14A — May 12 - 25, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Gingeleskie of the KRE Group represents Prologis U.S. Logistics Fund Gaffney & Lynch of Lee & Associates closes over $15 million in transactions
M
ountainside, NJ — Doug Gaffney and Jason Lynch of Lee
& Associates New Jersey , re- cently closed three transactions with an aggregate deal value exceeding $15 million. In the largest of the three transactions, the team sold a fully leased two building in- dustrial complex on 9.2 acres on behalf of Panther Graphics LLC. The two building campus is located at 256-270 Sheffield St. in Mountainside. In late 2016, the team had procured a tenant to fill the partially vacant complex. In addition, Gaffney and
Lynch, represented California Closets in its lease renewal for their NJ office and show- room headquarters located at 4 Gardner Rd., parallel to Rte. 46. The landlord is Prologis U.S. Logistics Fund. Lastly, Gaffney represented the law firm of Blume Forte et al in Chatham. A long-term lease renewal of Doug Gaffney Jason Lynch
270 Sheffield St.
19,500 s/f was structured at One Main St. Justin Gingeleskie , of the KREGroup , represented the landlord. “We have seen an uptick in business confidence over the last few months and well located properties continue to benefit from tenant and inves-
tor demand, said Doug Gaffney, senior vice president of Lee & Associates New Jersey. “North- ern New Jersey’s strong demo- graphics along main transpor- tation corridors have contrib- uted to the net absorption in these submarkets. As evidenced by these recently closed deals, WILMINGTON, DE — Wilmington and Washington D.C.-based developer The Buccini/Pollin Group, Inc. (BPG) , announced the pur- chase of the historic DuPont Building and Hotel du Pont, a 950,000 s/f mixed-use complex, from Chemours Company, who has agreed to lease back office space for 17 years. CBRE acted as an advisor to Chemours on the sale. This 950,000 s/f mixed use complex that takes up an entire city block facing the historic Rodney Square at the center of Wilmington, is an original embodiment of the Work/Play/ Stay concept that now anchors the urban redevelopment of today’s U.S. cities. The DuPont Building dates back to 1908 as one of the first high-rises built in Wilmington, built to house DuPont headquarters, and is still considered the larg- est mixed-use building in the State of Delaware. Soon after the Hotel was commissioned by Pierre S. DuPont, built in the Italian Renaissance style, and debuted in 1913 as a showcase hotel, rivalling even the fin- est hotels and restaurants of Europe and New York City. In 1918 the DuPont Theatre, now known as the Playhouse on Rod- ney Square, was built to bring class-act Broadway theater to town. This blend of functions, executed with the utmost taste and style, is what made the DuPont building the place to be in Downtown Wilmington, and most importantly, the anchor of historic Market St. Fast forward a century, through the multiple trans- formations that downtown
the industrial market continues to be a hot sector (in case of the Mountainside sale and Fair- field lease renewal) while well located office properties with strong management (like the KREGroup’s asset in Chatham) continue to exhibit increased leasing activity.“ n Wilmington and the DuPont Company have seen, to a city in the midst of a transformation. A city with a growing down- town residential population, an innovative business culture, a blossoming entertainment and dining district, and The Buc- cini/Pollin Group at the helm continually pushing it forward with successes such as the rebirth of The Queen Theater and the opening of 20+ new dining and retail businesses downtown. “The purchase of the DuPont Building and its assets couldn’t make any more sense to us right now,” said Chris Buccini , co- president of The Buccini/Pollin Group, who has purchased over 40 properties in Downtown Wilmington, including two former DuPont headquarter buildings that they repositioned into multi-tenanted mixed-use buildings. “There is no bet- ter way to coalesce our long- running vision for a vibrant downtown where people come together to live, work and play, than to take on the DuPont Building and re-envision it as a modern version of what it has always been, a lifestyle center for the City of Wilmington.” The $175 million complete project that BPG has planned for the property includes the preservation of The Hotel du Pont and its signature Green Room restaurant, which were recently awarded Four Dia- mond status for 2017. BPG’s affiliate PM Hotel Group will manage the hotel, ensur- ing that it retains its historic elegance, world-class service and intense focus on modern technology. n
Stout & Caldwell completes site plan approval for Bergey’s Trucking HQ & facility expansion
The Buccini/Pollin Group announces purchase of the DuPont Building
7250 Westfield Avenue plan engineering design and various site analyses required to secure project approvals. Project Details: Client: Bergey’s Trucking Site Address: 7250Westfield Avenue, Block 2301, Lots 4, 4.01, Pennsauken, NJ Site Size: 8.18 acres Project Services: Full Bound- ary & Topographic Survey, Site Plan Engineering Design, Lot Consolidation, Retaining wall design, Demolition Plan, Truck turning radii analysis, NJDOT Approvals Additional Partners: Col- liers International, The Bloom Organization Stout & Caldwell Engineers is a provider of professional
and technical engineering and consulting services to commer- cial real estate development, affordable housing, residential developers, retail developers, industrial developers, food manufacturers, military con- tractors, construction firms and non-profit organizations. Founded in 2004, the firm specializes in site plan design, land survey and environ- mental solutions, including flood elevation certificates in the tri-state area. Stout & Caldwell Engineers serves cli- ents throughout New Jersey, Pennsylvania and Delaware from its headquarters at 705 US Route 130 South in Cin- naminson, NJ. n
Pennsauken, NJ — Stout & Caldwell Engi- neers , a leading provider of professional and technical engineering and consulting services in Southern New Jer- sey, completed full site plan approval for the new Bergey’s Trucking corporate headquar- ters. Located on more than 8.0 acres of land in Pennsauken, NJ, the company’s new facility expansion created new jobs and economic growth to the re- gion. Stout &Caldwell worked hand in hand with traffic engineer, Nathan Mosley of Shropshire Engineers , and provided comprehensive services to include boundary and topographic surveys, site
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