S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marej.com
M id A tlantic
14-story building designed by Architectura, with interiors curated by VLDG DMG Investments closes $64M inventory loan for One Park CondominiumBuilding in Cliffside Park
LIFFSIDE PARK, NJ , — De v e l op e r DMG Investments has closed a $64 million in- ventory loan for the 14-story luxury condominium building through AIG. The loan is the second financing secured with AIG for One Park, coming on the heels of a $71.6 million construction loan in 2017. The important milestone is noteworthy on multiple fronts. It speaks to the confidence the financial community has in One Park, and the willing- ness of a major lender to work C HI-LIGHTS SEPTEMBER 13 - 26, 2019
sectors. “The ability to secure and inventory loan at One Park during a period when interest rates are favorable its finan- cial strength and plays a key role in our company’s nation- wide investment strategy and long-term vision,” said Jacky He , CEO of Manhattan-based DMG Investments. “Of course, it’s equally as notable for homebuyers. The strong belief in DMG Investments and One Park by a leading financial institution is surely a comfort- ing notion for our purchasers.” One Park, which was com- pleted in fall 2018, is situated high atop the historic Pali- sades Cliffs overlooking the Hudson River and New York City skyline. Its one-of-a-kind location maximizes the build- ing’s dramatic views, world-
class architecture, inspiring amenities and proximity to Manhattan and the vibrant Hudson River waterfront. De- signed by Architectura , with interiors curated by boutique design firm, VLDG , One Park boasts a glass curtain wall and private outdoor space for every home. One Park features a collec- tion of 204 well-appointed one- to-four-bedroom homes which range from 751 to 2,983 s/f of elegant living space. One Park’s Cliffside Park lo- cation has long attracted those commuting to New York City for business and pleasure who appreciate its proximity to the George Washington Bridge and Lincoln Tunnel. The one square-mile Borough of Cliff- side Park also enjoys a diverse dining and shopping scene.
One Park
again with DMG Investments is testament to the company’s trusted brand and reputa-
tion for developing high qual- ity projects in both the multi- family and student housing
Rockefeller Group begins construction on 900,022 s/f distribution center in Edison
5-12B SPOTLIGHT NORTHERN NJ
EDISON, NJ — Rocke- feller Group has begun con- struction on Rockefeller Group 10Edison, a 900,022 s/f specu- lative distribution center in Edison. The distribution center will be located on 56 acres off Rte. 27 in Edison at a former ExxonMobil research lab and synthetics oil facility that oper- ated from 1949-2016. “Rockefeller Group is excited to be developing in Edison and bringing this facility to the Northern New Jersey mar- ket,” said Mikki Columbus , associate director, real estate development for Rockefeller Group’s New Jersey/Pennsylva- nia Region. “The site provides immediate access to Rte. 287 and the New Jersey Tpke.” The cross-dock building fea- tures 40-ft clear ceiling heights, 150 dock doors, 464 auto-park- ing stalls and 206 trailer-park- ing stalls. This is Rockefeller Group’s second 40-foot clear distribution center in the mar- ket. In 2015, Rockefeller Group developed Cranbury Station Park with 40-foot ceilings, an increasingly attractive feature in modern industrial buildings.
DIVERSIFIED PROPS. ANNOUNCES JOINT VENTURE WITH 1026 RE INVESTORS
8B
10Edison
town of Edison over the past two years on site improve- ments, zoning and infrastruc- ture. “Rockefeller Group’s in- vestment in Edison is another significant economic victory for our community. Redeveloping the former ExxonMobil plant will create many temporary construction jobs. It will ul- timately generate more per- manent local jobs at the new distribution center and it will increase Edison’s tax base,” Mayor Thomas Lankey said. “My administration continues to work diligently to strengthen
“This project is one of the few industrial projects under con- struction of more than 750,000 s/f in New Jersey and is a rare combination of location and size,” said Mark Shearer , se- nior vice president & regional development officer for Rock- efeller Group’s New Jersey/ Pennsylvania Region. “With great access to the port and 40-foot high ceilings, we feel 10Edison will be attractive to a variety of users.” In 2017, Rockefeller Group acquired the 56-acre site and has worked closely with the
Edison’s economic health.” According to Thomas Mona- han , vice chairman of CBRE , who is heading the leasing ef- forts for Rockefeller Group on the project along with CBRE’s Stephen D’Amato and Larry Schiffenhaus , there is strong demand in the Northern New Jersey market for buildings greater than 750,000 s/f. For Q2, the overall vacancy rate for the entire New Jersey industri- al market fell to 3.0%with even greater compression to 2.1% for the 287/Edison New Jersey Tpke. Exit 10 submarket.
14-15B Upcoming Spotlights Fall Preview Engineers Student Housing Contact Kimberly Brunet
www.marej.com For more info: P: 781-740-2900
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