O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

ACKENSACK, NJ — Simone Develop- ment Companies , a MacDonald arranges leases of medical office space New deals bring Simone Development Companies' 385 Prospect Ave. in Hackensack near full occupancy H its portfolio of medical office properties.

James MacDonald , VP/ director of leasing for Simone Metro Properties, arranged the leases, which bring the property from 40% to 90% occupancy. “Simone Development is pleased to be able to provide an upscale medical office property and support the community of Hackensack,” said MacDonald. “Our property has been reposi- tioned into a premier medical office facility. We provide first in class amenities such as valet parking and onsite management and find it important to provide a healthcare facility that is rep- resentative of the quality of care visitors expect to receive from the tenants in our properties.” Located less than a mile north of Hackensack University Medi- cal Center and less than a half mile from the Anderson Street NJ Transit station. The property, situated on 1.6 acres and built in 1983, features parking for over 200 vehicles. 

HI-LIGHTS J an . 25 - F ebruary 7, 2019 Simone Development ac- quired the property in the first half of 2017 and has reposi- tioned the asset and invested in a multi-million-dollar reno- leading investor and developer of medical office and healthcare properties throughout New York, New Jersey and Con- necticut, has completed two new leases of medical office space at 385 Prospect Ave. in Hacken- sack, bringing the property to more than 90% leased.

RPG under construction on Hanover Business Center

385 Prospect Ave.

vation, including new lobbies, common areas, façade work

and energy management up- grades to bring the asset up to

the quality standards the com- pany is known for throughout

PrismCapital Partners launches Dunellen Station with demolition of obsolete industrial facility

DUNE L L EN , N J — Prism Capital Partners has launched Dunellen Sta- tion, the redevelopment of the former Art Color indus- trial facility into a mixed-use, transit-oriented community. The Bloomfield-based adap- tive reuse specialist this fall commenced demolition of an obsolete, 400,000 s/f industrial facility on the site at 100 South Washington Ave.; construction is slated to begin in the sum- mer of 2019. Prism will construct 194 one- and two-bedroommarket- rate apartments and 58 units reserved for low- and moder- ate-income residents, as well as 10,000 s/f of retail. Dunellen Station also will include 130 for-sale townhouses, which will be developed by a national homebuilder. “This well-situated prop- erty is just steps away from Dunellen’s vibrant, walkable downtown business district

GZA names Patrick Sheehan as CEO and John Murphy as COO 2B

Dunellen Station

and directly across from the train station,” said Prism’s Robert Fourniadis , senior vice president, residential. “We have created a diverse range of housing options in order to serve numerous seg- ments of the market, and the new retail components will support residents of Dunellen Station as well as the whole community.” Dunellen Station residents will enjoy a full amenities package including a club-

house, meeting rooms, fitness center, outdoor pool with pa- tio and entertainment area. Dunellen Station’s design, by City Invincible, reflects the character of the former Art Color building, with the retail component and clubhouse complementing the neighbor- hood with a transit theme. Prism Capital Partners is an established leader in the industrial-to-residential adaptive reuse arena. The firm currently is wrapping

up Phase I construction at Edison Village, the mixed-use redevelopment of the historic Thomas Edison Invention Fac- tory and Commerce Center in West Orange. The 21-acre site represents the largest non-waterfront adaptive-reuse project in New Jersey. In Hoboken, Prism’s industrial- to-residential conversion of a former Wonder Bread factory on Clinton Street is moving forward, with interior demoli- tion now underway. 



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