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Real Estate Journal — New Jersey — August 12 - 25, 2016 —5B
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M id A tlantic
10-year refinancing on five flex-industrial properties totaling 115,714 s/f Denholtz Associates secures $3.975 million refinancing of Bridgewater mixed use building
RIDGEWATER, NJ — Denholtz Associ- ates , a privately held, fully integrated real estate development, investment and management company, has secured a 10-year, $3.975 million refinancing on five of its flex-industrial prop- erties totaling 115,714 s/f. The properties, located at 1W-5W, Chimney Rock Rd. in Bridgewater, NJ are part of the Bridgewater Business Park. Michael Cook , senior vice president of commercial lending for First Bank NJ , negotiated the terms of the refinance. Located in the heart of Som- erset county, The Bridge- water Business Park boasts approximately 380,000 s/f of flex-industrial buildings, offering flexible accommoda- B
ates. “First Bank NJ was able to see our vision for the future of the Bridgewater Business Park properties and negotiate mutually favorable rates that will keep us doing business together for a long time. Our understanding of the Bridge- water industrial market and successful track record work- ing with community lenders enabled us to reach favorable terms for the refinance.” The properties are located just off Rte. 22 in a high traf- fic area at the convergence of Routes 202/206, I-287 and I-78. The area is also conve- nient to the Garden State Parkway and New Jersey Turnpike. Nearby attractions include the Bridgewater Com- mons Mall, outstanding din- ing choices, banks, hotels and conference centers. n “street” within the building’s existing quarter-mile long atri- um. The promenade area will connect tenants and visitors to a host of dining and enter- tainment venues, health and wellness services, renovated office space and educational facilities, a hotel and confer- ence center for both employees and visitors. Plans for the programming and restoration of these common areas are being executed by Alexander Gorlin Architects . In addition to the redevelop- ment of the former Bell Labs facility, the approved plan for the site allows for residential, recreational and open space uses outside the building, including the development of up to 40 single-family homes and 185 age-restricted town- homes, as well as a field house for sports. Toll Brothers, a developer of luxury residential communities, is in contract with Somerset for the purchase of land outside the building to construct the development’s residential component. Situated along Crawfords Corner Rd., Bell Works is approximately one mile from Exit 114 of the Garden State Parkway. n
1W-5W Chimney Rock Rd.
tions for a variety of tenants. The properties located at 1W- 5W currently house a mixture of showrooms, including a plumbing and stone counter-
top company, and recreational users, which includes a paint- ball and gymnastics company. “We have been fortunate to have worked with a lot of
great lenders, including com- munity banks that know our target markets as well as we do,” said Stephen Cassidy , president of Denholtz Associ-
iCIMS signs 350,000 s/f headquarters lease at Bell Works HOLMDEL, NJ — With leasing momentum rapidly accelerating at Bell Works, Somerset Development announced that renowned technology company iCIMS, Inc. will serve as anchor com- mercial tenant at the iconic mixed-use development in Holmdel. A leading provider of human resources software, iCIMS signed a 350,000 s/f lease at the property with an option to take additional space for future expansion. Communications, Suttons In- ternational, Symbolic IO and vi Collaboration Hub. “Our unique approach has transformed Bell Works into a world-class venue that brings the feel and aesthetic of an ur- ban downtown to this suburban location,” said Ralph Zucker , president of Somerset Develop- ment. “We are working to cre- ate one of the most unique and attractive commercial proper- ties in the region, and, in less than two years, we are already seeing the environment we envisioned come to life.” Bell Works
innovative atmosphere, which rivals any office environment found in the New York Met- ropolitan Area. An increas- ing number of companies are recognizing the advantages of remaining in New Jersey or relocating here from out of state, and this remarkable property is providing us with a competitive edge.” iCIMS, which is relocating from Matawan, NJ, is a lead- ing provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions that enables growing organi- zations to manage the process of attracting, screening and hiring great talent. “I feel as if I’ve come full circle. Early in my career as a recruiter, I placed exceptional candidates into Bell Labs,” said Colin Day, founder and
CEO of iCIMS. “The impres- sive technology created by talented people in this building will once again echo as iCIMS will usher in a new era of tech- nology and innovation in the Garden State and continue our strong growth and profitability as we make our transition into Bell Works opens a new chap- ter for iCIMS.” iCIMS’ lease is the latest in a string of office agreements with growing technology companies at Bell Works. Previously, in May, cloud-based business management and fleet man- agement solutions company WorkWave finalized a deal for a 72,000 s/f headquarters space at Bell. Other prominent commercial tenants include Acacia Communications, Met- Tel, McCann Systems LLC, NVIDIA Corporation, Spirent
The addition of iCIMS, which is relocating its headquarters, brings Bell Works to more than 50% occupancy less than two years after the historic 2 mil- lion s/f property sat as one of the single largest vacant office buildings in the nation. Som- erset is currently executing a $200-million adaptive reuse redevelopment, transforming the former Bell Labs facil- ity into a dynamic “live-work- play” community. “The continued success of Bell Works is essential to the strength of New Jersey’s job market,” said Lieutenant Governor Kim Guadagno. “Technology-driven companies like iCIMS are attracted to Bell Works for its unique and
The Garibaldi Group ’s Jeff Garibaldi , president, Tara Keating Freeman , vice president, and Kyle Ma- honey , associate vice presi- dent, represented Somerset Development in the leases as Bell Works’ office leasing agency. The CBRE team of Joseph Sarno Jr. , execu- tive vice president, Jeremy Neuer , senior vice president, and MatthewWassel , associ- ate, represented iCIMS. Somerset Development pres- ident Ralph Zucker attributed the recent success in attract- ing businesses to Bell Works’ redevelopment plan, which is centered around a pedestrian
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