S hopping C enters C entral NJ S potlight
M id A tlantic Real Estate Journal — Central New Jersey — February 14 - 27, 2020 — 5B
www.marej.com
Weinblatt of Compass Commercial represents lessee in 312,373 s/f Bordentown transaction CBRE's Waxman, Lissner, Beyda & Weinblatt arrange ind. lease for Modell’s Sporting Goods B
ing is a brand-new distribu- tion facility that boasts the types of amenities that will allow Modell’s to improve its supply chain operations, deliver merchandise to the stores more efficiently, en- hance its growing e-commerce business and position the company for future growth and exceptional service.” Modell’s is partnering with enVista, a leading global soft- ware solutions and consulting firm, to engineer and furnish its new facility. 201 Old York Rd. is located within the Central New Jer- sey industrial market, one of the country’s most dynamic distribution hubs. The facility is near Port Newark/Eliza- beth, the Philadelphia and South Jersey docks, Newark Airport, Philadelphia Airport and JFK Airport. position,“ said Albert Corr , senior vice president from Endurance. “We acquired the building in early 2017 know- ing it would be vacant within a few months. We set forth on a full scale $5 million capital improvement plan to upgrade and modernize the property to make it a very attractive option for prospective tenants. We demolished 75,000 s/f of office areas in the building, replaced the roof, installed new LED lighting throughout the warehouse and added ten additional dock doors to meet the demand of today’s industrial tenants,” concluded Corr.” Benjamin Cohen , president of Endurance, add- ed, “Our ongoing partnership with Thackeray includes 10 deals together in the greater Philly MSA, this transaction being a very successful one. Burlington County has seen a tremendous uptick in tenant demand and investor interest in the last few years and with our business plan completed we were able to capitalize on that growth.”
ordentown, NJ — In a transaction arranged by CBRE , Modell’s Sporting Goods has committed to a 312,373 s/f industrial lease at 201 Old York Rd. in Bordentown. The sporting goods retailer, with locations throughout the Northeastern United States, will house its logistics and distribution operations at the newly built, state-of-the- art facility owned by Matrix Development . The CBRE team of Bill Waxman, Mindy Lissner and Steven Beyda worked in tandem with Brett Wein- blatt of Compass Commer- cial in representing Mod- ell’s in the search and lease negotiations. CBRE’s Paul Touhey, Dan McGovern and Jake Terkanian also assisted in the space search. Mount Laurel, NJ — An affiliate of Endurance Real Estate Group, LLC (Endurance) and Thacker- ay Partners (Thackeray) announced the disposition of 2000 Bishops Gate, a 292,466 s/f, class A industrial ware- house, located in Mount Lau- rel for $32.2 million. The JLL team of John Plower, Ryan Cottone, Zach Maguire, Dean Torosian and Nate Demetsky brokered the sale on behalf of the Seller. The building was construct- ed in 1988 and renovated in 2019. It features 32’ clear ceil- ing heights, an ESFR sprin- kler system and ample loading capacity with full dock pack- ages for its 35 dock positions. The property is strategically located on NJ Rte. 38, a prin- cipal East/West Hgwy. in Burlington County and offers access to Exits 4 and 5 of the NJ Tpke. and Exit 40 of I-295. The property was 100% leased to two tenants at closing. “We are thrilled to see the transformation of this project through its stabilization to dis-
201 Old York Rd.
“The transaction involved an exhaustive search throughout
New Jersey, lower New York and Eastern Pennsylvania,”
said Waxman, executive vice president, CBRE. “The build-
Endurance announces the sale of 292,466 s/f 2000 Bishops Gate in Mount Laurel for $32.2 million
2000 Bishops Gate
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