S hopping C enters N ew J ersey S potlight S outhern NJ
Real Estate Journal — New Jersey — July 14 - 27, 2017 — 5B
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M id A tlantic
Evan Zweben and Ian Richman represent buyer Colliers International facilitates sale of two class A office buildings in Marlton for $7.55 million M ount Laurel, NJ — Co l l i e r s International in Southern NJ concluded the (PF Changs, Brio, Redstone), and strong corporate neigh- bors (Virtua, Continuum, Morgan Stanley). The buyer,
Villa Chap- man Apart- ments, LLC, has retained Colliers as their leasing agent. “The f or - mer owner, S o m e r s e t
investment sale of 400 and 406 Lip- pincott Dr., l o c a t e d i n t h e S o u t h C r o s s i n g Office Com- plex. The two buildings to- tal more than 80,000 rentable s/f. South Crossing, located adjacent to Rte. 73 and Brick Rd. inMarlton, is nestled in an area with a multitude of con- venient amenities, including retail (Promenade, Marlton Crossing, Meadows Edge, and Marlton Square), restaurants Evan Zweben Pennsauken, NJ — Since opening its doors in New Jersey in the 1980s, Edi- son Lithography & Printing Company has been delivering cost-effective printing services, and manufacturing temporary cardboard displays, in-store décor and signage for globally recognized companies through- out the world. In 2015, buoyed by its suc- cess, Edison Lithography ac- quired Compass, a display com- pany in Georgia, and, in 2016, formed a new entity – Edison Solutions, LLC. Following the formation of the new company, Edison Solutions’ co-owners, husband and wife Joe and Susan Ostreicher, joined by Susan’s brother George Gross, opted to open a second location. In June 2016, the New Jer- sey Economic Development Authority (EDA) Board ap- proved Edison Solutions for Grow New Jersey (Grow NJ) tax credits to encourage the company to remain in New Jersey and set up its new opera- tion in Pennsauken rather than Kennesaw, GA. The approval was based on the expected cre- ation of 95 jobs in New Jersey, in addition to the retention of
Ian Richman
Properties and Greenfield, did an outstanding job maintain- ing the buildings and bringing quality tenants to the portfo- lio,” said Evan Zweben , who will lead the marketing efforts for the vacant units. “We have availabilities ranging from 2,500 to 10,000 s/f – all have excellent window lines, share
400 and 406 Lippincott Drive Zweben and Ian Richman , both senior VPs in Colliers International’s Mount Laurel
beautiful common lobbies (building 400), and direct- access (building 406).”
office, represented the buyer. The seller, LSOP 3 NJ, LLC was represented in-house. n
Edison Solutions uses EDA resources to expand reach within Global Marketplace, create jobs in New Jersey
“As a family-owned-and-op- erated business, we have been delivering the highest-quality products for the retail industry for over 55 years,” said Susan Ostreicher, who is also Edison Solutions’ chief financial of- ficer. “With EDA and TD Bank support, we have been able to expand strategically while con- tinuing to offer the same level of quality that our customers have enjoyed for generations.” Through the EDA’s direct loan program, qualifying busi- nesses are eligible for up to $2 million for fixed assets and up to $750,000 for working capital, and tax-exempt bonds of up to $10 million are available for manufacturers looking to ex- pand in the State. EDA chief executive officer Melissa Orsen visited Edison Solutions’ Pennsauken location today to showcase the compa- ny’s growth and to highlight fi- nancing opportunities available to small businesses throughout the Garden State. She was joined by Pennsauken Deputy Mayor Jack Killion and Terry Carr, the township’s director of economic development. “Edison Solutions’ expansion is a shining example of how the
EDA can tailor a combination of resources to meet the unique needs of businesses as they grow,” Orsen said. “Manufac- turers, in particular, are drawn to New Jersey for its ideal loca- tion and highly-skilled labor pool, and both the Grow NJ program and traditional EDA resources offer unique benefits for businesses in this sector as they expand and create skilled jobs in the State.” Orsen notes that more than 60% of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufac- turing sector. Other targeted sectors under the EOA include technology, life sciences, fi- nance, and logistics. The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrow- ers bridge financing gaps and increase their access to capital. This includes offering low- interest loans, bond financing, and support for micro-lenders to increase their lending ca- pacity and the technical as- sistance and training services they offer. n
Edison Solutions cuts the ribbon on its new digital printing press. From left: Pennsauken Economic Development Director Terry Carr, New Jersey Economic Development Authority CEO Melissa Orsen, Edison Solutions Co-Owners Susan and Joseph Ostreicher, and Pennsauken Deputy Mayor Jack Killion
60 employees that were at risk of being relocated out of state. Grow NJ is the State’s primary program for job creation and retention under the Economic Opportunity Act (EOA). As a complement to its award of Grow NJ tax credits, Edi- son Solutions also leveraged traditional EDA financing pro- grams, which included loans, as well as tax-exempt bonds, to support its expansion. In December, Edison So- lutions closed on two direct loans from the EDA totaling
$2 million that will help fur- ther the company’s expansion in Pennsauken. The company, which will also maintain its headquarters in North Bergen, used the loans to support the purchase of its new 115,500 s/f facility in Camden County, as well as new printing equip- ment. Also helping with the purchase of new equipment and machinery were two tax- exempt bonds totaling up to $5.6 million issued by the EDA and directly purchased by TD Bank .
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