Office and retail leases continued to dominate New Jersey and Pennsylvania market activity in recent weeks, while financial firms took advantage of the market's appetite for well-collateralized loans to helped clients reposition their financial obligations. Here are some highlights:

Leasing

RIDGEFIELD PARK, NJ–Franklin Templeton Investments has signed a 10-year lease for 13,000 square feet of new office space at KABR and Kushner Companies' 55 Challenger Road in Ridgefield Park, NJ.  This new office is located in Overpeck Corporate Centre, which is home to several world-class corporations and conveniently located just minutes from New York City. "We are pleased to have secured such a well-appointed office space. The Overpeck Corporate Centre provides a very professional yet comfortable working environment for our employees," says Don Taylor, chief investment officer of Franklin Equity Group - US Value, the investment management team that will occupy the new office. The 13,000-square foot office offers amenities including a new lobby, cafeteria and gym for employees to enjoy. 

MONTCLAIR, NJ—The Pinnacle Companies says The SienaMontclair, a luxury mixed-use building on the corner of South Park and Church Streets, has leased its last remaining retail space.  Little Nest Photography, a boutique portrait studio, will open later this summer in a 1,856 square foot space, a block from the new Jimmy John's gourmet sandwich shop. The Siena at Montclair offers 35,000 square feet of street-level boutique retail space, and 101 luxury condominium residences on the site of the former Hahnes department store, with retailers including Starbucks, New York Sports Club, Verizon, Supercuts and the Woodhouse Spa.  Little Nest Photography is expected to open in fall 2015. The Siena project was built as a joint venture between The Pinnacle Companies, Kohl Partners and the Mandelbaum family.

HACKENSACK, NJ—Fitness franchise TITLE Boxing Club has leased 4,000 square feet at Summit Plaza in Hackensack. The 100,000-square-foot Bergen County shopping center is owned and managed by Alfred Sanzari Enterprises. Stephanie Greco of The Greco Realty Group negotiated the lease on behalf of Alfred Sanzari Enterprises. Roy Paret of The Goldstein Group represented the tenant. TITLE Boxing Club offers total-body boxing and kickboxing fitness workouts. Located at 370-380 West Pleasantview Ave. at the intersection of Route 17, Summit and West Pleasantview avenues, Summit Plaza is anchored by a 62,000-square-foot Super Stop & Shop. The center's tenants include Great Expressions Dental Centers, United Tae Kwon Do Center, Juicy Platters, Harmon Cosmetics, GNC, Payless ShoeSource, RadioShack, Dress Barn, The UPS Store and Blimpie, as well as typical neighborhood services such as a dry cleaner and a pizzeria. One 1,200-square-foot retail space remains available at Summit Plaza.

UNION, NJ—Fast-casual sandwich franchise Jersey Mike's Subs has leased 1,800 square feet at Galloping Hill Center. North Plainfield, N.J.-based Levin Management is exclusive leasing and managing agent for the 68,000-square-foot shopping center. Levin's leasing representative Marcia Minton negotiated the long-term lease. Gary Krauss of Winick Realty Group NJ served as the tenant's broker in the transaction.

WEST WINDSOR, NJ—Buffalo Wild Wings is preparing to open its first location in Mercer County, NJ following the purchase of a former Chili's location at 3465 US Highway 1 in West Windsor. Winick Realty Group NJ founding partner and senior vice president Tyler Bennett represented AntSul Group in the off-market transaction, which marks Buffalo Wild Wings' sixth location in New York and New Jersey. Bennett is continuing to work with AntSul Group to find additional Buffalo Wild Wings locations in Staten Island, NY, as well as Hamilton Township and New Brunswick, NJ.

Capital Markets

HACKENSACK, NJ—Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital's Greater Westchester NY/CT based regional office and Greg Nalbandian, senior vice president/managing director of NorthMarq's New Jersey based regional office, collaborated to arrange the $51.844 million refinance of Excelsior II, a 267-unit multifamily property with 11 professional spaces at 170 Prospect Avenue in Hackensack, NJ. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. "The loan represented a refinance of an existing Freddie Mac mortgage for a long-time Freddie Mac borrower," says Ranieri. "The property is one of the premiere multifamily complexes in Hackensack." Nalbandian says "this early refinance was a win-win for the sponsor as he was able to significantly reduce his interest rate while cashing out significant equity."

MONTGOMERY TOWNSHIP, PA—Kennedy Funding Financial has completed a $3.41 million loan secured by a multi-building industrial facility in Franklin County, PA. Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender, says the two-year, interest only-loan was secured by Foremost Realty Holdings, an affiliate of homebuilder Foremost Industries. The lender was Foremost Realty Lender, and the funding will be serviced by KFF. "The borrower recently acquired the company owning the collateral for $5.5 million, paying $2.9 million in cash to the seller and assuming the existing Susquehanna first mortgage of $2.6 million," says Wolfer. "Our loan will pay off that mortgage, and the borrower also pledged a 6,700-square-foot office building in Greencastle, PA. This type of asset, especially when owner-occupied, is considered risky and difficult to get loans placed for. However, based on the strength of the borrower and the value of the collateral, we were able to get the loan closed." The collateral consists of a 260,000-square-foot, three-building industrial property on 52.68 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County. Constructed in 2005, the property includes a combination of lumber storage, a modular plant utilized for the assemblage of components for modular homes, and an office component of approximately 4,500 square feet.

MORRISTOWN, NJ—G.S. Wilcox & Co. has arranged a number of financings for clients in New Jersey. The deals were handled by Gretchen S. Wilcox, president, with principals Al Raymond and David Fryer. Two loans totaling $33.1 million were made for a 419,073 square foot shopping center ($26.5 million with a 10 year fixed rate term and a 30 year amortization) located in Watchung, NJ, and a 50,051-square-foot grocery anchored shopping center ($6.6 million) in Clifton, NJ. A $10 million loan collateralized by a 150-unit garden apartment property in Norwood, NJ was arranged through a life company correspondent.  The 15 year self-liquidating loan was locked in at application at a very attractive rate.  The property was fully occupied and has averaged 97.7 percent occupancy over the past seven years.

Executive Moves

HACKENSACK, NJ—Shadrina C. Lockhart of East Orange has joined Alfred Sanzari Enterprises as residential leasing agent. Lockhart will oversee all leasing activities for the company's residential property portfolio, which encompasses approximately 540 luxury and garden-style apartment units throughout Bergen County. Before joining Sanzari, Lockhart was a leasing specialist at Continental Properties in Edison. She holds a Bachelor's in business administration from William Paterson University and is a licensed New Jersey real estate agent.