2B — February 9 - 22, 2018 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey Close-in warehouse/retail properties bring omnichannel under one roof Hybrid RE positioned to thrive as last-mile distribution demand grows D iscussion around “last- mile” distribution con- tinues to dominate
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news headlines. Major retailers, like Walmart, are leveraging their physical store locations to provide expedited delivery of online orders. E-commerce players are getting creative when it comes to hyper-local fulfilment as well. For example, Amazon’s purchase of Whole Foods, in addition to creating an instant network of brick- and-mortar stores, is providing close-in sites to support the company’s expanding online grocery business. More and more, we are read- ing about a related developing trend in which retailers are es- tablishing showroom spaces as part of the omnichannel experi- ence. These locations typically carry less inventory, focusing instead on giving customers the opportunity to see and touch merchandise, and for retailers to engage clients with a level of service not available online. At the same time, emerging cloud- based technologies that enable seamless inventory control are making it much easier for re- tailers to operate easily across multiple locations. In short, e-commerce is cre- ating significant demand for smaller distribution centers in dense population centers. And those located along retail corridors provide additional draw for retailers looking to establish showroom sites. In- terestingly, while the current shifts in how retailing is done have heightened demand for this type of well-located hybrid JERSEY CITY, NJ — Ernst &Young LLP (EY) joined forc- es with Liberty Science Center to become a founding sponsor of SciTech Scity and driver of science and technology startup activity in the region. SciTech Scity is an ambitious and transformative project planned for the 14-acre site donated to Liberty Science Center by Jersey City for de- velopment. SciTech Scity is a unique endeavor and aims to build a campus (or “mini-city”) for people and companies who come together to invent the future. As a founding sponsor, EY will continue its leadership in innovation, helping clients navigate the disruptive forces
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270 Market St., Saddle Brook, NJ
property, their appeal is long established. One example of this om- nichannel concept dating back prior to the much discussed last-mile mania, is 270 Mar- ket St. in Saddle Brook, NJ. Throughout much of its 50-year history, this 78,000 s/f building has been used as a combination retail warehouse and show- room. Initially, the property served as Fashion Barn’s cor- porate headquarters, distribu- tion center and retail outlet. Next, beginning in the late 1980s, Comint Leathers leased the property for a similar use combining headquarters of- fices, distribution and an outlet showroom. From the mid-1990s through 2007, Porcelanosa Tile followed suit. In short, this Bergen Coun- ty warehouse and retail prop- erty has always lent itself to hybrid use. It sits on a major county roadway in a neighborhood of restaurants, stores and banks, making it a natural fit for retail. At the same time, it provides a high parking ratio and easy truck access, with proximity to ma- jor regional thoroughfares in- cluding I-80, the Garden State Pkwy., and routes 17 and and changing business dynam- ics driven by technology. EY’s deep experience in science, technology, engineering and mathematics (STEM) fields and prestigious network of clients and partners will help bolster the local startup ecosystem while also helping to attract some of the world’s greatest minds to Jersey City. Liberty Science Center will leverage the state-of-the-art EY wavespace network to convene clients and thought leaders and facilitate collaboration in the lead up to SciTech Scity’s targeted open- ing in late 2021. “STEM is at the heart of the transformative age we are liv- ing in. The strong leadership and ambitious plans for Liberty
46 – great for distribution. Other buildings with these at- tributes are also particularly well suited to today’s last-mile and omnichannel demands. Our firm services a North- ern New Jersey portfolio of smaller warehouse and retail spaces. For decades we have watched the evolution of con- sumer expectations and tenant requirements. Undoubtedly, e-commerce represents one of the most significant disruptors in the history of the retail and retail/industrial real estate industries. The bottom line remains that only the largest national players can take advantage of established store networks to ease the challenges of last-mile fulfillment. Yet demand for next-day and same-day deliv- ery, and quick pick-up is being felt by retailers of all sizes. Properties that offer the “best of both worlds” – retail space along highly trafficked cor- ridors and distribution accom- modations with ample parking and easy roadway access – are positioned to benefit in this shifting real estate landscape. David Schlussel is a co- managing partner at Key Properties in Teaneck, NJ. n Science Center and SciTech Scity are perfectly aligned to our focus on driving innovation and building a better working world,” said Steve Howe , EY US Chairman and managing partner and Americas manag- ing partner. “We are excited to bring EY’s energy to this cutting-edge effort which, ulti- mately, is about inventing the future.” The EY wavespace global growth and innovation network brings together multi-disciplin- ary talents, unique capabilities and IP, in collaborative, interac- tive working environments. The network focuses on disruptive growth, improvement strategies and technologies that impact specific industries. n
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EY signs on as a founding sponsor of SciTech Scity at Liberty Science Center
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