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Real Estate

Prologis, Norwegian investment fund announce 1B joint venture

The San Francisco-based industrial developer, one of New Jersey’s largest owners of warehouse and distribution space, said it’s partnering with Norges Bank Investment Management, which oversees the Norwegian Government Pension Fund. The venture plans to acquire 66 logistics facilities housing nearly 13 million square feet here, though it’s unclear how that plan affects New Jersey.Prologis ...

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Reports say Hard Rock is interested in buying Revel

According to the NY Post, Revel is in negotiations to sell the property to Hard Rock International, which has eight casinos and has looked in to adding a spot in Atlantic City for some time. According to the Post – quoting unnamed sources – Hard Rock will do a massive renovation of the property, helping ...

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Atlantic Club to close after bankruptcy proceedings

The financially troubled resort is shutting down after an auction in U.S. bankruptcy court, it announced Friday. As a result of the proceedings, the Atlantic Club has entered into two asset purchase agreements with two rival casino operators — Tropicana Entertainment and Caesars Entertainment, according to the Associated Press, with the companies paying a combined ...

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49.5M deal gets Chambers Street majority stake in massive French warehouse

According to the announcement, the company has acquired an 80 percent ownership interest in a newly developed 966,169-square-foot warehouse and distribution property located in Lille, France. This is Chambers Street’s first acquisition in France. The property was acquired as part of Chambers Street’s existing joint venture with Goodman Group that was formed to acquire stabilized, ...

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Xylem gets 2.7M contract for coastal storm drainage system

According to the announcement, the new drainage solution is part of a $265 million reconstruction program being implemented in the area following the damage caused by superstorm Sandy. The drainage system will consist of 47 Flygt Slimline pumps and 27 smaller Flygt submersible N-pumps in nine pump stations located at various intervals along the 12-mile ...

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Mack-Cali acquires New Brunswick apartments for 41M

The transaction includes Riverwatch Commons and Richmond Court, a three-building portfolio acquired from an affiliate of Ironstate Holdings, Mack-Cali said in a news release. The buildings are 95 percent leased.The properties, which include studio, one- and two-bedroom units, are adjacent to the Hiram Square townhome complex built by Mack-Cali’s Roseland subsidiary, the release said. Roseland ...

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N.J. getting 150M in settlement with mortgage servicer

The company, the Atlanta-based Ocwen Financial Corp., will pay $2.1 billion in principal reduction, cash payments and other fees under the terms of the settlement in federal court, New Jersey’s acting attorney general said in a news release. The high-risk mortgage loans servicer was accused of causing premature and unauthorized foreclosures, as well as violations ...

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Christie joins Gloucester mayor, others at opening of 19.2M multifamily community

According to the announcement, the HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the development federal Low Income Housing Tax Credits that generated about $15.5 million in private equity, and provided $2.5 million in permanent loan financing. The project was jointly developed by New York-based Conifer Realty LLC and the ...

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Terreno Realty sells 19M Paterson industrial property

According to the announcement, the property consists of one distribution building containing approximately 208,000 square feet and was purchased by the tenant that currently leases 100 percent of the building. Terreno Realty Corporation acquired the property in September 2010 for a purchase price of approximately $16.5 million. Stay informed: Subscribe to free NJBIZ newsletters Follow ...

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