14B — July 12 - 25, 2019 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

AST BRUNSWICK, NJ — Urban Land Institute (ULI) , in UrbanPlan program to be offered for first time in the State at East Brunswick High School ULI NorthernNJ launches its first SimulatedReal Estate Program for New Jersey High Schools E ing Solutions Jessica Washington, Ripco a wide range of backgrounds including:

High School (“EBHS”) as the first school to offer UrbanPlan in NJ, given its reputation for excellence in Social Studies and its national leadership in programs such as the Ad- vanced Placement Institute for Political and Legal Education (“IPLE”). “EBHS’ leadership and achievements in social stud- ies and extensive advanced placement course offerings made it the perfect district to introduce this exceptional learning opportunity in NJ. It’s also timely given East Brunswick is in the early stages of redeveloping several areas of the town” said Brian Whitmer , Chairman of ULI Northern NJ. “It’s a lot of work for educators to intro- duce new elements to their curriculum. We understand and appreciate the time and effort the district took to even consider UrbanPlan” said Mara Winokur, AICP, PP , senior director of Urban Land Institute Northern New Jer- sey andWestchester/Fairfield. To be introduced at EBHS in May of 2019, UrbanPlan is a 15-class hour curriculum that

tasks student teams with re- sponding to a “request for pro- posals” for the redevelopment of a blighted neighborhood in a fictional community. Each team member assumes one of five roles: Finance Director, Marketing Director, City Li- aison, Neighborhood Liaison, or Site Planner. Through these roles, stu- dents develop a visceral un- derstanding of how various market forces (supply and demand, availability of capi- tal, risk versus reward, etc.) clash and collaborate with non-market forces (regulation, politics, advocacy groups, etc.) to create the built environ- ment. In addition to the leader- ship of local ULI chapters, the UrbanPlan curriculum relies heavily upon the assistance of dedicated volunteers from the real estate, legal, and civics communities. In the 2017-2018 school year, 808 volunteers donated over 3,865 hours to UrbanPlan programs across the country. EBHS’ Bruns- wick’s UrbanPlan program will be supported by a group of dedicated volunteers from

Michael Lachs, SCGREA Middlesex County Board of Taxation, Valbridge Advisors (Co-Chair) Brian Whitmer, Cushman & Wakefield (Co-Chair) Dan Johnson, R&J Strategic Communications Matthew Giammanco, Avalon- Bay Communities, Inc. Dr. Brad Cohen, Twp. of East Brunswick (Mayor) Ben Mitsmenn, PE, Kimley- Horn and Associates, Inc. Gabrielle Gornelli, Dresdner Robin Atanas Nakev, Sorin Group Jessica Sweet, Esq., J. Sweet & Co. St ephani e Turko t , GZA GeoEnvironmental, Inc. Jim Wendell, Twp. of East Brunswick, (Councilman & Chair of the EB Redevelop- ment Agency) Anshu Karundia, Investment Sales and Commercial Leas- ing Professor Colette Santasieri, NJ Institute of Technology Priti Shah, Madison Adams Real Estate George J. Carfagno, Develop- LAWRENCEVILLE, NJ — Metrix Real Estate Services and Penwood Real Estate Investment Management, LLC (Penwood) announced that they have closed on the purchase of 31 acres located at 10 Princess Rd., Lawrenceville. Brokers-Simone Realty represented the seller, Capital Health Systems and Tran- swestern of New Jersey rep- resented the purchaser. The purchaser, is a joint venture between Princeton, NJ based Metrix Real Estate Services, LLC whose principal is Michael Nachamkin and an institutional fund managed by West Hartford, CT based Penwood Real Estate Invest- ment Management, LLC Nachamkin said “Our de- velopment team is very ex- cited about the opportunity to build a state- of- the- art warehouse in Central New Jer- sey with a great institutional partner.” The partnership has commenced construction on a 340,400 s/f distribution facility with 40’ clear ceiling heights, cross loading, trailer storage

Dan Duggan, Bohler Eng. Mara Winokur, AICP, PP, senior director, ULI NNJ & West/FF Susan Wright, The Wright Architect  “As one of the nation’s most dynamic real estate markets, students in ULI Northern New Jersey’s UrbanPlan pro- gram will have unique access to some of the nation’s most experienced and knowledge- able real estate profession- als. We appreciate their hard work in putting this program together and we look forward to expanding to additional New Jersey high schools and universities over the next several years,” added Mara Winokur, AICP, PP, Senior Director of Urban Land Insti- tute Northern New Jersey and Westchester/Fairfield. Since 2003, UrbanPlan has reached over 52,000 high school and university students in the United States &Canada. In 2017-2018 alone, UrbanPlan reached over 3,900 students in 165 classrooms at 67 high schools across the nation.  and abundant parking. The project is scheduled to be com- plete in Spring of 2020. “We anticipate strong inter- est in the project from a variety of potential tenants who are planning their expansion or opening up a new location. 10 Princess Logistics Center is located at the Princeton Pike/ I-295 interchange and services Southern, Central and North- ern New Jersey as well as the Philadelphia region.” added Nachamkin Howard Freeman , manag- ing director of Penwood stated “ The location of 10 Princess Logistics was a primary driver for selecting the site for our project.” Penwood Real Estate Invest- ment Management, LLC (Pen- wood) is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate invest- ments for the institutional market. Formed in 2003, the firm is a registered Investment Adviser based in West Hart- ford, CT with regional offices in New Jersey and California. 

partnership w i t h t h e East Bruns- wick School District an- nounced the introduction of the first UrbanPlan program in

Brian Whitmer

NJ. Created by ULI, Urban- Plan, offers students an op- portunity to participate in a hands-on, simulated real es- tate planning program while working side-by-side with leading industry profession- als. Through the program, students learn about the fun- damental forces that affect real estate development and how responsible development can shape, transform and ultimately improve our com- munities. UrbanPlan is selectively of- fered at leading high schools and universities nationwide as an advanced placement, undergraduate and graduate class. ULI Northern New Jer- sey sought out East Brunswick WOODBRIDGE, NJ — A joint venture of PrismCapital Partners and Northwestern Mutual Insurance Company has completed the purchase of a five-acre redevelopment parcel at the corner of Rahway Ave. and Green St. in Woodbridge. With full approvals in place, Prism – as operating partner – will transform the site into a mixed-use, transit-oriented community consisting of 232 apartments and 12,000 s/f of retail space. Cushman & Wakefield ’s New Jersey capital markets team orchestrated the joint venture purchase, in which Northwestern Mutual Insur- ance Company also is serving as construction lender. The commercial real estate services firm’s Andrew Merin led the transaction with team mem- bers David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd . Demolition work at the for- mer Lucas Chevrolet dealer- ship site will commence in July. The property is located in the

Prism & Northwestern complete purchase of Woodbridge redev. site

Metrix/ Penwood Joint Venture closes 31 acre sale

Woodbridge rendering

heart of Woodbridge’s walkable downtown, next to Woodbridge Station. “The demand for transit- oriented multifamily remains robust in New Jersey, and this property is ideally situated for luxury, fully amenitized apartment homes,” said Prism Capital Partners’ Eugene Diaz , principal partner. “We are pleased to start demolition work and anticipate construc-

tion of the building to begin this fall, following the completion of site work.” Merin noted, “it is exciting to be part of arranging the part- nership of one of the most cre- ative, cutting-edge multifamily developers and a top-tier insti- tutional investor. They both saw the opportunity to create a unique mixed-use project to be located in one of Northern NJ’s more transformative towns.” 

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