S HOPPING C ENTERS N EW J ERSEY
13A — March 16 - 29, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
ERSEY CITY, NJ — Hartz Mountain Indus- tries and Roseland Prop- A total size of more than one million square feet Hartz’s announces 1000 Apartments for 99 Hudson site; $450m Jersey City Twr. J and a Hovnanian-developed luxury condominium at 77 Hudson.
feet, the project would create more than 2,000 long-term construction jobs over a five year period, and will be the largest rental project and one of the top five tallest buildings in New Jersey. Colgate Center is home to 90 and 70 Hudson Street, which were developed by Hartz Mountain and when sold last year were named the most expensive office buildings in New Jersey. After Hartz’s speculative construction of 70 and 90 in the late 1990s, Goldman Sachs built its tower
Roseland Property Company. “We see 99 Hudson providing the components that would turn an interesting area into a classic neighborhood.” The project will be developed subject to revival of the NJ Economic Development Agen- cy’s Urban Hub Tax Credit (UHTC) residential program, which was suspended after depleting its $250 million al- location. “We submitted an applica- tion several months ago that fully qualified for the UHTC program,” said Emanuel Stern,
president and COO of Hartz Mountain Industries. “As we have seen through the history of the UHTC program, the eco- nomic climate – especially as it pertains to financing – will not permit a project like this to proceed without assistance. “Our application to EDA for the UHTC program delivers instant economic impact and smart growth benefits that will last for decades, so we are hopeful this necessary program is quickly revived so we can commence construc- tion.” ■
erty Compa- ny will build a 1,000-unit residential complex at 99 Hudson St., providing the exclama- tion point on New Jersey’s iconic waterfront location. With a price tag of $450 million and a total size of more than one million square Emanuel Stern EDISON, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has orchestrated the sale of 2121 Route 27, a 99,000 s/f R&D and office building, for $16.5 million. Fully occupied by Revlon and utilized as the consumer products giant’s pri- mary R&D center, the building is part of Edison Towne Corpo- rate Center, combining office and industrial uses. The East Rutherford, N.J.- based Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the seller, The Morris Companies. The buyer wasAngelo, Gordon & Company on behalf of the $560 million AG Net Lease Realty Fund, II, one of a series of net leased investment funds managed by the firm. Edison Towne Center also encompasses a 248,000 s/f multi-tenant office building at 2147 Route 27, connected to the Revlon R&D facility by a common lobby, as well as a 140,000 s/f industrial building and land approved for an ad- ditional 650,000 square feet of industrial space. In addition to the R&D center, Revlon occu- pies 31,500 square feet within the adjacent office building. “After acquiring the prop- erty two years ago, The Morris
Roseland Property Com- pany, which manages Hartz Mountain’s residential proj- ects and is a partner in four of Hartz’s residential devel- opments, envisions support retail and entertainment on the structure, which provided parking for residents and guests. “The waterfront in Jersey City features many compelling pieces, but it lacks a center,” said Carl Goldberg, partner in
Cushman & Wakefield arranges $16.5 million sale
2121 Route 27
Companies was able to extend Revlon for 15 years through 2025 and complete a signifi- cant renovation of the office building,” said Merin. “It was subsequently decided that the two buildings would be offered for sale, and the disposition of the R&D building has now been completed. The multi- tenant office building attract- ed considerable interest from prospective buyers, and we expect to have an announce- ment on that sale shortly.” “The R&D building is net- leased on a long-term basis,
properties separately. “The Morris Companies has been very focused on the industrial development component of the site,” said Bernhaut. “Once they were able to renovate the building and re-sign Revlon, they were prepared to monetize the asset and, that accomplished, move forward on the industrial de- velopment and redevelopment potential at Edison Towne Corporate Center.” Situated off Exit 2 of I-287 and two miles from the New Jersey Turnpike, the buildings
while the office building is ap- proximately one-third leased and offers a value-add op- portunity,” said Bernhaut. “It was determined to market the buildings separately because a high-adverse investor would be interested in acquiring the Revlon lease, while the buyer who does want to take on risk would be more interested in the value-add opportunity. That same capital does not generally reside in the same place, and it was decided that the best way to maximize value would be to sell the
are located in the Princeton/ Route 1 research corridor, dubbed Einstein’s Alley. The just-sold Revlon R&D facility was constructed in 1984 and always has been occupied by the company. The office building, the sale of which is pending, was built in 1980 and substantially renovated in 2010. Besides the 31,500 square feet occupied by Revlon, the office building’s major tenants include XO Communications and Dr. Leonard’s Health- care. ■
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