Page 8 - RE-NJ

6 MARCH 2025
THE
BRIEFING
FIDELCO, DIVERSIFIED SELL UNION
RENTAL PROPERTY FOR $132 MILLION
Fidelco Realty Group and Diversifi ed
Properties have sold a newly
developed, 393-unit luxury apartment
complex in Union Township for
nearly $132 million, in a deal arranged
by JLL.
The brokerage team represented
the sellers in the transaction at 450
Clermont Terrace, the site of what’s
known as Summit Court after a two-
phase project completed in 2023.
An affi liate of the Inland Real Estate
Group of Companies Inc. purchased
the property, JLL said, touting the
appeal of nearby transportation
routes such as the Garden State
Parkway, employment hubs and
diverse shopping opportunities.
JLL senior managing directors Jose
Cruz, Mike Oliver and Steve Simonelli
and directors Elizabeth DeVesty and
Austin Pierce represented the joint
venture of Fidelco and Diversifi ed in
the $131.5 million sale. Mark Cosenza,
senior vice president of Inland Real
Estate Acquisitions LLC, facilitated
the transaction on the buyer’s behalf.
“Summit Court presented investors
with an
exceptional
opportunity to
acquire a newly
constructed,
Class A
apartment
community with
demonstrated
Jose Cruz
cash fl ow and
long-term tax benefi ts in a prime
New Jersey location,” Cruz said. “The
property’s high-quality construction,
attractive amenities and proximity
to transportation and employment
centers made it a compelling
URBAN EDGE TO SELL APARTMENT
SITE AT BERGEN TOWN CENTER
Urban Edge Properties is selling a
piece of Bergen Town Center — its
sprawling retail property in Paramus
and Maywood — one that’s slated
for redevelopment as more than 450
apartments.
The real estate investment trust
announced in mid-February that
it was under contract to sell the
parcel, which includes a freestanding
retail building and surface parking,
to a multifamily developer for $25
million. That paves the way for the
prospective buyer, which it did not
disclose but was identifi ed by CoStar
News as Russo Development, to
move ahead with a long-discussed
plan to bring some 456 rental homes
to the 1 million-square-foot center
just south of Route 4 as part of a
growing national trend to diversify
mall properties.
JLL’s Jose Cruz represented Urban
Edge in the sale. It was among
several highlights that the REIT’s
executives discussed during its Feb.
12 earnings call.
“In terms of the
residential sale,
we created a
lot of value by
entitling that
land for about
450 residential
units,” CEO
Jeff Olson said,
Jeff Olson
according to a transcript of the call.
Rendering courtesy: Minno & Wasko Architects and Planners
Offi cials in Paramus have approved a plan to bring 456 apartments to Bergen Town Center, Urban Edge Properties’ 1 million-square-
foot retail destination just south of Route 4.
“And we felt that the best way to
monetize that value was to sell it to a
local developer, and we will redeploy
that capital in a 1031 (like-kind
exchange) on an acquisition that
we’ve already made.”
A project designed by Minno &
Wasko Architects and Planners
calls for razing the existing retail
building on the east side of Bergen
Town Center, allowing for a mix
of apartments around amenity
courtyards. The fi rm’s David Minno
noted in 2023, following site plan
approval by local offi cials, that the
construction would enhance access
and walkability for residents by
creating a pedestrian path to the
west side of the site that contains
most of the retail space.
Olson said at the time that Urban
Edge was mulling whether to sell the
parcels to a multifamily developer
or form a joint venture, noting that
the buyer pool “is large and consists
of some of the most reputable,
multifamily developers in the region,
because they all share our view that
this site is one of the best residential
development opportunities in Bergen
County.” Russo, for its part, is one of
the state’s most prolifi c apartment
developers and has built thousands
of units in the last decade alone.
Courtesy: JLL
Summit Court at 450 Clermont Terrace in Union
investment in the competitive
northern New Jersey multifamily
market.”
Built in 2018 and 2023, Summit
Court comprises 351 market-rate
apartments and 42 affordable units,
with a mix of one-, two- and three-
bedroom fl oorplans, according to
a news release. The property was
93 percent occupied at the time of
the sale and provides renters with
upscale homes and amenities such
as an outdoor pool and sundeck, a
clubhouse with a catering kitchen,
a fi tness center and courtyards with
grilling and dining areas, among
others.
Residents, meantime, have
easy access to Newark Liberty
International Airport, Kean
University, Seton Hall University and
Newark Beth Israel Medical Center,
JLL said. They’re also roughly 20
miles from Manhattan and part of
a township whose average annual
household income is $136,129.