S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marej.com
M id A tlantic
Capital Markets team closes sale of University Square in Princeton JLL’s Cruz, Duval and Avanzato close sale of a 4-building industrial portfolio in Morris County
M
ORRISTOWN, NJ — JLL has closed the recent sale of 19
Chapin Rd., a four-building, core-plus light industrial port- folio totaling 529,110 s/f in the Morris County community of Montville Twp. JLL marketed the property on behalf of the seller, partner- ship between Camber Real Estate Partners and Ad- vance Realty Investors . A partnership comprising Cohen Asset Management, Inc. and Intercontinental Real Estate Corp. purchased the HI-LIGHTS AUGUST 9 - 22, 2019
Marc Duval
Jordan Avanzato
Jose Cruz
University Square
team representing the seller included senior managing di- rector Jose Cruz and direc- tors Marc Duval and Jordan Avanzato . “We continue to see very strong demand from the invest- ment community for industrial product in Northern NJ, and, specifically for this asset, the location and tenant mix helped to drive pricing,” Cruz said. In a second transaction, JLL closed the sale of University Square, a five-story, trophy office building totaling nearly 330,000 s/f in Princeton. The sale also included the adjacent one-story, 33,600 s/f 115 Cam- pus Dr.
“Along with Vision, we have a track record of acquiring high- quality, well-located campuses that we further enhance to fit the needs of major tenants, like Everest, who are using hospi- tality-enriched workplaces to recruit and retain top talent.” Originally built as a head- quarters for Lucent Technolo- gies, Warren Corporate Center comprises more than 820,000 s/f of office space across five buildings surrounded by walk- ing trails and a richly land- scaped pond with amphithe- ater seating, and four covered parking structures. CBRE’s Eric Deutsch and Jeff Babikian represented Everest, while Cushman & Wakefield’s Robert Don- nelly, Sr. and Robert Don- nelly, Jr. represented build- ing ownership in the lease transaction. JLL represented the seller, RXR Realty and The Black- stone Group , and procured the buyer, Argent Ventures . “The quality of University Square along with its location and tenant line up brought investors from all over the country,” Cruz said. “We are seeing many more buyers for suburban office product these days as attractive current going in yields and upside in the leas- ing continue to drive interest.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
19 Chapin Rd.
asset. 19 Chapin Rd. is 93.7% leased to 11 local and international corporations. Completed be- tween 1999 and 2000, the rear- loading buildings offer 88 total loading positions, including 76 dock-high doors and 12 drive- in doors. Located on 129 acres
along US Rte. 46, 19 Chapin Rd. is two miles from the intersec- tion of I-80 and 280 and less than five miles from Interstate 287, which, together, provide access across New Jersey and into New York, Pennsylvania and Delaware. The JLL Capital Markets
SPOTLIGHT CENTRAL NJ
3-9B
Vision & Rubenstein ink 315,000 s/f lease for USHeadquarters at Warren Corporate Center
WARREN, NJ — A joint venture partnership between affiliates of Vision Real Es- tate Partners and Ruben- stein Partners, L.P. an- nounced that Everest Reinsur- ance Company has signed a 315,000 s/f long-term lease to relocate the corporate head- quarters of its U.S. operations to Warren Corporate Center in Warren. The announcement comes on the heels of the prop- erty ownership’s completion of Warren Hill, an indoor- outdoor standalone ameni- ties hub that has mobilized Warren Corporate Center’s transformation into a modern, hospitality-inspired work en- vironment. “Our modern workforce de- mands high-quality office space, which includes ex- ceptional amenities in an environment that activates
11, 13B
Opportunity Zone investing in NJ . . .
Warren Corporate Center
and echoes their dynamic lifestyles. Our goal is to pro- vide them with an abundant setting where they can learn, grow, and achieve their full potential,” said Sam Mor- reale , founding and managing partner of Vision Real Estate Partners. “When thoughtfully programmed, suburban cam- puses like Warren Corporate Center can provide tenants and their talent with the ideal mix of full-service amenities and desirable outdoor spaces – a balance that is difficult to achieve in a more urban location.”
Rubenstein and Vision have collaborated on Warren Hill and the other elements of their business plan for the property while a large existing tenant has continued to occupy a majority of the campus. That tenant is working through a phased relocation, creating the opportunity for new ten- ants to move into the updated campus. “We believe we’ve created a fully-amenitized and differen- tiated product that the subur- ban New Jersey office market is embracing,” said Stephen Card , principal at Rubenstein.
12B
14-15B
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