Marcus & Millichap arranged the sale of the $2.19 million sale of the site, which the firm said generated "significant interest" from investors.

“Residences like the ones offered at Wonder Lofts are a rare find in the Hoboken market and highly coveted by families seeking homes with interior and exterior space comparable to a brownstone or townhouse, but in a full-service, highly amenitized condominium building,” said Robert Fourniadis, senior vice president – Residential of Prism Capital Partners, which developed Wonder Lofts in partnership with Angelo Gordon and Parkwood Development. “With abundant living space and deeded parking included with every home in the community, these residences provide a unique lifestyle in this marketplace.”

After owning the one-story, 33,000-square-foot standalone building for 20 years, the seller was looking to take advantage of current market conditions as he approached retirement.

Bussel Realty Senior Vice President Jordan Metz also arranged a short-term leaseback at the 40,000-square-foot property for the seller, which operates a trucking and logistics business at the property.

JLL represented the borrower to arrange a 10-year, fixed-rate loan through Valley National Bank for the Bergen County mixed-use development.

Mauro Rubbo, already regional head for Connecticut, will oversee operations in the Garden State, as well, where the company has an office in Parsippany.

The property will be the location of a 1.2 million-square-foot distribution center. “This is an ideal site offering access to the nation’s most densely populated region, with over 24 million people living in the NY–NJ–CT–PA Combined Statistical Area,” according to Executive Managing Director Jeff Lockard, who worked on the deal.

"The right mix of Class A construction, convenient location and transportation options plus an excellent value away from the Gold Coast has struck the ideal chord for our residents," said Adam Pasternack, president of Russo Property Management.

There are currently 19 dispensaries in New Jersey. But where these outlets choose to locate isn’t as straightforward as just finding an attractive spot.

“Talking about diversity [in the industry] and how we can make things better for everyone, and why diversity is important—not just because it’s a good thing to do, but it’s also good for business,” said Kristine Hurlbut, CoreNet New Jersey Diversity, Equity & Inclusion Committee co-chair.

Some of the latest include The Ridge at Readington, 3 Acres, Summit Court, EDGE and sites in Jersey City.

The space will allow the company to expand its co-packing and co-manufacturing services, near to its Keyport headquarters.