All eyes are on New Jersey in this week’s roundup of real estate news in the Tri-state area.
The 93,000-square-foot Vernon Valley Plaza in Vernon Township sold for $19 million. The seller was a regional developer, while the buyer was a local investor.
The property at 530 County Road 515 was built two decades ago and is anchored by an ACME Markets grocery store. Other tenants include Albertsons and the United States Postal Service. Marcus & Milichap held the listing and procured the buyer.
Advance Realty proposed a 52-unit project at 1404 Willow Avenue in Hoboken, the former site of a Hertz rental car facility, JerseyDigs reported. The MVMK Architecture-designed project would rise eight stories.
Local ordinances require 10 percent of the units to be set aside for affordable housing. The ground floor would have 7,400 square feet of retail space where cafe and restaurant uses have been proposed. Construction is expected to take two years and could begin in the summer once a redevelopment agreement is reached between Advance Realty and Hoboken officials.
Plans are again emerging to redevelop the Neumann Lathers Industrial Warehouse at 300 Observer Highway in Hoboken, YIMBY reported. The proposal is the latest floated by builders since 2015.
The proposed property, designed by Nastasi Architects, would include six buildings connected by a courtyard, featuring 375 residential units — some affordable — and 32,000 square feet of public space. The proposal is still awaiting approvals, so there’s no timeline on when the project could begin.
Another project that appears to be getting back in shape is the Steel Tech project near Berry Lane Park in Jersey City. Skyline Development’s proposal is back in front of the Jersey City Planning board, NJ.com reported, one year after a community group filed a lawsuit to block the project.
The proposal at 417 Communipaw Avenue now calls for an 18-story, 420-unit residential building, along with a three-story recreation center and one-story commercial facility. There would also be 35,000 square feet of open space and retail on the main building’s ground floor.
If approved, the $200 million project could break ground in the spring.
Work has begun on the Patel Brothers’ quest to double the size of its market in Jersey City’s India Square, according to JerseyDigs. The Chicago-based company is clearing the tracts at 776, 778, and 780 Newark Avenue to support its creation of a 10,000-square-foot grocery store.
Elsewhere in Jersey City, Park Stone Management and Fields Grade Development Company refinanced Le Leo, a 99-unit luxury building in the city’s Journal Square neighborhood. Lakeland Bank provided the $37 million loan.
The six-story building at 244 St. Paul’s Avenue is 88 percent leased, according to a release. Amenities at the building include a fitness center, resident lounge and co-working space. Blue Gate Partners’ Mark DeLillo and Marc Schulder represented the owners in the transaction.
Read more
