20B — March 10 - 23, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
East Orange Property Owners Association . . .
Located on Rte. 46 West TheAzarianGroupcompletes renovation of Pine Brook P
continued from page FC-B redevelopment and develop- ment including local govern- ment policies and protocols were examined during the final discussion. The participants of the panel Danzig moderated were: Brian Banaszynski, principal at Heller Industrial Park; Jose Cruz, senior managing director of HFF; Jeff Milanaik, Prin- cipal Bridge Development Partners, LLC; and Kevin Walsh, managing director , CBRE. The initial roundtable ex- changed ideas about vacancy, absorption, rental rates and new construction. Experts agreed New Jersey’s low sup- ply/high-demand is driving a bullish market and the ability to charge premium rates per square foot. According to par- ticipants, once industrial space is secured, investors/owners need to devise strong strate- gies for tenant mixes to ensure DeMarino has been an invalu- able member for 15 years,” said Uranowitz. Specializing in property offering memoran- dums, as well as the prepa- ration of critical real estate documents, DeMarino has risen through the Gebroe-Hammer ranks, from administrative as- sistant to assistant vice presi- dent. She also is a member of the Board of Health in Bloom- ine Brook, NJ — The Azarian Group, L.L.C. announced the complete renovation of the Pine Brook Plaza located on Rte. 46 West in Pine Brook. The Pine Brook Plaza mea- sures 7,942 s/f and has seven stores, 940 s/f is available. It is strategically located front- ing on Rte. 46 West (100,000 cars per day) with convenient access and visibility. The Pine Brook Plaza also has rear access onto old Bloom- field Ave. and is located be- tween two major jug handle access points. NEWARK, NJ — WSP Par- sons Brinckerhoff signed a long-term lease for 22,000 s/f at 2 Gateway Center, C&K’s class A office building in the heart of downtown Newark. continued from page 15B
The East Orange Property Owners Association is credited with pilot- ing three integral City of East Orange ordinance amendments during the past 12 months. Among the properties that have recently been repositioned is 195 Prospect St.
Pine Brook Plaza
cial properties throughout NY and NJ. The Azarian Group’s portfolio includes 19 properties with more than 350 tenants totalling over 1.2 million s/f. n its commitment to 2 Gateway. C&K Properties was repre- sented by Dudley Ryan , senior VP, Cheryl Hardt , firstVP, and KadeemGoodall-Reid , associ- ate, of CBRE’s NJ office. n respected by some of the most prominent multi-family prop- erty owners, investors, lenders and attorneys in the region.” n Correction: This is a rerun of a previously published story that ran in the ODM Section, 2-24-17 issue of the MARE Journal. The release ran with Adam Zweibel’s last name misspelled. MAREJ takes full responsibility and apologizes to Mr. Zweibel for the error. Germany and Russia were cited as countries with heightened investor interest. Coupled with this fact, panelists agreed the FED would not substantially raise interest rates in 2017. The Impact of the New Administration’s Trade Policies The next topic explored was how the new administration’s trade policies would impact four years of positive absorption in the IRE market. Panelists agreed imports are essential for last mile distribution. Addi- tionally, participants believed American companies are going to continue outsourcing for pro- duction of goods and services rather than increase domestic manufacturing. The reason for US businesses to continue partial international outsourc- ing is due to cheaper labor costs which in turn insulate profit margins from shrinking. Armed with strong import/ export synergy, Danzig que-
The Azarian Group was formed in 1970 and is a fam- ily owned Real Estate Firm specializing in the acquisi- tion, ownership, manage- ment, and leasing of commer- WSP Parsons Brinckerhoff has been at tenant at 2 Gateway for nearly 25 years. Drawn to the building’s superior infra- structure, technological offer- ings, the company has renewed “These individuals are suc- cessful because they embrace the Gebroe-Hammer Associ- ates tenets of forging strong, long-term relationships and the principles of integrity, hard work, perseverance and market expertise imparted by the late Mel Gebroe and Morris Ham- mer,” said Uranowitz. “As a result, they are sought-out and profitability since high costs are hard to pass down. Banks are more lenient for prospective developers knowing investors are paying premium rates for IRE space. When Will The Positive Surge in IRE Reverse? “The health of the industrial real estate market continues to be strong, but for how long?” said Danzig. “In the wake of a new Administration, we need to examine any significant changes internationally, and its impact on our economy.” Assessing when the upward trend in IRE would change was the prevailing question among panelists. In response, everyone agreed growth would continue through 2018. Experts attributed the market strength to New Jersey’s strategic loca- tion for conducting business and the surplus of domestic and international capital willing to invest in the limited available IRE inventory. China, Israel, field, where she has resided for 35 years.
cited as emerging growth areas for IRE space. “Sometimes you have to trade-off the design aes- thetic for suitability to serve a large parking footprint,” stated Banaszynski of Heller Indus- trial Park. Another sacrifice made for business’ speed to market goals was the forfeiture of NJ state incentive programs. Strong Collaboration With Local Governments Danzig drove the discussion to municipalities’ receptiveness towards new IRE goliaths mov- ing in. Experts provided insight that there is a reduction in Department of Environmental Protection’s staff at local of- fices, and the need to factor de- lays in permit processing. Ad- ditionally, panelist stated they advised clients to be sensitive to residents’ concerns about increased traffic patterns and the necessity to form positive alliances with the communities of which the businesses reside in. n In addition, EOPOA’s mem- bers are committed to raising awareness and reducing tax burdens by spreading them over a larger base while in- creasing valuations and en- hancing the quality of life for apartment-building tenants and single-family homeowners alike. n vacancy decontrol ordinance is expected to be another cata- lyst for transforming outdated multi-family properties. “De- control allows property owners – once a unit has been vacated under the ordinance’s very detailed eligibility require- ments – to implement capital improvements and market-rate rents in an effort to modernize the city’s apartment-housing stock while preserving afford- ability for long-term, in-place tenants,” said Frankel, who has been actively involved in East Orange’s renaissance during the past 18 years.
ried the robustness of the e- commerce industry. The group cited strong opportunities for commercial real estate brokers finding building specifications to suit investor’s needs. Since big-box retailers are increasing, larger buildings are needed to house products and automated pick and pack technologies. NJ Industrial Real Estate GOLD COAST Industrial real estate ex- perts acknowledged the Gold Coast for available inventory remains on the NJ Turnpike, from Exits 6A through 13A, at the Elizabeth seaport. Speak- ers said the hallmark of Exit 6A is Amazon’s new home in Florence Township in the Gar- den State. In the shadow of the Philadelphia metropolitan area, they stated the distribu- tion center fulfills multi-state retail demand. The areas of Bordentown/ Trenton; Highwood/Freehold and Cranbury/Jamesburg were While the dangerous dog and background checks will have an almost immediate impact on the safety and well-being of all residents and visitors to the city of East Orange, the managing member of Equis Realty Partners ; and board members David Oropeza , managing director of Gebroe- Hammer Associates , and Marc Watkins , CEO of Rock- ledge Ventures, LLC . Since its inception, EOPOA has been committed to col- laborating with city and eco- nomic development officials to improve the city’s regulatory environment. As a group of like- minded property owners, the association seeks to enhance the opportunities for growth, lower the barriers to entry and attract new, established inves- tors as well as experienced property owners and developers to the city. continued from page 8B
WSP Parsons Brinckerhoffsigns 22,000 s/f lease
GH Four Executive Promotions . . .
Danzig moderates Panel at Industrial Summit; Analyzing Trends in Industrial RE
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