Here are some of the development, sales, and lease dealsannounced in New Jersey in the past week.

|

DEVELOPMENT

|

OLD BRIDGE, NJ—Amboy Bank has providedWeiss Properties a $23.6 million loan forThe Cobalt Apartments, a 117-unit new constructionapartment community located on Veterans Memorial Drive in downtownSomerville, NJ. Situated in the heart of Somerville's rapidlygrowing redevelopment area, the apartments will consist of 36two-bedroom, 68 one-bedroom, 13 studio apartments and a two levelparking deck which will provide new apartment living in an urbanenvironment. “We are excited to be an integral part of Somerville'sgrowing redevelopment plans,” says Robert Weiss,president of Weiss Properties. “The residents ofThe Cobalt will be able to walk to the New Jerseytransit station, main street restaurants and the DivisionStreet Pedestrian Mall.”

|

HARRISON, NJ—Advance Realty andDeBartolo Development have formed a joint venturepartnership to develop six buildings on three blocks within theRiverbend District of Harrison, NJ. Thelarge-scale mixed-use project will serve as the centerpiece in thecontinued revitalization of the Hudson County town. The first blockto be developed, located at the corner of Cape May Street and FrankE. Rodgers Boulevard, is slated for vertical construction to beginin early 2015. The building will feature 286 luxury multifamilyresidences, an onsite parking deck and extensive indoor and outdooramenities. When completed, the project will include 1,000apartments and 20,000 square feet of premium retail space on thethree blocks. “The mayor's office was instrumental in moving theproject forward,” said Peter Cocoziello, presidentand chief executive officer of Advance Realty. “Weall recognize Harrison's incredible potential, and we're delightedto team up with DeBartolo Development in order tobring new luxury apartments and businesses to this great Americantown.” CBRE executive vice president GilMedina facilitated the partnership between AdvanceRealty and DeBartolo Development.

|

SALES

|

BAYONNE, NJ—Ripco Real Estate arranged the saleof a 25,000 square foot single story building at 513Broadway, Bayonne, NJ, to an undisclosed buyer. Theseller was a KIMCO affiliate. IraKerner and Mike Rawlins ofRipco were involved in the transaction.

|

LEASES

|

TEANECK, NJAction EnvironmentalServices has leased 13,700 square feet of office space atGlenpointe. “With this signing,Action Environmental has moved its headquarters toGlenpointe from Newark,” saysBaumstein. “This is an important transaction, andit represents the continued interest the business community isshowing in this prestigious location. We anticipate additionalannouncements shortly.” The Cushman &Wakefield team of Richard Baumstein,Marc Graham and Christian Politanrepresented Glenpointe owner AlfredSanzari Enterprises, and Andrew Zezas ofReal Estate Strategies Corporation representedAction Environmental.

|

PARAMUS, NJ—The GoldsteinGroup has placed Ethan Allen atMarlton Square, 300 Route 73, Marlton, NJ. “Thislifestyle center, with its prominent position and visibility in theheart of the Route 73 retail corridor, will provide Ethan Allenwith a prime location.” said Chuck Lanyard, President of TheGoldstein 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, ThePapery, Yankee Candle, TurningPoint, and TD Ameritrade. MarkHandwerker, vice president of The GoldsteinGroup, brokered the transaction on behalf of the tenantand owner.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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].