N EW J ERSEY 8B — December 24, 2021 - January 20, 2022 — New Jersey — M ID A TLANTIC Real Estate Journal
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J Cardinale plans to turn the project into a youth sports and entertainment destination Adventure Crossing set to open businesses at $800 Million Jackson, New Jersey project Bass Pro,” Cardinale said. “I want a Cracker Barrel and a Bass Pro.”
ACKSON, NJ — Adven- ture Crossing USA devel- oper Vito Cardinale’s $800 million dream to build a sports and entertainment mecca to help find a cure for multiple sclerosis isn’t just in his head anymore. Popeye’s Louisiana Kitchen and Taco Bell, the first of sev- eral fast-food restaurants that will serve visitors coming to the 238-acre Route 537 complex between Interstate 195 and Six Flags Great Adventure, are expected to open in about two weeks. Young athletes have played on the facility’s grassy fields. Cardinale plans to turn Ad- venture Crossing into a youth sports and entertainment des- tination at the Jersey Shore, one that will attract youth sports teams, and other sports participants, from around the Northeast for an extended stay. “There is no question that God has been good to us,” said Cardinale, president of Cardi- Cafiero, Brent Hyldahl and Ben Sgambati , invest- ment specialists in Marcus & Millichap’s New Jersey office complete the following transactions in New Jersey; Woodbury Medical Portfolio, a 52,079 s/f office portfolio lo- cated in Woodbury was sold, according to James McGu- ckin , regional manager of the firm’s New Jersey office. The asset sold for $7.2 million. Cafiero, Hyldahl and Sgam- bati had the listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Cafiero, Hyldahl and Sgam- bati. “These buildings have been impeccably maintained and managed throughout the pre- vious ownership’s tenure. With historically high occupancy rates, they offer a stable cash flow with established medical tenants and easy access to multiple major highways in the area” said Hyldahl. Woodbury Medical Portfolio consists of 603, 608, 620 and 730 N Broad St. Chimney Rock Plaza, a 14,637 s/f retail property lo-
Other parts of the project’s first phase include a conven- tion center, Marriot and Hilton hotels and a parking deck. There’s also a “village” com- ponent with restaurants on the ground floor and apartments above. Cardinale said he envi- sions restaurants with various international cuisines. Jackson: Holiday in the Park brings winter cheer back to Six Flags Great Adventure. He also has plans for a surf park, a man-made beach and pool where operators can ma- neuver the size and type of wave to allow for surfing lessons. The project also will include 1 million s/f of warehouse space across two buildings. “We’re building this beauti- ful sports and entertainment, travel destination location all to kill a disease,” Cardinale said. “We’re doing something that nobody has done.” MAREJ
Vito Cardinale
Adventure Crossing
to Popeyes containing more restaurants. A Starbucks with a drive-up lane, Jersey Mike’s Subs, Carvel, Cinnabon, and Panda Express with a drive-up lane, are expected, Cardinale said, adding the restaurants will have outdoor seating. On another part of the retail strip, Cardinale said he’d like to see a Cracker Barrel Old Country Store restaurant and a Bass Pro Shops, a hunting, fishing and camping retailer. So far, the two companies haven’t seemed interested, he said. “I am trying so hard to get
nale Enterprises. “There is no question that the township has been very coop- erative, that people do believe the dream is now a reality and when it is all said and done and up and operating, the real goal is to build our MS research cen- ter,” Cardinale said. His wife, Linda, died from the disease. The rest of the pieces are fall- ing into place. A 5,500 s/f 7-Eleven store with 16 fuel pumps, a prototype for the convenience store chain, may be ready to open by May, Cardinale said. Warehouse growth: Why
did Jackson become a ‘prime spot’ for warehouses? Workers have begun con- struction of a large dome that will contain Top Golf Swing Suites and a Toptracer indoor driving range, a 20-lane Bruns- wick bowling alley, and six basketball courts. “We will be hitting golf balls in one of the largest indoor domes in the United States,” Cardinale said. “It’s huge.” Jackson: Private schools plan is ‘one big parking lot,’ residents say. Construction soon will be- gin on a retail building next
OODBUR Y & BRIDGEWATER TWP., NJ — Alan W Marcus &Millichap completes sale of a 52,079 s/f medical of fi ce portfolio
Alan Ca fi ero
Brent Hyldahl
Ben Sgambati
cated in Bridgewater Twp. was sold for $4.67 million. Cafiero, Hyldahl and Sgam- bati had the listing to market the property on behalf of the seller, a limited liability com- pany. The buyer, a limited li- ability company, was secured and represented by Cafiero and Hyldahl. “Multi-tenant retail in New Jersey continues to be in high demand. Inter- est rates are still historically low, and buyers are actively pursuing retail opportunities throughout the state.” Says Hyldahl. Chimney Rock Plaza is lo- cated at 564 Union Ave in Bridgewater Township, NJ. In Hazlet, Marcus & Mil- lichap announced the sale of Union Avenue Plaza, a Quick Check anchored retail center in. The 17,164 s/f retail center provides internet proof, daily needs and services and is con- sidered a longtime staple of
the surrounding community. Strategically located along the jug handle intersection of State Rte. 36 and Union Ave. allows the surrounding neighborhoods, schools and businesses to easily access the center from every direc- tion, according to McGuckin, regional manager of the firm’s New Jersey office. Jason Petrick of Marcus & Millichap’s New Jersey of- fice represented the seller and buyer. The sale exceeded each party’s investment expecta- tions and will help contribute to their overall investment strategy growth. According to Petrick, “There is strong demand for retail investments and is evident by Union Avenue Plaza being purchased for a record break- ing 3.88% cap rate. It was a pleasure working closely with ownership over the years, in an advisory capacity, to physically
Woodbury Medical Portfolio
and operationally reposition the asset to meet current mar- ket expectations. In addition, working closely with the inves-
tor during their due diligence phase to create and implement a value-add business strategy at closing.” MAREJ
The Blau & Berg Co. arranges the sale & lease of +/- 11,500 s/f of fi ce/ retail space
the lease with the new tenant on behalf of the new owner. “This was a smooth transac- tion all around”, said Jacobs. “In addition to working with both seller and buyer in the purchase transaction, we were also able to procure a ten-year tenant for the new owner immediately after clos- ing. It is nice to see there is a strong demand for Millburn once again.” MAREJ
MILLBURN, NJ — The Blau & Berg Company , a prominent commercial real es- tate brokerage firm in the New Jersey and Tri-State area since 1932, recently arranged the sale and subsequent lease of an 11,500 s/f office/retail space in Millburn. Tamara Blau , direc- tor, and Brad Jacobs , director of The Blau & Berg company represented both the buyer and seller on the sale and brokered
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