18A — March 25 - April 14, 2016 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Redwood Realty inks $5.4m sale in Hasbrouck Heights
125,860 s/f built-to-suit industrial building for $20m Monmouth RE Investment Corp. announces acquisition I
nectivity, but also its link to other major markets. Cen- tral Pennsylvania is liter- ally sandwiched between Philadelphia, Pittsburgh, and Baltimore with access to markets such as Wash- ington, DC, Virginia, New York, New Jersey, Delaware, etc. Taking these factors into consideration, we wanted to know how strong Shrews- bury is exactly when com- pared with other markets across the United States. To test this question, we picked 20 markets across the United States for comparison (NOTE: these markets were chosen based off of current distribution activity as well as their location to other major markets). In this exercise, we took each of these points and applied a 4 hour drive-time and calculated the total population within each of the drive-times for comparison to the same drive-time around Shrews- tenants’ needs, a dedicated visitor parking lot located in the front of the build- ing, card key access, flexible floor plates, and monument signage. The building was originally constructed by V & R Partnership as the headquarters for Electro- Nucleonics, but transitioned into multi-tenant occupan- cy in 2003. Ownership has invested in improvements and capital expenditures in recent years to maintain the attractiveness and func- tionality of the building. The property is well positioned to attract tenants seeking the features and amenities that come with a class A office building without the higher rent. Notable tenants at 350 Passaic Ave. include Poggen Pohl, Stavitsky & Associates, Hulse & Phillips and A.C. Marmo. “There was a great (GE), a New York corporation. The class A industrial building is situated on approximately 34.1 acres and is expandable by an additional 90,000 s/f. Michael Landy , president and CEO, said, "We are ex- tremely proud to welcome GE to our high-quality ten- ant roster. GE has been in business since 1892 and they
bury. Overall out of these markets, Shrewsbury ranked #2 behind Albany, New York. Within a 4 hour drive-time of Shrewsbury, you can reach just under 42 million people (81.1% higher than the aver- age for this data set). Albany only outranks Shrewsbury by less than 500,000 people. At ROCK, we have access to numerous different data sets including our own pro- prietary database. Let us show you how we can use data and analytics to con- duct detailed market studies with industry leading tech- nologies to help you make better, more strategic real estate decisions. We publish a weekly column entitled MORETidbits which takes national news, data, and statistics that are relevant to real estate, business, and economics and gives the in- formation a local Central PA perspective. n deal of interest from both users and investors in this asset, as evidenced by the multiple purchase offers we received,” said Peter Ras- musson, CCIM . The proper- ty was 66% leased upon sale and still has approximately 8,300 s/f of available space on the second floor. Rasmusson, CCIM, senior vice president, with Lee & Associates’ Elm- wood Park office represented the seller in the transaction. Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is one of the largest broker-owned firm in the country with 52 locations across the nation. With 800 brokers nationwide, Lee & Associates provides a wide range of specialized commer- cial real estate services on a local, regional and national level. n are one of the world's largest companies. Our new class A facility is of vital importance to GE as it will serve as their Global Research Center for Additive Manufacturing. This state of the art research and development facility is three miles from the Pittsburgh International Airport and is expandable by 90,000 s/f." n
drive-time, you can reach all of York, Harrisburg, and into Baltimore. In fact, you could consider the southern portion of I-83 in York County to be a “dis- tribution hotspot” based solely on these findings. The second highest point in terms of total population reached within a 1 hour drive-time is located about 12 miles north in South York at the intersection of I-83 and Route 74 (South Queen Street). Although it’s about 400,000 people less than Shrewsbury’s drive-time, you are still able to reach over 3 million people within a 1 hour drive-time of this point. How does Shrewsbury stack up to other U.S mar- kets? As previously discussed, the most notable factor of the Central Pennsylvania market is the roadway con- FAIRFIELD, NJ — Lee &Associates NJ announced the sale of 350 Passaic Ave., a 30,000 s/f, two-story class B office building located just south of a full interchange with Route 46 and a half interchange of Route 80. The owner sold the property to local investor SGP Century, LLC for just under $3.3 mil- lion. SGP Century, LLC also owns a large portfolio of office and industrial properties in the Fairfield area. Located in the heart of Fairfield, the property has plenty of ame- nities nearby including nu- merous restaurants, hotels, stores and transportation to New York City from the nearby Willowbrook Mall. Other amenities at the office building include an onsite property manager to ensure the property is meticulously maintained and to serve MPERIAL, PA — Mon- mouth Real Estate In- vestment Corporation announced the acquisition of a brand new 125,860 s/f built- to-suit industrial building, located at 101 N. Campus Dr., Imperial, PA at a purchase price of $20,032,864. The prop- erty is net-leased for 10 years to General Electric Company
Lee & Associates NJ arranges $3.3 million sale of Fairfield, NJ office building
strong buyer demand that we continue to see in the market for well-located assets in Ber-
HASBROUCK HEIGHTS, NJ — Redwood Realty Ad- visors announced that it has
gen County,” said Thom- as McCon- nell, CCIM , a m a n a g - ing partner at Redwood Realty. “The new owners a n t i c i p a t e
successfully c o mp l e t e d the sale of a mixed-use property at 192 Blvd. in Ha s b r ou c k Heights for $5.4 million. The property
to productive use.” When a developer undergoing an en- vironmental cleanup engages the services of an LSRP it is the responsibility of the LSRP to ensure that the property is properly remediated and in compliance with NJDEP rules and regulations. The LSRP program has helped to significantly reduce the time between site remediation and title transfer of once contami- nated land. This is welcome news for municipalities with land which has been sitting vacant for decades and for develop- ers who wish to create jobs by constructing new distribution facilities on land once consid- ered “too hot to handle.” Robert Sobol is manager of business development for Brinkerhoff Environ- mental Services, Inc. an environmental engineer- ing and consulting firm with offices in Manasquan and Medford, New Jersey. Robert can be reached at email@example.com or 732-223-2225 . n The Redwood Realty Advisors’ team who worked on this trans- action included Thomas McCon- nell, CCIM, Kevin McCrann , managing partner, Steven Ma- tovski, and Saul Ramirez , investment associate. n that they can realize more upside in rent and value in what remains a very high bar- rier to entry market,” added McConnell.
included 32 apartments and 10 commercial spaces. “This property encompasses nearly an entire city block on a busy Main & Main street with the added benefit of garage park- ing,” said Steven Matovski , a director at Redwood Realty. The property sold to a 1031 Exchange buyer at a cap rate of 5.5%. “The low cap rate is a further testament to the cleaner environment they also helped to slow the process by which a company was able to successfully remediate a contaminated site. This lead to frustration on the part of both buyers and sellers of commercial property. Waiting for NJDEP approval to allow transfer of title of remediated property could drag on for months or even years. LSRP’s to the Rescue. The state government and local municipalities saw this time-consuming process as an impediment to job creation and commercial development and a delay to much needed tax ratables. To help remedy this situation the New Jersey Site Remediation Act of 2009 was enacted and the Licensed Site Remediation Professional (LSRP) designation was creat- ed to help expedite the cleanup and approval process. The goal of the Site Re- mediation Reform Act and LSRP program, according to the NJDEP, is to “quickly re- turn underutilized properties
continued from page 2A A New View on Old Sites. . .
continued from page 3A Central Pennsylvania: A distribution hotspot . . .
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