S hopping C enters C entral NJ S potlight

M id A tlantic Real Estate Journal — Southern New Jersey — November 13 - December 10, 2020 — 5B


ARREN, NJ — Thor Equities has acquired a fully- Welsh, Schulz, and Emrani of Newmark represented the seller, Ivy Realty Thor Equities acquires life science facility in Warren, New Jersey for $27 million W

OCEANPORT, NJ — The Fort Monmouth Econom- ic Revitalization Author- ity (FMERA) announced that OPort Partners, LLC , a company owned by Denholtz Properties , has closed on what is known as District A in the Oceanport section of Fort Monmouth. District A includes the former Commissary & PX and the Post Office Area, and the Warehouse District along with an adjacent parking lot. Denholtz Properties, head- quartered in Red Bank, NJ, is a privately held, multi-state, fully integrated real estate development, investment, and management company with more than 65 years of com- mercial real estate experience. OPort Partners will develop a mix of commercial uses on the combined 26-acre site. Plans call for a complement of flexible office and technology space, with innovative food and/or beverage concepts in the former Commissary build- leased Life Science facility in Warren, for $27.1 million, the fifth acquisition by its Thor Sciences division. The research and develop- ment facility, at 7 Powder Horn Dr., is fully leased to Celegne, a pharmaceutical company that makes cancer and immunology drugs. The 180,000 s/f property, which spans two floors, sits on 14.5 acres of land. “The property is an ideal fit for our growing portfolio and we are pleased to expand our presence in the competitive New Jersey R&D market,” Thor chairman Joe Sitt said in a prepared statement. Thor Sciences, a division that focuses on the Life Sci- ence sector, has made five acquisitions since launching in 2016. The previous two acquisitions were also in New

7 Powder Horn Drive

Jersey, where the life science sector is rapidly growing. The firm purchased the 340,000 s/f 95 Greene St. in Jersey City in

February, as well as an eight- building campus, the New Jer- sey Center for Excellence, in Bridgewood, in August 2019.

seller, Ivy Realty , while New- mark's debt team secured acquisition financing for the purchase. MAREJ

Kev i n We l sh , Br i an Schulz , and Jason Emrani of Newmark 's capital mar- kets team represented the

Denholtz Properties closes on former warehouse district and District A at Fort Monmouth, New Jersey

ing as the centerpiece of the project. The nearly 53,000 s/f commissary building will be redeveloped into a mix of food or craft production related uses which may include eateries and a variety of production spaces. Construction is expected to be- gin in the first quarter of 2021 and to take three years. The first phase, which includes the renovation of the commissary, is expected to be completed in 12 months. The existing buildings in the Warehouse District, Post Office Area, and PX, will be demol- ished by the developer and re- developed as commercial office, research & development space, and accessory warehouse/flex space. The developer’s plan includes the construction of six new buildings totaling 215,000 s/f. The total development for the combined District A and the Warehouse District site is approximately 269,234 s/f. “We are excited about the

development program for this site, especially what is planned at the former Commissary, which will fill an important void at the Fort as well in the regional market,” said FMERA marketing & development manager Sarah Giberson . “The mix of uses OPort has planned is especially relevant in today’s market, and further advances our long-term plans to develop a cluster of tech- nology and commercial uses including amenities.” According to Giberson, OPort’s targeted uses will complement the technology companies already located on the Fort, as well as the grow- ing number of small and large businesses opening Fort-wide. Under the Purchase and Sale and Redevelopment Agreement with FMERA, OPort paid $4.35 million for the two properties. OPort will invest over $60 mil- lion in the project and is ex- pected to create 750 part-time or full-time jobs. MAREJ

District A aerial

Made with FlippingBook - Online catalogs