12B — May 15 - 28, 2015 — New Jersey — M id A tlantic

Real Estate Journal


C entral N ew J ersey

Warehouse leased to Preferred Freezer Services Advance Realty completes 190,000 s/f refrigerated facility

Central Jersey/ Real estate opportunities . . . continued from page 8B

the sites through redevelop- ment and cleanup, as we are finding that our clients want to complete remediation as part of redevelopment, cut- ting substantially the time that sites can be turned to productive use. Not only are taxes saved, but, cash flow associated with cleanup times is greatly improved, and more importantly, lend- ers are warming up quickly to the concept that construc- tion loan balances are lower, so long as an LSRP dedicates adequate resources, to make sure that the reuse occurs on time, and within budget. Viewing the sites not just as costly cleanups, but in- stead, as locations where manufacturing and com- merce formerly thrived, and can thrive yet again, pro- vides a perspective that is different, than the view that “cleanups delay site reuse”. New Jersey now has two sites that are very large his- toric manufacturing facili- ties where business ceased, but now complete demolition and redevelopment is mov- ing forward. Senior DEP of- ficials, such as NJDEP’s Ken Kloo, advise that the DEP likes these types of sites, because there is an opportu- nity to make cleanup more complete, and, to proceed, more quickly. LSRPs are rising to the occasion and working with those who see real estate value in moving sites toward productive reuse, which was hard to undertake in New Jersey, until the LSRPs came forward, with DEP support, to clean up sites efficiently and more quickly. As always, we appreciate the opportunity to help sites, such as those we have had in Plainfield, Old Bridge and Cranberry to move quickly and efficiently through New Jersey’s site remediation process, to give confidence that contaminated sites can have substantial real estate value, and be returned to productive use. Many sites in Central New Jersey already have. Just as when Central New Jersey grew from its start as a major transpor- tation corridor even before 1900, the process of growing on transportation strength is continuing, a process which makes Central New Jersey strong. Gary Brown is a Li- censed Site Remediation Professional at RT Envi- ronmental Services, Inc. n

centers, getting themselves ready, willing, and able, to go through redevelopment, using New Jerseys Licensed Site Remediation Profes- sional Program. This allows sites with contamination to move to redevelopment, faster than ever before. Cur- rently, RT has more than sixty LSRP sites, and one third of them, are already through to completion. While New Jersey a num- ber of years ago had 14,000 contaminated sites, only 2,000 sites of which were finished, our LSRPs are dedicated, particularly in commercial and industrial real estate locations, to move


negative 10-degrees Fahren- heit and a clearance height of 53 feet. “Because of its location in the heart of Central New Jer- sey’s industrial market, this new, world-class warehouse will put Preferred Freezer in position to continue its growth as one of the world’s leading providers of refriger- ated storage services,” said Peter Cocoziello , president of Advance Realty. “We are delighted to have completed the construction and we look forward to building similarly specialized industrial facilities

for other corporations look- ing to take advantage of this area’s proximity to major ports and highways.” F. Greek Development presi- dent Frank Greek said: “The completion of this refriger- ated warehouse for Preferred Freezer not only represents the opportunity to welcome an outstanding corporation to Woodbridge, but also another step forward for Woodbridge as a global logistics hub. We’re certain that Preferred Freezer will realize all of the benefits of its custom-designed and stra- tegically positioned facility.” n

OODBRIDGE, NJ —The joint-venture partnership of Ad-

vance Realty and F. Greek Development announced that it has completed construc- tion on a 190,000 s/f refriger- ated storage and distribu- tion center in Woodbridge. Preferred Freezer Services, a worldwide operator of temper- ature-controlled warehouses, has leased the massive, built- to-suit facility. Located on 9.3 acres at 275 Blair Rd. in Woodbridge, the state-of-the-art facility fea- tures a design temperature of

T HE DEAL JUST ISN ’ T THE SAME WITHOUT US . Today’s complex real estate market is more demanding than ever. The stakes are higher and the risks are greater, but so are the potential rewards. Chiesa Shahinian & Giantomasi’s Real Estate, Development and Land Use Group combines experience, creativity and business acumen to skillfully navigate clients through the multitude of real estate and regulatory issues involved in the acquisition, financing, development, redevelopment, leasing and management of property. Our results- driven, transaction-oriented practice is equipped to take on the full spectrum of real estate legal matters.

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