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N CBRENational Partners &HFF helped to arrange the sale toDuke Realty Bridge announces an agreement to sell an industrial portfolio consisting of 10-buildings or the rn N J , Southern CA and South FL
ISSUE HIGHLIGHTS Volume 29, Issue 22 Nov. 24 - Dec. 7, 2017 SPO TLIGHTS Professional Services
phase expected to close near the end of the year. In addition to the 10 completed properties, the deal includes two land par- cels on which two properties totaling 852,745 s/f will be con- structed, beginning later this year. Once fully constructed the total cost of the portfolio will be nearly $700 million. This is one of 2017’s largest industrial sales and brings Bridge’s year to date sales volume to over $1.1 billion. The NJ properties included in the first two phases of the sale are: • Bridge Point South Bruns- wick, a 488,884 s/f building at 773 Davidson Mill Rd. in Monroe Twp., NJ. This building is 100% leased to two regional 3PL companies who valued the properties proximity to the Exit 8A interchange off I-95
• Bridge Point Meadowlands, located at 5 Ethel Blvd. in Wo- odridge, NJ, is one of the land parcels in the deal currently under construction. Upon com- pletion, the new state-of-the- art facility will total 193,805 s/f • Bridge Point Carteret, a 206,500 s/f building located just off Exit 12 of I-95 at 900 Fed- eral Blvd. in Carteret, NJ. The building is 100% leased to Vir- ginia Dare Extracts for 15 years who relocated their long-time operations from Brooklyn, NY • Bridge Point Cranbury, a 264,085 s/f building that was recently leased and is located at the corner for Rte. 130 and Broadway Rd. in Cranbury Twp., NJ. “We are extremely proud of the accomplishments of our New Jersey team. This transac- tion consists of over 2,260,000
one-, two-, three- and four- bedroom residences, accord- ing to Hallstead Property Development Marketing (HPDM) , which is directing the sales effort. The dramatic elegance and sophistication of One Park are further enhanced by its more than 25,000 s/f of indoor and outdoor amenities. One Park’s Cliffside Park location has long attracted those commuting to New York City for business and pleasure who appreciate its proximity to the George Washington Bridge, Lincoln Tunnel and New York Waterway ferry service to Manhattan. The one square-mile borough also enjoys a diverse dining and shopping scene. The main thoroughfare, Anderson Av- enue, or “The Avenue” as it is affectionately referred to, is lined with boutique stores and shops, while an eclectic offering of dining, shopping and waterfront recreational and nightlife pursuits are just minutes away in Edgewater, Weehawken, North Bergen and Hoboken. n s/f of existing buildings as well as two buildings currently un- der construction totaling over 852,000 s/f. Developing over 3.1 million s/f of buildings worth over $520 million in three years in such a challenging market as New Jersey is a testament to the talents and tenacity of our team”, said Jeff Milanaik , regional partner for Bridge. “This portfolio sale is part of the $1.1 billion of new state- of-the-art industrial assets Bridge will sell in 2017,” said Steve Poulos , Founder/CEO of Bridge Development Part- ners. “The portfolio includes a mix of fully stabilized, partially stabilized and completely va- cant assets.” Brokers with CBRE Na- tional Partners and HFF helped to arrange the sale to Duke Realty. n
— Br i dg e D e v e l o p - ment Part- ners , LLC (Bridge) has a nn o un c e d a n a g r e e - ment to sell a 10-build- ing industrial
8-10A
CONSTRUCTION MANAGEMENT/ DESIGN BUILD
Jeff Milanaik
portfolio totaling 3,424,732 s/f to Duke Realty Corp. for $515 million. Each of the assets are newly constructed state-of- the-art facilities in the nation’s top infill industrial markets of Northern NJ, Southern CA and South FL. The transaction will be completed in phases, with the first and second phases hav- ing closed on September 27th and October 25th, and the final
5-12B
Secures financing with the assistance of Cooper-Horowitz, Inc. through AIG DMG Investments closes $71.6m construction loan for One Park condominium building in Cliffside Park, NJ
Section C
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CLIFFSIDE PARK, NJ — DMG Investments an- nounced that it has closed a $71.6 million construction loan for One Park, the 204- unit luxury condominium building rising in Cliffside Park with panoramic views of the Manhattan skyline. The 14-story building topped out in August and is scheduled to be completed in fall, 2018. The financing was secured by DMG with the assistance
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One Park
of Cooper-Horowitz, Inc. through AIG . “We’re delighted to receive this vote of confidence from a commercial lending insti- tution that recognizes One Park’s unique qualities and widespread appeal to buy- ers both here and oversees,” said Jacky He , executive vice president of DMG In- vestments. “With a clifftop location that maximizes the building’s dramatic views,
world-class design, inspiring amenities and proximity to Manhattan and the vibrant Hudson River waterfront, One Park offers a new per- spective on Gold Coast liv- ing.” Designed by architectural firm Architectura , with in- teriors curated by boutique design firm, VLDG, One Park boasts a glass curtain wall and private outdoor space for every home. The new landmark offers
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AutoZone Zebulon, NC $1,652,243
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ..................................... Belinda Kachel Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................. Miriam Buttrick Contributing Columnists: ...Brian T. Lovett, CPA, CGMA, JD, Withum; Glenn Ebersole; Lisa Cassidy, Orwak North America; Lee E. Wasserman, LEW Corporation; George Crawford, Green Partners; Missy Henriksen, National Association of Landscape Professionals Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 22 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal www.mar journal.com
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Strong Consumer Confidence, Job Growth & Global Economic Resilience Create “Goldilocks” Economy T he U.S. economy has entered a Goldilocks scenario, one that is not too hot or too cold, but “just about right,” Cushman & Wakefield’s U.S. Macro Forecast reveals. Real GDP is on track to grow slightly over 2% in 2017, generating nearly 2 million net new jobs this year. The economy’s temperature also seems to be “just about right” for consumers. Confidence is hovering at a near-15-year high, retail sales are acceler- ating at a 5% rate year-over- year and credit is flowing. In addition, the global economy is also resurgent. World nominal GDP growth is expected to be four times greater this year than it was last year, bolster- ing global trade and business confidence. But by many metrics, the economy is certainly not “too hot.” Inflation is one suchmea- sure. Despite a low unemploy- ment rate, wage growth re- mains mostly muted and core inflation remains stubbornly below the Federal Reserve’s target rate of 2%. History suggests that when the labor market is near full employ- ment, core inflation should be higher; however, in August, the Fed’s preferred measure of inflation—the core Personal Core Expenditures (PCE) in- dex —was up only 1.4% year- over-year. [email protected] www.navesinkrivercapital.com Jonathan L. Hornik Lysar Financial Services, Inc. 80 Main St. •West Orange, NJ 07052 P: 973-325-2500 • F: 973-325-7548 Samuel Pepper [email protected] P: 973-325-2500 x 1104 Meridian Capital Group, LLC New Jersey Office 517 Route 1 South • S ite 4000 Iselin, NJ 08830 P: 732-301-3200 • F: 732-301-3299 [email protected] www.meridiancapital.com Navesink River Capital, LLC We specialize in Multi-Family, Office, Retail, Industrial, Mixed-Use, Healthcare and S lf Storage 83 South St. • Suite 302 • Freehold, NJ 07728 P: 855-778-1000 Newcastl Financial Company LLC I ternational Blvd. • Suite 400 • Mahwah, NJ 07495 P: 201-378-0118 • F: 201-584-9173 [email protected] www.newcastlefn.com The 504 Company 2050 Center Ave. • Suite 375 • Fort Lee, NJ 07024 P: 201-346-0300 [email protected] Hector DaCosta “While this may be related to transitory factors, such as pass-through effects from low- er oil prices, a one-off decline in medical costs and cell phone prices, the reality is that infla- tion, or lack thereof, has been baffling economists for years, “ said Revathi Greenwood, Cushman &Wakefield Ameri- cas Head of Research. “Com- plicating matters further are Hurricanes Harvey and Irma, which will distort monthly >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68
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