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M id A tlantic Real Estate Journal — Northern New Jersey — March 19 - April 15, 2021 — 7B
www.marej.com
Project at Halsey and Williams paves the way to reignite Newark’s renaissance NewarkMunicipal Council grants tax exemption to Vibe, slated to rise in redevelopment area
EWARK, NJ — The Newark Mun i c i pa l Council voted to ap- prove a 30-year tax abatement for Vibe, a 270-unit resort-style apartment complex slated for development in the Living Downtown Redevelopment Area. The ordinance establish- ing the PILOT (payments in lieu of taxes) authorizes the execution of a financial agree- ment and the issuance of up to $1 million in redevelopment area bonds for the project. Proposed in 2018 by Strate- gic Development Partners , the 19-story tower will offer resort-style living with views of the Manhattan skyline and the New Jersey coastline, all the way to Sandy Hook. Vibe will feature 243 market rate residential units—including a luxury penthouse floor—and 27 affordable housing units, as well as 156 parking spaces. In addition, the ground floor will include 8,150 s/f of space to N
Program that expired in 2019, was signed into law last month, a pivotal action that has paved the way for Vibe’s planned groundbreaking later this year. Aspire encourages economic development projects such as Vibe through the provision of additional tax incentives to as- sist developers to close financ- ing gaps and bring projects to fruition. Designed to appeal to Mil- lennials, Vibe will offer a tech- nology-rich environment with abundant lifestyle amenities for those who prefer the energy and convenience of cities like Newark. Located at the inter- section of Halsey and William streets, Vibe will contribute to a high-energy neighborhood that has already sparked Newark’s dining renaissance, minutes from diverse dining options, world-class cultural events, sports and transportation, all of which will make Vibe an envi- able address. MAREJ
Vibe
accommodate two restaurants. Several entities, including Stu- dio Hillier and The Marketing Directors, have partnered with Strategic Development Part- ners to advance the project. Anthony Bastardi , chair- man of the board and chief executive officer of Strategic Development Partners, hailed the tax abatement as good news
for Vibe’s reigniting Newark’s renaissance. “This agreement will revive the City of Newark’s redevelopment efforts, which had slowed as a result of the pandemic,” said Bastardi, who noted that just one significant high-rise project has broken ground in Newark in the past five years. “City officials have demonstrated their commit-
ment to supporting this devel- opment and creating a favor- able economic environment to bring exciting projects such as Vibe to market.” Bastardi noted that the New Jersey Aspire Program, which is part of the Economic Recov- ery Act in 2020, the successor to the States Economic Rede- velopment and Growth (ERG)
Perkins & Todd of NAI James E. Hanson helps secure complex sale and lease of 102,000 s/f industrial building DukeRealty’sNewJersey industrial portfolio reaches 8.2 million s/f following East Rutherford acquisition
pursuing opportunities simi- lar to this in infill locations like Northern New Jersey.” Situated on 6.8 acres, 66-96 East Union Ave. represents highly adaptable industrial space in one of the region’s most in-demand industrial markets. Conveniently located near the junction of Routes 3 and 17, the building is a short drive from the New Jersey Turnpike and Garden State Parkway providing easy ac- cess to New York City and thoroughfares servicing the entire eastern United States. Caravan Ingredients Inc. had owned 66-96 East Union Ave. since 2000. NAI Han- son’s brokerage team of Scott Perkins and Chris Todd learned that Caravan had hoped to sell the business unit occupying the building and recognized it presented an ideal opportunity to offer
a sale and leaseback of the building to potential buyers of the business. Perkins and Todd represented the seller in this transaction. “It is not every day that you can say a complex real estate transaction like this is truly a win-win for everyone involved,” said Todd. “Through understanding the unique needs of the buyer and seller, we were able to craft a solution that would allow Duke Realty to grow its industrial portfolio while providing Caravan a clean exit from an asset and busi- ness that no longer fit their broader corporate strategy”, said Perkins. Ben Rosen, VP of leasing and development and Cait English , leasing representa- tive in the NJ market repre- sented Duke Realty in this transaction. MAREJ
EAST RUTHERFORD, NJ —The New Jersey office of Duke Realty Corporation , has completed the acquisition of a 102,224 s/f industrial building at 66-96 East Union Ave. in East Rutherford. NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, helped negoti- ate the sale and lease of the facility. The acquisition has increased Duke Realty’s New Jersey portfolio to nearly 8.2 million s/f. “Duke Realty continues to invest in modern distribution space – especially in oppor- tunities and facilities along the New Jersey Turnpike Corridor,” said Art Makris , senior vice president of Duke Realty’s Northeast region. “We are continuously working to identify strategic oppor- tunities to expand our best-
66-96 East Union Ave.
in-class New Jersey portfolio with facilities that can help meet client regional and na- tional distribution needs.” “This low coverage func- tional asset in the heart of the
Meadowlands submarket is a perfect fit for our infill acqui- sition strategy,” said Mark Crawford , vice president and head of acquisitions for Duke Realty. “We are continuously
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