New Jersey

Originally built in the early 1970s, 440 Washington Street was in financial and physical distress when New York City-based BRP joined with St. James A.M.E. Development Corp, the City of Newark and the state to stabilize the property and facilitate much-needed upgrades and repairs.

In response to its ongoing growth, NAI James E. Hanson says that Edge Physical Therapy was searching for a modern, well-configured space that would allow them to add other ancillary services.

The separate transactions announced by brokerage firm the Kislak Company, Inc. involved a total of 87 residential units and included the $6.45-million sale of the 38-unit property located at 403 Prospect Ave. and 333 Passaic St. in Hackensack.

The 1,322-unit portfolio consists of all stabilized properties and has maintained an average occupancy of 92% through the past three years.

The restaurant, which opened in 2018 on the Paramus Golf Course, will move operations to its new location at 227 Franklin Ave. in Nutley. Peg's signed a long-term lease for the 6,300-square-foot former Kyoto Buffet Restaurant space.

The transaction was facilitated by an unspecified preferred equity investment by national multi-housing owner and operator Pensam Residential of Miami. Pensam's preferred equity investment is structured behind Fannie Mae senior financing.