Here are some of the development, sales, and lease deals announced in New Jersey in the past week.
DEVELOPMENT
OLD BRIDGE, NJ—Amboy Bank has provided Weiss Properties a $23.6 million loan for The Cobalt Apartments, a 117-unit new construction apartment community located on Veterans Memorial Drive in downtown Somerville, NJ. Situated in the heart of Somerville's rapidly growing redevelopment area, the apartments will consist of 36 two-bedroom, 68 one-bedroom, 13 studio apartments and a two level parking deck which will provide new apartment living in an urban environment. “We are excited to be an integral part of Somerville's growing redevelopment plans,” says Robert Weiss, president of Weiss Properties. “The residents of The Cobalt will be able to walk to the New Jersey transit station, main street restaurants and the Division Street Pedestrian Mall.”
HARRISON, NJ—Advance Realty and DeBartolo Development have formed a joint venture partnership to develop six buildings on three blocks within the Riverbend District of Harrison, NJ. The large-scale mixed-use project will serve as the centerpiece in the continued revitalization of the Hudson County town. The first block to be developed, located at the corner of Cape May Street and Frank E. Rodgers Boulevard, is slated for vertical construction to begin in early 2015. The building will feature 286 luxury multifamily residences, an onsite parking deck and extensive indoor and outdoor amenities. When completed, the project will include 1,000 apartments and 20,000 square feet of premium retail space on the three blocks. “The mayor's office was instrumental in moving the project forward,” said Peter Cocoziello, president and chief executive officer of Advance Realty. “We all recognize Harrison's incredible potential, and we're delighted to team up with DeBartolo Development in order to bring new luxury apartments and businesses to this great American town.” CBRE executive vice president Gil Medina facilitated the partnership between Advance Realty and DeBartolo Development.
SALES
BAYONNE, NJ—Ripco Real Estate arranged the sale of a 25,000 square foot single story building at 513 Broadway, Bayonne, NJ, to an undisclosed buyer. The seller was a KIMCO affiliate. Ira Kerner and Mike Rawlins of Ripco were involved in the transaction.
LEASES
TEANECK, NJ–Action Environmental Services has leased 13,700 square feet of office space at Glenpointe. “With this signing, Action Environmental has moved its headquarters to Glenpointe from Newark,” says Baumstein. “This is an important transaction, and it represents the continued interest the business community is showing in this prestigious location. We anticipate additional announcements shortly.” The Cushman & Wakefield team of Richard Baumstein, Marc Graham and Christian Politan represented Glenpointe owner Alfred Sanzari Enterprises, and Andrew Zezas of Real Estate Strategies Corporation represented Action Environmental.
PARAMUS, NJ—The Goldstein Group has placed Ethan Allen at Marlton Square, 300 Route 73, Marlton, NJ. “This lifestyle center, with its prominent position and visibility in the heart of the Route 73 retail corridor, will provide Ethan Allen with a prime location.” said Chuck Lanyard, President of The Goldstein Group. Ethan Allan filled a 10,000 square-foot space. Tenants at this location include Trader Joe's, Gap, Chico's, Janie & Jack, Charming Charlie, Bath & Body Works, Victoria's Secret, Blue Mercury, Sprint, The Papery, Yankee Candle, Turning Point, and TD Ameritrade. Mark Handwerker, vice president of The Goldstein Group, brokered the transaction on behalf of the tenant and owner.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
