Page 14 - RE-NJ

12 JANUARY 2025
MARCH CENTERS LLC sold Fireside
Plaza, a 30,000-square-foot strip center
at 717 Route 23 in Pompton Plains, to
Prime Equity. The Goldstein Group’s
Lew Finkelstein, CJ Huter and Marc
Palestina represented both parties.
PLANET FITNESS leased 21,850 square
feet at Blue Star Shopping Center, a
420,000-square-foot property at 1701
Route 22 in Watchung. E.J. Moawad of
Levin Management Corp. represented
ownership. Jack Chera of RIPCO Real
Estate represented the tenant.
BALMAR REALTY LLC and GOHAWIR
REALTY 1096/1104 LLC sold a combined
19,602 square feet at 1104 and 1132
Route 46 West in Clifton to ALBI
Properties LLC for $4.4 million. Chris
Conway of Atlantic Coastal Real
Estate LLC brokered the transaction.
A local private investor purchased
2229 John F. Kennedy Blvd., an
18,130-square-foot property in North
Bergen, for $6.415 million. Marcus &
Millichap’s Alan Cafi ero, Brent Hyldahl
and Devin Perez represented the seller
and procured the buyer.
A private investor acquired 130 Borton
Landing Road, the site of a net-leased,
8,420-square-foot daycare property in
Moorestown, for $5.4 million. Marcus
& Millichap’s Sean Lenchner, Mark
Ruble, Chris Lind and Zack House,
procured the buyer with assistance
from the fi rm’s John Horowitz.
CYPRESS EQUITIES and STOCKBRIDGE
CAPITAL GROUP sold a Wawa ground
lease at 800 West Edgar Road, part
of the 350,000-square-foot Legacy
Square shopping center in Linden,
for $7.4 million. SRS Real Estate
Partners’ Kyle Fant, Britt Raymond,
Matthew Mousavi and Patrick Luther
represented the sellers.
CREATIVE SALON STUDIOS leased
5,545 square feet at Plaza K Shopping
Center, a 27,555-square-foot property
at 171 Route in Metuchen. Kevin Pelio
of Azarian Realty Co. represented
both parties.
LEVIN PROPERTIES LP leased 4,500
square feet at Rutgers Plaza, a
266,157-square-foot property at 940
Easton Ave. in the Somerset section of
Franklin, to McDonald’s. Sid Singer of
Levin Management Corp. represented
the owner, while The Goldstein
Group’s Chuck Lanyard and Vice
President Marc Palestina represented
the tenant.
A private investor acquired 30
Monmouth St., a 3,600-square-foot
property in Red Bank. Kelly Bayer and
David A. Simon of NAI DiLeo-Bram
& Co. represented the seller, while
Melina Bradley and Jillian Abbadessa
of Keller Williams Realty West
Monmouth represented the buyer.
HOME POWER YOGA leased 3,300
square feet at 333 Springfi eld Ave., a
9,988-square-foot property in Summit.
Sheldon Gross Realty’s Marcy Gross
and Matt Leonelli brokered the deal.
BLUE POND ENTERPRISES leased 2,900
square feet at 1250 Haddonfi eld-Berlin
Road, a 6,640-square-foot building
in Voorhees, to Wash Haus Inc. Eric
Flocco of Wolf Commercial Real
Estate represented both parties.
CYZNER PROPERTIES leased 1,600
square feet at Arthurs Plaza, a
40,000-square-foot property in Green
Brook, to Flower Designs by Elena.
Tim Deluccia and Robert Axmann
of Deluccia Commercial Group
represented the respective parties.
BETTER HOMES AND GARDENS REAL
ESTATE leased 1,440 square feet at
Fieldstone Park Shopping Center,
a 95,566-square-foot property at
130 Skyline Drive in Ringwood.
Kevin Pelio of Azarian Realty Co.
represented both parties.
Anthony and Tom Bellia sold 1055-
1065 North Broad St., an 855-square-
foot property in Woodbury. Vantage
Commercial’s Vincent Ceroli and Ken
Richardson represented the sellers.
FINANCE
MADISON REALTY CAPITAL and UNI-
TY CAPITAL provided $250 million in
fi nancing to 390 Ocean Owner LLC for
the development of The Atlantic Club, a
collection of 132 luxury condominiums
at 390 Ocean Ave. in Long Branch. Rob-
ert Verrone, Rich Cooney and Anthony
D’Amelio of Iron Hound Management
Co. arranged the capital structure on
behalf of the development team.
ARES COMMERCIAL REAL ESTATE
MANAGEMENT originated a $135 million
construction loan to the joint venture
of Related Fund Management, Onyx
Equities and Russo Development, the
developers of a 584,000-square-foot
cold storage and industrial project on
Route 10 in East Hanover. Newmark’s
Jordan Roeschlaub, Jonathan Firestone
and Nick Scribani sourced the debt on
the borrowers’ behalf.
PGIM REAL ESTATE closed more
than $129.12 million in fi nancing to
Logistics Property Co., the developer
of a new 1.2 million-square-foot
industrial property at 995 Taylors Lane
in Cinnaminson.
ARES MANAGEMENT LLC closed
a $126.29 million loan to Lincoln
Equities Group and PCCP LLC to
refi nance Bayonne Logistics Center
Building 100, a 332,640-square-
foot industrial property at 101 Port
Lincoln Road in Bayonne. Cushman &
Wakefi eld’s John Alascio, TJ Sullivan,
Chuck Kohaut and Mitch Rothstein
represented the borrowers.
NORTHWESTERN MUTUAL LIFE INSUR-
ANCE CO. originated $115 million in
fi nancing to Hornrock Properties and
GTIS Partners for Ivy and Green, a new
two-phase, 389-unit multifamily devel-
opment at 1 Park Ave. in Hackensack.
JLL’s Michael Klein, Thomas Didio,
Thomas E. Didio Jr. and John Cumming
sourced the eight-year, fi xed-rate loan
on the borrowers’ behalf.
BHI closed a $38.7 million construction
loan to 387 Eight Holdings LLC, the
developer of a 75-unit condominium
building at 387 8th St. in Jersey City.
An undisclosed lender provided
$17 million to The Daten Group to
refi nance 600 Harrison St., a 46-unit
luxury apartment building in Hoboken.
CBRE’s Jason Gaccione, Shawn
Rosenthal and Jake Salkovitz, along
with the fi rm’s Fahri Ozturk, Richard
Gatto and Zach McHale, sourced the
debt on the borrower’s behalf.
WINTRUST BANK originated $10.3
million in construction fi nancing
to Bridge Logistics Properties for
a 76,230-square-foot industrial
development at 485 Elizabeth Ave. in
the Somerset section of Franklin. JLL’s
Jon Mikula, Jim Cadranell and John
Cumming led the debt advisory team.
MILL CREEK RESIDENTIAL secured joint
venture equity from Kayne Anderson
Real Estate for the development
of a 253-unit luxury rental tower in
Fort Lee. JLL’s Jose Cruz and Ryan
Robertson sourced the equity on the
sponsor’s behalf.
FULTON BANK provided construction
fi nancing to Tulfra Real Estate for a
planned 103,500-square-foot, 795-unit
self-storage facility at 300 Thomas
McGovern Drive in Jersey City. JLL’s
Michael Klein and Jon Mikula sourced
the debt on the developer’s behalf,
while CSG Law’s Mitchell Berkey and
Joseph Zawila provided legal counsel
to the borrower. RE
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