S hopping C enters N ew J ersey S potlight C entral NJ
Real Estate Journal —Southern New Jersey — November 8 - 21, 2019 — 5B
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M id A tlantic
Drummond and Perrotti of NKF represent owner in transactions KBS signs more than 100,000 s/f in leases at WoodbridgeCorporatePlaza in less thansixmonths I KBS in the leases included Jamie Drummond and An- drew Perrotti. as nearby dining, a farmer’s market and a 24-hour grocery store.
SELIN, NJ — KBS , one of the largest owners of premier commercial real estate in the nation, today an- nounced the signing of 103,396 s/f in leases at Woodbridge Corporate Plaza in Iselin, New Jersey within the last six months. 13 companies signed new, renewal or expansion leases at the 629,000 s/f, six- building, class A office park located in the Central New Jer- sey submarket of Metropark. Of these 13 leases, six were new leases, four were renewals and three were expansions, according to Stephen Close , senior vice president for KBS and asset manager of the property. “This rapid leasing activity is demonstrative of the quality product we are able to provide our tenants as hands-on asset LAKEWOOD, NJ — Lo- cated just off the Garden State Parkway in Ocean County, and occupying over 2,000 acres, the Lakewood Industrial Park is the state’s second largest industrial park. Since opening in the 1960s, this industrial, business and warehouse center has also been an example of how a professionally-planned and managed, large-scale com- mercial hub can serve as an economic engine and drive criti- cal investment into a township without taxing its schools. Under the watchful eye of the Lakewood Industrial Commission (LIC) , the gov- ernment agency charged with overseeing the industrial parks and acting as a business com- munity ombudsman on behalf of Lakewood Township, the Lakewood Industrial Park has experienced consistent growth by adapting to meet the needs of a changing marketplace. This proactive approach has created a diverse tenant roster that now includes ‘last mile’ e-commerce tenants, service providers and technology com- panies, including many that are coming to Lakewood and Ocean
“As one of the largest own- ers of office properties across the nation, we truly under- stand what today’s tenants demand, and we are able to meet those demands consis- tently within our assets,” said Close. “Woodbridge Corporate Plaza is a prime example of this success, and will continue to be a cornerstone asset in the Metropark market." iCreditWorks, a dental loan provider and C.H. Robinson, a leader in freight solutions, are two of the six new companies to relocate to the building. Other new companies at the property include Vlasac & Shumark, Ac- risure, Apex, and Hackensack Meridian. The NKF team representing properties in Lakewood. Lakewood Industrial Park helped rescue Lakewood from economic ruin decades ago, fuels its resurgence into today, and is setting the township on solid financial footing for tomorrow. “There’s no question the Lakewood Industrial Park has played a pivotal role in growth of the township since it first debuted nearly six decades ago and its value to local gov- ernment and residents can’t be overstated,” said Peter Sudler , president and CEO of The Sudler Companies , the park’s largest property owner. “First and foremost, as the township’s largest commercial tax contributor, it’s been an economic powerhouse that’s enabled Lakewood to fund and invest in municipal programs and improvements to support an expanding population – all with minimal burden on local homeowners. Maintaining the integrity of the park as a com- mercial center is vital to con- tinuing to drive growth in this community moving forward.” “Lakewood Industrial Park is an incubator – it grows com-
“Metropark has historically proven itself to be a market that performs extremely well over time,” says Marc DeLuca, regional president, Eastern United States, for KBS. “We initially acquired the property in 1996, sold the asset in 1998, and reacquired the property in 2005. These strategic trades are based on the continued strength of this submarket, which continues to demon- strate fundamentals that make Woodbridge Corporate Plaza a valuable asset over the long- term. The Metropark area continues to experience solid population growth, and is lo- cated in the heart of Middlesex County, the second most popu- lous county in the state.” mercial properties without taxing town resources, allowing the area to flourish,” ads Free- holder Vicari. “At present, 60% of Ocean County’s residents travel outside of Ocean County. Our goal is to attract more business entities to the region so that more people can live and work within the county. My prediction is that as busi- nesses get more sophisticated as time goes on, more and more corporations will go where the talented workforce is, and that is Ocean County.” Corporations and industrial companies continue to bring new investment, commerce, and tax revenue to the Town- ship. The types of businesses that are coming in are evolving to include e-commerce and tech companies. “As the region’s economic engine moved from manufacturing to e-commerce, the Lakewood Industrial Park has become a magnet for the ‘last mile’ e-commerce centers for online retailers. In addi- tion, we have had an influx of technology companies and other commercial entities,” said Glen Jaffe , real estate agent, Sheldon Gross Realty .
Woodbridge Corporate Plaza
managers,” said Close. “We are attracting new tenants, and maybe more importantly, many of our existing tenants are renewing and expanding within our buildings. These companies have experienced first-hand the types of ameni- ties the property features and caliber of service we offer and are actively choosing to grow within this award-winning
property.” Woodbridge Corporate Plaza won The Outstanding Building of the Year (TOBY) Award in the Renovated Building cat- egory last year. The property features a cafe, on-site man- agement, a fitness center with showers and locker rooms, dry cleaning pick-up and drop-off, and a shuttle service to sur- rounding local amenities such
Lakewood Industrial Park continues to drive Lakewood’s economic growth by attracting innovative corporate tenants
Lakewood Industrial Park
County from outside the area. “Companies are attracted to Lakewood because rental rates are half the cost found at facili- ties closer to New York City,” said Ocean County Freeholder Joseph Vicari. “As an example, we have brought research com- panies into the park that create high-paying jobs for our highly motivated and educated work- force. The local employee base has a great work ethic and they have skills for today and for tomorrow.” The success of Lakewood Industrial Park has had a tremendous fiscal impact on Lakewood’s municipal opera-
tions and the Ocean County la- bor market. The Park not only financially supports the town- ship by generating substantial property tax revenues, but also significantly drives the labor market by creating over 10,000 local jobs and $2 Billion in busi- ness each year. This revenue provides critical funding for public projects and services to keep pace with the population at what is New Jersey’s fastest growing municipality. Criti- cally important, the dollars contributed by the Lakewood Industrial Park to the township tax rolls serve as an essential offset to the many tax-exempt
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