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Mid A tlantic R eal Estate Journal — New Jersey — October 12 - 25, 2012 — B
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arnegat, NJ — Bob Horvath and Todd Tremblay of Marcus Horvath & Tremblay and Geisenfeld broker Barnegat transaction Marcus & Millichap and Capital Comm’l. Partners sell Advance Auto for $2,342,405 B
Florence, NJ — NFI has been chosen by Subaru of America to relocate and expand the automaker’s parts distribution center and train- ing facility to a new location in Florence. The location, NFI Park at Florence Crossings, is located at 2020 Rte. 130 North. The Subaru facility will be a state-of-the-art, class A 526,050 s/f modern distribu- tion facility with tilt-up con- crete construction and 17,000 s/f of office and training space. At full build-out, the NFI Park will comprise approximately 1,650,000 total s/f. The facility’s projected date to open for full operations is June 1, 2013. NFI completed the transaction with Subaru of America and their real estate brokers from CBRE on June 29, less than three months from the initial proposal for the opportunity. Michael Landsburg ,VP of real estate for NFI, attributes the speed to completion was “a direct re- sult of the timely and efficient collaboration efforts between NFI, SOA, CBRE, and Flor- ence Township officials, which allowed for an accelerated timeline of events.” NFI had positioned the site to be “shovel ready,” includ- ing obtaining the New Jersey & Millichap Real Estate Investment Services , one of the nation’s largest real estate investment services firms, along with Richard Geisenfeld of Capital Com- mercial Partners have successfully brokered the transaction of an Advance Auto. The 6,124 s/f single tenant property is located at 860 West Bay Avenue in Bar- negat, NJ. Advance Auto has a fifteen year lease with (3) five year options. The sales
price of $2,342,405 represents a CAPRate of 7.4 and $382.50 psf . Bob Horvath & Todd Trem- blay procured the buyer, R&R Barnegat LLC. Richard Geisenfeld represented the seller, Primax Properties LLC . n Bob Horvath Todd Tremblay
Subaru of America selects NFI Park at Florence Crossings for new parts distribution and training center
Subaru facility rendering
said Jeffrey Brown , NFI vice chairman and president. As an integral division of the company, NFI Real Estate focuses on the core values of the company — including social responsibility. With these community improve- ments and energy-efficient alternatives, both Subaru and NFI look to better the communities in which they opera te. The 526,050 s/f proj- ect is the largest built-to-suit development in New Jersey this year, and will be one of the new buildings constructed by NFI Real Estate. NFI is looking forward to future de- velopment for the remaining 1.1 million s/f at NFI Park at Florence Crossings. n
long-term job opportunities in the area. Also, the building will be con- structed to achieve Leadership in Energy and Environmental Design (LEED) Certification and will have a solar panel ar- ray on the roof of the building provided by NFI Solar. This will provide renewable elec- tricity for the operation at a 20% savings fromwhat Subaru is currently paying. This re- duction in electric costs will be provided with no additional fees, liability, or risk to Subaru. “NFI Real Estate is excited to partner with Subaru of Amer- ica and Florence Township as it adds this project to its con- tinually expanding 23 million s/f portfolio in NorthAmerica,”
Subaru site plan
Department of Transportation approvals to construct signifi- cant highway improvements, so that it could react quickly to potential opportunities. The Payment In Lieu Of Taxes (PI- LOT) tax incentive provided by Florence Township was an integral component for the selection of the NFI Park site by Subaru, and will provide significant savings on real estate taxes during Subaru’s occupancy. The range of opportunities through this transaction is
widespread. The proposal contains plans for highway improvements, including a jug handle on Rte. 130, enhancing the transportation infrastruc- ture that exists in the area. The project will provide new community involvement and improvements as well. This includes a new community garden at Florence’s Munici- pal Building and regularly delivered donations to local food banks. This deal is also spurring other business inter- ests, leading to both short- and
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