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Real Estate Journal — New Jersey — September 15 - 28, 2017 — 3B
M id A tlantic
“Represents one of the single largest investments in the history of our city” - Mayor Mapp JMF Properties break ground on an innovative $50 million residential community
LAINFIELD, NJ — On Saturday, August 26, 2017, Mayor Adrian O. Mapp, members of the Plain- field City Council, and JMF Properties broke ground on Quin Sleepy Hollow, a $50 million residential community. This project is the largest resi- dential development ever in the City of Plainfield. “There is no clearer repre- sentation of the renaissance that is underway in the City of Plainfield than this bold and innovative project,” said Plainfield Mayor Adrian O. Mapp. “It represents one of the single largest investments in the history of our city. This project will not only transform a large blighted property into a vibrant residential community, but it will also revitalize a major corridor and spur additional retail and economic develop- ment. I am grateful that JMF Properties chose to invest in our resurgent city.” The 212-unit rental develop- ment is located at 1400 South Ave., just a short distance from P PATERSON, NJ — A joint venture partnership between Camber Real Estate Part- ners and Advance Realty announced that it has acquired the I-80 Distribution Center, located at 1200 Madison Ave. in Paterson. The property is a fully-leased, 245,000 s/f industrial facility situated im- mediately off I-80. The building features 30-foot ceiling heights and 21 loading positions, as well as ample car and truck parking. Currently 100-percent leased, the asset has experienced strong histori- cal occupancy, and is leased to two tenants: M.Tucker, a Divi- sion of Singer NY, LLC, which is one of the largest indepen- dent food-service equipment distributors on the eastern seaboard, and SupplyOne, a leading national packaging solutions company. The property offers imme-
high speed internet and keyless entry. A full suite of on-site lifestyle amenities will further enhance residents’ day-to-day lives, fea- turing a club roomwith common kitchen, community room/busi- ness center with wireless in- ternet, billiards room, theater/ multimedia room, yoga studio, fitness center with state-of-the- art equipment and Fitness On Demand virtual trainers, as well as outdoor grills, open-air lounge seating, an indoor/out- door fireplace, and a dog park. A bike share program and an elec- tric car charging station will en- courage residents to enjoy their surroundings in a healthier and more environmentally-friendly manner. Quin Sleepy Hollow was designed with an “inside-out approach”, according to Joseph M. Forgione, the Founder and Principal of JMF Properties. It’s an alternative approach to property development that places resident experience at the heart of the development and design process. in this New Jersey submarket is driven by the area’s proxim- ity to the Ports and the dense- ly-populated communities of Northern New Jersey and New York City. “This acquisition represents a rare opportunity to acquire an institutional- quality industrial asset within one of the most sought-after and supply-constrained mar- kets in the United States,” said Alexander Cocoziello, Principal and Vice President of Advance Realty. “Histori- cally, this building has enjoyed consistently strong occupancy, and we fully expect this trend to continue as the industrial market in New Jersey contin- ues to tighten.” The partnership plans to hold the asset as a long-term investment. “The I-80 Distri- bution Center is in an excellent last-mile infill location and we are confident that it will
“Our goal is to offer not only a collection of luxury apartments, but an entire lifestyle experience that truly enhances the wellbeing of our residents,” Forgione said. “I’d like to thank Mayor Mapp and the Plainfield City Council for working with us as we carry out our vision for this excep- tional community.” Quin Sleepy Hollow’s loca- tion near two NJ Transit train stations and several major highways will make it incred- ibly convenient for commuters. Both the Netherwood train station and Fanwood train sta- tion are less than a mile away, offering direct weekday ser- vice to midtown Manhattan in about 35 minutes. The Garden State Pkwy., Rte. 22, Rte. 78 and Rte. 287 are all easily ac- cessible. Plainfield’s charming Sleepy Hollow neighborhood is just steps away, known for its stately homes and mansions, large property lots and winding tree-lined streets. The project’s expected comple- tion date is winter 2018/2019. n continue to generate durable cash flow and benefit from the area’s superior consumer and labor base,” stated Christopher M. Bellapianta, Managing Principal of Camber Real Es- tate Partners. The project was marketed for sale by Cushman and Wakefield ’s Metropolitan Area Capital Markets Group, including Andrew Merin, David Bernhaut, Gary Ga- briel, Brian Whitmer and Kyle Schmidt and Ryan Larkin , and industrial leasing specialist Andrew Siemse n. Cushman & Wakefield’s Equity Debt and Structured Finance Group, headed by John Alascio , and includ- ing Sridhar Vankayala and Noble Carpenter III , ar- ranged the financing. Mort- gage financing was provided by Hamilton, New Jersey based First Bank . n
Developer JMF Properties and local officials break ground Quin Sleepy Hollow in Plainfield, NJ. From left to right: Angel G. Es- trada, Union County Freeholder; Joseph M. Forgione, Founder and President of JMF Properties; Adrian O. Mapp, Mayor of the City of Plainfield; Rebecca Williams, Council President of the City of Plain- field; and Joseph Cryan, Sheriff of Union County.
the Netherwood train station. It is aimed at renters who will ap- preciate the low-maintenance, transit-friendly, amenity-rich lifestyle, including young pro- fessionals and empty nesters, with residences ranging in size
from 900 square feet to 1,200 square feet. All of the residences will include upscale amenities such as stainless steel applianc- es, vinyl wood flooring, quartz countertops, and chef kitchens. They will also be equipped with
Camber Real Estate Partners and Advance Realty acquire I-80 distribution center in Paterson, NJ
1200 Madison Ave.
diate proximity to the area’s robust highway infrastructure, which allows for convenient access throughout the entire New York Metropolitan Area. “The property’s location is outstanding, as it sits only 15
miles fromManhattan, direct- ly on a four-way interchange along Interstate 80,” stated Dave C. Surti, Principal of Camber Real Estate Partners. Demand for industrial space
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