S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Metroview is approximately 96% leased and includes 196,000 s/f of office space Mack-Cali announces the $53.1 million acquisition of Metropark property in Edison
DISON, NJ — Mack- Cali Realty Corpo- ration announced the purchase of 333 Thornall St. in Edison, a class A office building located inMetropark, a major transit hub. The pur- chase price was approximately $53.1 million. Known as Metroview, the property is approximately 96% leased and includes 196,000 s/f of office space. The building is located adjacent to Mack- Cali’s 343 Thornall St. “Met rov i ew i s a great E
PISCATAWAY, NJ — NAI James E. Hanson , a New Jersey-based commercial real estate firm has arranged the sale of a 59,572 s/f industrial building in Piscataway, to Ring Power Corporation. NAI Hanson’s Barry Mayer and Arthur Hixson , in conjunc- tion with Corbin Bengston of Mohr Partners represented the buyer and found the build- ing for the entertainment support company allowing for the company’s relocation from Kenilworth, NJ. Ring Power Corporation provides turnkey temporary power generation and techni- cal support for film production, concert tours, broadcasting and special events. The prop- erty, located at 250 Circle Dr. North, fulfilled Ring Power’s unique requirements for se- cure on-site parking for the company’s equipment as well as oversized drive-in doors and tailboard loading for ser- vicing their power generating equipment. The building also features ample office-space for 333 Tho rna l l St . i s a LEED(R) Silver certified build- ing with easy access to routes 287, 1, and 27, as well as the New Jersey Turnpike and Garden State Parkway. The nearby transit hub offers both NJ TRANSIT and Amtrak service and is within walking distance of the complex. Major hotels, dining, and retail are complement to our existing 195,700 s/f asset next door and is another in a series of moves designed to refocus our holdings toward transit-based office assets,” said Mack-Cali president Michael DeMarco . “This market is known for its strong rental demands and high occupancies, owing in part to its location just down the road from the nearby transit hub, making it an ideal example of what we are striv- ing to accomplish with our new strategy.”
creating an approximately 400,000 s/f campus. “While the buildings are already attractive because of their outstanding location, we plan to add to the existing amenities to make it an even more appealing option for central New Jersey business- es,” said Ricardo Cardoso , executive vice president and chief investment officer. “The addition of a new fitness cen- ter, conference rooms, Wi-Fi, and multiple dining options will transform the space into an outstanding class A office campus.” The acquisition of 333 Thor- nall St. is part of Mack-Cali’s strategy to focus resources on transit-based real estate, as well as waterfront properties. The purchase of 333 Thornall St. is one of the new leadership team’s high profile moves in that direction. n
DECEMBER 11 - 23, 2015
HI-LIGHTS
333 Thornall Street
also located in close proximity. The company plans to inte- grate its existing building with the new acquisition through the construction of an inter-
connected, landscaped walk- way providing access to the shared amenities, as well as terraced, outdoor seating and various exercise components
SPOTLIGHT Northern NJ 5-12B Zimmel Associates leads in Central NJ flex space market
NAI James E. Hanson finds 59,572 s/f home for entertainment support company in Piscataway
2B
Gebroe-Hammer locks up $170m in multifamily sales
250 Circle Dr. North
8B
the company’s administrative operations. “This assignment required us to find an asset with a desir- able location and with the very specific features that the client required,” said Mayer. “Ring Power Corporation’s facility
in Kenilworth no longer suited their long-term goals or the expansion of the company, but the lack of quality industrial product for sale within their originally-specified search area required us to expand our search. In the end, the build-
ing Ring purchased should prove to be a strong asset, and help in the company’s contin- ued growth.” The property provides im- mediate access to Route 287, Route 78 and The New Jersey Turnpike. n
ALSO INSIDE People on the Move............ 14B EDANJ.................................. 16B CREW NJ.............................. 17B www.marejournal.com
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