ultimately stepped up to provide an extremely attractive, fixed-rate option.”
“Logan’s continued momentum speaks to the facility’s cutting-
edge design as well as its attractive location in the southern New Jersey market,” said
David Greek, managing partner of Greek Development. “We believe
this will
continue and
look forward
to Logan North
serving as an economic driver in the region, drawing more commerce, businesses and jobs to New Jersey.”
Located just north of Interstate
295, the campus provides tenants with easy access to both the Philadelphia and New York markets and multiple ports in the region. The developers have ordered steel for
the construction of the next phase, which will include 475,000 square feet at 401 Crossroads Blvd. and 274,000 square feet at 301 Crossroads Blvd., with completion slated for the second quarter of 2023.
The partnership also has 15 acres available at 200 Crossroads Blvd. that it’s marketing as a potential build-to- suit or as additional parking space for future tenants of the park, the firms said.
  A development team has preleased the latest phase of a 3.2 million- square-foot industrial park in Logan Township, where two logistics firms will occupy a combined 491,000 square feet.
According to Advance Realty Investors and Greek Development, the joint venture behind what’s known as Logan North, the deals include a new 164,000-square-foot commitment by SEKO Logistics. The global logistics freight and delivery company will occupy Building A, located at 100 Crossroads Blvd. and
directly west of Route 322.
The second tenant, LaserShip Logistics, will occupy some 327,000 square feet at Building F at 701 Crossroads Blvd. Both leases were executed three months prior to
the anticipated completion of the speculative projects.
“Today’s leasing milestone serves as a testament to the quality and magnetism of Logan North and further underscores the ongoing demand for well-situated, Class A modern logistics space,” Advance
Logan North has
continued to
attract top-tier
tenants and
represents one
of southern New
Jersey’s premier
locations, in one of the most active submarkets in the state.”
JLL’s Nate Demetsky, Dean Torosian and Matt Kemery represented ownership as the leasing agents
at the 415-acre development site. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented SEKO Logistics, while JLL’s
John Dingle joined Torosian in representing LaserShip Logistics.
The deals come around nine months after Advance and Greek secured
a $43 million construction loan
to break ground on the two new speculative buildings. The firms previously delivered around 1.6 million square feet as part of the first phase, including a 1.1 million-square- foot facility and 17-acre drop-lot
that they leased to Target Corp. and subsequently sold to Torchlight Investors for $265 million.
Peter Cocoziello
David Greek
 Logan North Building F at 701 Crossroads Blvd. in Logan Township
Courtesy: Advance Realty Investors/Greek Development Courtesy: KABR Group

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