Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 15C
www.marejournal.com
The Largest Mixed Use of 2011 HFF Lot 31 — $200 Million — New Brunswick Development Corp. Gateway Transit Village — $135.6 Million —
Herring Properties 23 Orchard Road — 70 Acres —
23 Orchard Road, Skillman, NJ
Category of project: Residential, Commercial, Smart Growth, Solar Array, and Green Building Design Civil Engineer: Van Cleef Engineering Associates Intensity of the project: Originally a 70 acre site subdivided into two lots (5.01 and 5.02) Solar Array: A six acre array will provide 40% of the power to the office building. Power to the office building was intermittent causing mul- tiple outages and voltage drops during high peak times. The solar array provided the opportunity for consistent power during the high demand times such as summer days when the sun and heat are strong. Montgomery Township was quick to grasp the need to have power stability at the office building to maintain its major tenant, Johnson and Johnson, who occupy over 160,000 s/f of the building. The most significant challenge came in the location of the array. The roof was too small to provide sufficient power and the parking lot would require complete reconfiguration.
Lot 31 in Bethesda, MD
Type of mixed-use: Residential – Retail – Commercial – Parking Size (square footage/acreage): 635,000 s/f/1.6 acres Located in downtown New Brunswick adjacent to the train station and across from the main campus of Rutgers University, the 24-story facility is bringing renewed life to a previously underutilized site with 192 new residential units, life-style retail, including a Barnes & Noble bookstore and a destination restaurant, Class-A commercial space with expansive views of the Raritan River, structured parking for 700 vehicles, and a direct, park-like pedestrian walkway from Rutgers’ main campus to the Northeast corridor train platform. Construction for Gateway Transit Village, a pub- lic-private partnership, was recently completed. Gateway Transit Village in New Brunswick, NJ
Type of mixed-use - Multi-housing, Retail and Parking Size (square footage/acreage) - 250 Units, 40,000 s/f Retail, 950 parking spaces Sale price $200 million development project, sales price is confidential Broker(s): Stephen Conley, Alan Davis StonebridgeCarras, PN Hoffman join with Northwestern Mutual in JV arranged by HFF to undertake new mixed-use development in Bethesda, Maryland StonebridgeCarras and PN Hoffman have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project. StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a vibrant mixed-use project.
Right SPACE 2,000 to 12,000 SF Right
PRICE starting below $20.00 PSF Right NOW pre-built & furnished units available
A premier office setting and a rare opportunity… first-class office facility with best-in-class amenities including a full building atrium, café and fitness center located in a highly attractive campus with stunning interiors and a Blue Chip tenant roster.
23 Orchard Road | Princeton, New Jersey 23.orchard.com
23 Orchard Road is owned by JER Partners and Herring Management. The owners specialize in multi-tenant buildings and have earmarked $3 million to renovate and upgrade the building. “This is a true headquarters- quality facility, as well as the finest value in a large block of space in the Princeton market,” states owner Jamie Herring.
HP
Owned & Managed by www.herringproperties.com HERRING PROPERTIES
Leasing by www.cassidyturley.com
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