In this deal-tracker roundup, we report on several development, sales, and lease deals announced in New Jersey recently. Among them, the $23.5 million construction/permanent loan from Amboy Bank for The Cobalt, a new upscale apartment development in Somerville, NJ.
OLD BRIDGE, NJ—An improved picture in both 'big-box' and smaller store spaces combined to push the retail vacancy rate along central New Jersey's major shopping corridors to a six-year low of 7.6% from 9.8% in 2013, according to the latest study by R.J. Brunelli & Co., LLC. The 2014 figure compared with a high of 10.5% in 2011 and low of 3.4% in 2006.
OAKLAND, NJ—The Dance Theatre of New Jersey has leased a new 5,000-square-foot space at 112 Bauer Drive in Oakland, NJ. The dance company is expecting to open December 1. It will be moving from its existing 2,500-square-foot space at 6-12 Franklin Ave. in Oakland.
BAYONNE, NJ—Case Real Estate Capital, a Rochelle Park, NJ-based commercial real estate investment company, has finalized the purchase of a $2.99 million note and final judgment of foreclosure secured by five multi-family/mixed-use assets in Hudson County, NJ. The portfolio includes 30 apartments in four residential-over-retail assets in Bayonne and one multi-family property in Jersey City.
PHILADELPHIA, PA— Mitchell M. Roschelle, national business leader, Real Estate Business Advisory Services for PriceWaterHouseCoopers, will present PWC's Emerging Trends in Real Estate at The Urban Land Institute Philadelphia's 15th annual Emerging Trends Conference on November 21. The program takes place at 7:30 a.m. at the Union League of Philadelphia.
RED BANK, NJ—West Side Lofts, a luxury rental apartment development in the borough's Arts and Antiques District, is now leasing units to the public. An advance leasing for VIP registrants that started three weeks ago has already rented 25 percent of the units, according to owners Woodmont Properties and its partner Metrovation.
TRENTON, NJ–New Jersey Senate President Steve Sweeney on Monday announced a 15-year package of tax and funding proposals he said would bring financial stability to Atlantic City and position the city for future economic opportunities.
PHILADELPHIA, PA—Arthur P. Pasquarella, CRE, executive vice president, COO, Equus Capital Partners, Ltd., received the 2014 Committee Service Award from The Counselors of Real Estate.
KENILWORTH, NJ—Bussel Realty Corp. arranged the sale of 25 Sidney Circle in Kenilworth, NJ, an industrial facility of approximately 17,200 square feet.