HOBOKEN, NJ-Boston-based Intercontinental Real Estate Corp. reports the joint venture purchase of 900 Monroe here. The property, purchased on behalf of Intercontinental's Investment Funds will be used for the development of an $82-million, 11-story LEED-certified Gold mixed-use tower.
The 900 Monroe property is a 1.18-acre site is accessible to New Jersey Routes 3 and 495; Interstates 78, 95, 280; and U.S. Routes 1 and 9, as well as the New Jersey Turnpike and The Pulaski Skyway. The property will be divided by 141,971 square feet of rental residential space and 13,400 square feet of retail space, company officials say. In addition, 900 Monroe will also feature 144 above-grade parking spaces with robotic parking features. Other planned amenities include a two-tier sun deck with pool, fitness center, and lounge area. Residential space will includes one, two, and three bedroom layout options.
Intercontinental's Investment Funds is led by Director of Acquisitions Mike Keyes. No financial details on the transaction were released.
Intercontinental CEO Peter Palandjian said of the firm's purchase, “We could not be more excited with our purchase of 900 Monroe, and look forward to creating a one-of-a-kind apartment building. Hoboken, as a market, presents every compelling investment dynamic we seek in a deal. I am confident that our partnership with Bijou will be a successful and lasting relationship. We look forward to more New Jersey purchases on behalf of Intercontinental's union and public pension investors, for whom we are grateful to work, create investment returns and fair wage and benefit jobs. "”
Intercontinental owns and manages a portfolio in excess of $2.5 billion for its clients.
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