Page 11 - RE-NJ

HAMPSHIRE SELLS NEW APARTMENTS IN MORRISTOWN
The Hampshire Cos. has sold an 85-unit apartment building in Morristown that it unveiled last year at a site near NJ Transit rail service and just west of Interstate 287.
The developer, which is based
in the town, completed the deal after its successful lease-up of what’s known as Max on Mor-
ris at 175 Morris St. A private buyer purchased the collection
of luxury studio, one-bedroom and two-bedroom homes, which has a shared coworking lounge with private meeting rooms, work pods for hybrid and remote work- ers and other amenities.
Cushman & Wakefield’s Niko Nicolau, Ryan Dowd, David Jar- vis, Peter Welch and Alex Ebers represented both parties in the deal, while Progress Capital’s Brad Domenico arranged $23.7 million in acquisition financing. Terms were not disclosed.
shire’s CEO and president. “I’d like to thank our team for their hard work and shared vision in successfully executing our invest- ment strategy for this property and I look forward to continuing to work with them to bring sim- ilarly transformative real estate investments to life in our home state of New Jersey and across the United States.”
Hampshire debuted Max on Morris in March 2023 after rede- veloping the former site of an oil depot and landscaping yard. It did so to capitalize on a location that is steps from downtown Morris- town’s selection of dining, enter- tainment and cultural destinations and easily accessible by rail or car.
Meantime, Max on Morris has four units reserved as affordable housing and 14 that are designed for residents with special needs. Cohome, a Morristown-based organization that provides adults with disabilities meaningful opportunities to fully engage with their communities and lead fulfill- ing lives, operates the supportive housing units.
“Max on Morris’ contemporary design and cut- ting-edge function- ality around how people live, work and play today made it a highly attractive asset in the current mar- ket,” said James E. Hanson, Hamp-
Max on Morris at 175 Morris St. in Morristown
Courtesy: The Hampshire Cos.
represented ownership, while Cushman & Wakefield’s Barry Zeller and David DeMatteis represented the tenant.
BEDROCK REALTY HOLDINGS LLC
signed a 3,077-square-foot lease renewal at 720 East Palisade Ave., a 20,000-square-foot property in Englewood Cliffs, with Lerner
Properties LLC. NAI James E. Hanson’s Darren Lizzack and Randy Horning represented ownership.
RESIDENTIAL
TREDWAY and LIHC INVESTMENT GROUP acquired Forest Hill House, a 100-unit age-restricted apartment tower at 505 Mount Prospect Ave. in Newark, for $17.3 million.
A partnership acquired a 38-unit apartment portfolio at 45 Broadway and 63 West 39th St. in Bayonne for $6.5 million. Chris Cervelli and Gary Baez of Cervelli Real Estate and Property Management arranged the sale and financing.
MERION REALTY PARTNERS sold Halstead Place Apartments, a 35- unit building at 67 Halstead St. in Clinton, to AcquiVest for $9.3 million. Berkadia’s Nat Gambuzza, Zachary Pierce, Matthew Stefanski, Trevor Fiebel and Maura Spellman brokered the sale.
HORNROCK PROPERTIES acquired 123 Anderson St., a 2.759-acre development site in Hackensack, for $10.5 million. Eric Anderson of Alexander Anderson Real Estate Group represented both parties.
RETAIL
A private investor purchased 881 Main St., a 25,898-square-foot shopping center in Sayreville, for $7.196 million. Marcus & Millichap’s Alan Cafiero and Brent Hyldahl represented the seller.
FITNESS FACTORY HEALTH CLUB leased 16,400 square feet at The Gardens,
a 373,612-square-foot property at 10-50 International Drive South in
the Flanders section of Mount Olive. Danielle Brunelli of R.J. Brunelli & Co. represented ownership.
DERRICK INTERESTS INC. sold 2780 Mount Ephraim Ave., a 14,537-square- foot property in Camden, to 2780 Camden LLC. Wolf Commercial Real Estate’s Eric Flocco and Eric Grad
represented the seller.
ADONI PROPERTY GROUP leased
a combined 11,263 square feet at Denville Commons, a 73,239-square- foot shopping center at 3130 Route 10 in Denville, to Phenix Salon Suites, American Family Care, Health Mate Hot Tubs and Tropical Smoothie Café. JLL’s David Townes and Alana Friedman represented ownership and the tenant in the Phenix Salon Suites deal. Commercial Retail Associates’ Alicea Santella represented AFC, while Brian Silbert of Silbert Realty
& Management Co. Inc. represented Health Mate and Dina Santarelli
of Sabre Real Estate represented Tropical Smoothie Café.
VIRGINIA INDUSTRIES LLC leased
8,580 square feet at Virginia Plaza,
a property at 564 Route 23 in Pequannock, to Strand Salon Studios. The Goldstein Group’s Marc Palestina represented the tenant.
LIQUOR CAVE leased 7,400 square feet at Somerset Shopping Center, a 219,000-square-foot property at 365 Route 206 in Bridgewater. Vanessa Kelty of Levin Management Corp. represented ownership.
URBAN EDGE PROPERTIES leased 4,321 square feet at Greenbrook Commons, a 169,758-square-foot center at 1601 Route 22 West in Watchung, to Ethan Allen.
VILLA RESTAURANT PROPERTIES INC. sold 53 Franklin Turnpike,
a 3,600-square-foot building in Waldwick, to Chase. NAI James E. Hanson’s Anthony J. Cassano and Dick Hecker represented the seller.
VANROCK PROPERTIES leased 2,325 square feet at 1195-1207 Hamburg Turnpike in Wayne to Chipotle Mexican Grill. The Goldstein Group’s Lew Finkelstein and CJ Huter represented the landlord, while Glen Beyer of Newmark represented the tenant.
BELLALICIOUS ICE CREAM leased 1,200 square feet at 36 Beach Road in Monmouth Beach. Matt Ardizzone of Zoltek Commercial Real Estate Services represented the tenant.
FINANCE
NORTHWESTERN MUTUAL LIFE INSURANCE CO. provided a $103 million loan to BNE Real Estate Group to refinance The Ivy, a new 245-unit luxury apartment property at 2 River Road in Chatham. JLL’s Michael Klein, Thomas E. Didio Jr. and Ryan Carroll represented the borrower in sourcing the 10-year,
fixed-rate financing.
CITIGROUP provided a $46.5 million commercial mortgage-backed securities loan to the developer of
a new 140-unit apartment complex at 1-5 Soldier Hill Road in Paramus. John Harrington of HKS Real Estate Advisors sourced the debt.
BRIDGEINVEST closed a $34.5 million loan to The Birch Group for its acquisition of The Pennington, a new 147-unit multifamily property at 119- 231 Pennington Ave. in Passaic.
CIBC provided a $28.5 construction million loan to Bridge Industrial for
Bridge Point South Plainfield II, a 167,281-square-foot development project at 1 Cragwood Road in South Plainfield. JLL’s Jon Mikula, Michael Klein and Michael Lachs secured the debt on the developer’s behalf.
AMBOY BANK originated $20.5 million in financing to PEEK Properties
and Circle Squared Alternative Investments, the developers of
a planned 102-unit multifamily property at 415 Highland Ave in Orange. George Gnad of Lendevrs Capital Realty Services secured both the equity and debt on behalf of
the joint venture partners, with the construction loan and permanent financing having a 24-month term and a 10-year-from-conversion rate, respectively. RE
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