S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Transaction closes Pre TCOwith $12.5M in financing fromSound Point Capital Mgmt. Grid’s Antonicello & Edgell rep. buyer of $16M multi-family development in Jersey City
ERSEY CITY, NJ — Grid Real Estate ( GRID) an- nounced the closing of a $16 million acquisition located in the Bergen-Lafayette sec- tion of Jersey City. The 40-unit luxury apartment building was developed by Six Boro Hold- ings , a Hoboken based devel- opment firm. Grid represented the buyer, Golden Glades Capital Management , a New York City based real estate fund who entered into the Jersey City market with its purchase of BeLa back in 2020. The property at 380 Com- J HI-LIGHTS FEB. 18 - MARCH 17, 2022
munipaw Ave. sits three blocks off the Pacific/Communipaw intersection across the street from Berry Lane Park. Bergen- Lafayette has seen significant development over the last cycle resulting in thousands of new units coming online in and around the Johnston Avenue Light Rail Station. This proj- ect is the first of this size to break ground on the other side of the Bergen-Lafayette. It is surrounded by historic brown- stones and walkable retail, proximity to transportation, restaurants and public parks. Grid’s Bobby Antonicello and Gregory Edgell repre- sented the buyer in handling the assignment. “Bergen-Lafayette develop- ment has been booming on the Light Rail stop for years though there has been no street level activation, retail or restau- rants to amenitize the density. 380 Communipaw Ave. is in the heart of the retail corridor
space, bike and vehicle park- ing and rooftop lounge. The unit mix will feature studios, one-bedroom and two-bedroom units catered towards young, working professionals. The building traded at $400,000 per unit. The transaction closed Pre TCO with $12.5 million in financing from Sound Point Capital Management . The loan was secured by Matthew Pizzolato, Thomas Didio, Jr. and Salvatore Buzzerio from JLL . “We were thrilled to con- tinue our relationship with Golden Glades Capital Man - agement and help them ex- pand their portfolio in the Bergen-Lafayette neighbor- hood,” Pizzolato said. “Sound Point stepped up and offered an attractive floating-rate bridge loan that will allow our client to complete construc- tion and stabilize this class A multifamily asset.” MAREJ
380 Communipaw Ave.
do very well here as the market continues to grow.” Edgell said. 380 Communipaw Ave. offers 3,100 s/f of retail space, 30,440 s/f of luxury residential living
surrounded by new shops, famed restaurants and the city’s largest park. This area offers a more walkable neigh- borhood—the buyer is going to
SPOTLIGHTS CENTRAL NJ
Northeast building portfolio sites have traded to both Faropoint & Greek Development Colliers brokers investment sale of large Philadelphia regional industrial portfolio
5-6B
8-9B
CENTRAL & WESTERN PA
13-15B
Lee & Associates promotes Zahniser to principal
Shown from Left: 327 Chew Avenue and 1211 Ford Road have both traded to Faropoint.
located on a combined 30 plus acres across Philadelphia and Bensalem, PA. The 100% leased portfolio consists of industrial facilities situated on 30.31 acres Aramingo Avenue &Church St. - 173,128 s/f within six buildings on 15.19 acres of contiguous parcels situated at the once-in-a-generation
intersection of Aramingo and Church, which is just one block from the I-95 inter- change. Greek Develop - ment has purchased this assemblage. 327 Chew Ave., a 170,390 s/f manufacturing and distri- bution facility on 8.29 acres in the Fox Chase section of Philadelphia. 1211 Ford Rd. a
104,050 s/f industrial facility on 6.44 acres in the Bridgewa- ter Industrial Park of Lower Bucks County. Both aforemen- tioned properties have been purchased by Faropoint, one of the top 50 industrial real estate owners in the U.S. with over 20 MSF of acquisitions in last mile industrial real estate markets nationwide. MAREJ
PHILADELPHIA, PA — The Colliers team of Richard Gorodesky, Carl Neilson , and Adam Goro- desky , announced a multiple investment sales have con- cluded within the 462,274 s/f multi-building, multi-county regional industrial portfolio of Northeast Building Prod- ucts (NBP) which is fully
15B
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