S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Building at Exit 8A is fully-leased while still under construction Heller Industrial Parks signs lease with All- Ways for entire 285,000 s/f speculative building
OUTH BRUNSWICK, NJ — There’s more to celebrate this year than just the holidays at Edison, NJ based Heller Industrial Parks . One of the largest dis- tribution center developers in the country, Heller announced that it is has signed a long- term lease with All-Ways for this latest best-in-class build- ing at Heller Park North in South Brunswick. This new distribution center is the first “from the ground up” specula- tive 40’ storage height ware- S
Route 17 South. The fourth property, lo- cated at 60 Route 17 North, is a 74,900 s/f power center featuring credit tenants in- cluding DSW Designer Shoe Warehouse, PetSmart and a 25,000-s/f Staples store that will be re-tenanted. “This strategic acquisition offered our partnership an opportunity to purchase ir- replaceable real estate on an established trade corridor,” said Lesley Lisser , director, asset management, Invesco Real Estate. “The properties’ prime location in the heart of Bergen County offers tenants excellent visibility along an always-busy traffic artery, as well as access to the area’s dense, high-income popula- tion.” ChuckLanyard , president of The Goldstein Group , will serve as the leasing agent for the northbound asset. n Heller’s in-house engineer- ing, construction and leasing departments are now proceed- ing with updating the designs for the balance of the 2.6 million s/f Heller Park North. “These new buildings will be a significant addition to the next generation of distribu- tion centers built to satisfy the most stringent demands of today’s sophisticated storage, distribution and transporta- tion logistics firms. Heller’s strategy has always been to secure locations and design buildings that will be highly desirable well into the future,” concluded Banaszynski. n building has been two-fold: the extended mild fall weather, and Heller’s first use of pre- cast structural wall panels. It took only three months from ground-breaking until the building was “closed in” with the roof completed. The remaining building and site work continues at a rapid pace today, with a scheduled occu- pancy for early 2016.
Angeles market. John Tesser and Mike Markey from Colliers Inter- national along with Casey Mungo of DAUM Commer- cial Real Estate Services represented All-Ways, and David Paster represented Heller Industrial Parks on the lease transaction. The tenant conducted an extensive search for months to select a new fa- cility, and was willing to wait for this building’s completion instead of committing to an existing building. “Our comprehensive mar- ket research indicated this
was the right size building to start on a speculative basis,” said Brian Banaszynski , president of Heller Industrial Parks. “The building design, with 40’ top-of-product storage heights combined with park- ing for 85 trailers, was the key to attracting several prospec- tive tenants for the project. Our sales and construction teams were highly coordinated and key to responding to the tenant’s needs, which made the leasing of this facility go smoothly.” The driver behind the rapid pace of construction of the
PARAMUS, NJ — The partnership of Advance Realty and Invesco Real Estate announced the acqui- sition of a 244,000 s/f retail portfolio, comprised of four properties, located on Route 17 in Paramus. Three of the buildings are situated at 289- 315 Route 17 South, while the fourth sits at 60 Route 17 North. Christopher Bel- lapianta , managing director and principal of Advance Realty, led the joint-venture partnership in the acquisition of the portfolio. 289-315 Route 17 South features two stand alone buildings that are occupied by PGA Tour Superstore and a P.C. Richard & Son. The third building is an older 72,184 s/f office building that the part- nership plans to redevelop. "Paramus is among the most desirable retail cor- ridors in the United States, All-Ways is a new tenant to Heller’s portfolio as well as this submarket. However, they are not a new company by any means. For over 30 years, the logistics company has been ser- vicing all aspects of the supply chain, offering a complete end- to-end solution to its clients. It is one of the fastest growing 3PLs with over 1 million s/f of existing operations in the Los house to be leased in the 8A submarket. The construction just recently commenced in September 2015, so the build- ing has a new tenant months before completion.
JANUARY 15 - 28, 2016
HI-LIGHTS
SPOTLIGHT Southern NJ 7-12B SELA acquires a 34-unit complex in Sparta for $4.45m
Advance Realty & Invesco Real Estate acquire a four-property retail portfolio totaling 244,000 s/f
ALSO INSIDE Southern New Jersey.......7-12B SNJ Appraisal Institute.......8-9B People & Company News.... 14B CREW NJ.............................. 13B www.marejournal.com 4B Case Real Estate Capital to broaden platform in 2016 14B
60 Route 17 North
with extremely favorable supply and demand charac- teristics and an estimated $5 billion in retail sales an- nually," said Peter Coco- ziello , president and chief executive officer of Advance
Realty. "The portfolio affords our partnership durable in- place cash flow with upside potential." Jamie Sackeim of The Dartmouth Company will serve as leasing agent for
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