4B — April 23 - May 20, 2021 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Somerset warehousing/distribution facility leased by NJ-based snacks maker Sheldon Gross Realty EVP Bob Nathin brokers lease for 308,550 s/f building
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transactions,” said Nathin. “This building addresses the company’s growing needs related to warehousing and product distribution. With its primary manufacturing location literally around the corner, 101 Randolph Rd.is an ideal location.” MAREJ NJEDA announces ERG program to relaunch in June TRENTON, NJ — The New Jersey Economic Development Authority (NJEDA) announced plans to reopen the residential com- ponent of the Economic Rede- velopment and Growth (ERG) Program utilizing $50 million in tax credits designated in the Economic Recovery Act of 2020. NJEDA will start ac- cepting applications no earlier than June 1, 2021 to provide at least 90 days of preparation time for potential applicants. The ERG program, which was originally created to ad- dress project financing gaps in development projects, had previously stopped accepting new applications in June 2019. The Economic Recovery Act was signed by Governor Phil Murphy on January 7, 2021 to address the ongoing economic impacts of the COVID-19 pan- demic and build a stronger, fairer New Jersey economy. The new phase of the ERG program will be administered based on pre-existing ERG regulations and statutes, as amended by the Economic Re- covery Act, which added new prevailing wage and minimum wage requirements. NJEDA anticipates issuing a solicita- tion (or call for applications) document with further infor- mation about this process in early April. “The extension of the resi- dential portion of the ERG Program will support invest- ment in projects that offer attractive housing options for families while revitalizing surrounding neighborhoods,” said NJEDA CEO Tim Sul- livan . “The inclusion of $50 million for the ERG program by Governor Murphy and the Legislature will help advance projects that are ready to move forward now, while the new programs created by the Eco- nomic Recovery Act are taking shape.” MAREJ
OMERSET, NJ — Shel- don Gross Real ty , through executive vice
transaction with Chuck Fern of Cushman and Wakefield; JLL represent- ed the landlord, Bridge De- velopment Partners.
p r e s i d e n t Bob Nathin , has negoti - ated a long- term lease of the 308,550 s/f building at 101 Ran- dolph Rd. in Somerset.
The location has been leased to snacks and confec- tions maker PIM Brands, a subsidiary of New Jersey- based Promotion In Motion, Inc. Nathin worked on the PIM Brands also oper- ates several other facili- ties, including a 250,000 s/f production location in the immediate vicinity. So, the new building – which will be utilized both for warehousing and distribution – represents another expansion. Parent company Promotion in Mo- tion is among the world’s 50 largest candy manufacturers. “I’ve worked with Promo- tion In Motion on multiple Let Us Help You Find the Perfect Location For Your Business 101 Randolph Rd. Bob Nathin
BRIDGEWATER – FOR LEASE 77,000 +/- Sq. Ft. Warehouse
EATONTOWN – FOR LEASE 96,964 +/- Sq. Ft. – Will Divide 51,000 sf Class A Office / 42,600 sf Warehouse
5.5 Acres outside storage
HIGHBRIDGE – FOR SALE 24,000 +/- Sq. Ft. on 4.38 Acres Redevelopment Zone / Great Opportunity
MIDDLESEX - FOR SALE or LEASE MEDICAL OFFICE BLDG – 2,750 Sq. Ft. Available 39% of building leased to long term medical tenant.
WANT TO IMPROVE YOUR INVESTMENT? CONSIDER OUR PROPERTY MANAGEMENT SERVICES: Maximize the financial return on your properties with the help of our property management services. CONTACT US FOR A FREE CONSULTATION – 973-325-6200
SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel. 973-325-6200 - Fax. 973-325-9090 www.sheldongrossrealty.com
The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.
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