Real Estate Journal — New Jersey — October 14 - 27, 2016 — 5B
www.marejournal.com
M id A tlantic
N ew J ersey
Jeff Babikian of CBRE represents the buyer Cushman & Wakefield inks the $5.7 million trade of 75 Chestnut Ridge in Montvale, NJ
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“A number of properties have come onto the market in recent years, and today we are seeing them renovated and reten- anted, or repurposed,” Johnsen said. “This is a changing mar- ket. Memorial Sloan Kettering purchased the former Teva Pharmaceuticals property and is converting it to a state-of- the-art cancer treatment facili- ty. The Mercedes Benz campus is under contract and targeted for mixed-use redevelopment, which will complement the ad- jacent Wegmans development site. Chestnut Ridge Rd. was recently rezoned as of right for
assisted living. New retail and residential developments are being introduced. Within this context, 75 Chestnut Ridge Rd. has also found its next chapter.” Johnsen is based in Cush- man &Wakefield’s East Ruth- erford, NJ, office. The firm’s Metropolitan Area Capital Markets Group, also based in East Rutherford, special- izes exclusively in investment sales of office, industrial, mul- tifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. n
ONTVALE , NJ — The trade of 75 Chestnut Ridge Rd.
in Montvale marks the con- tinued transformation of a landmark Bergen County corporate neighborhood. Com- mercial real estate services firm Cushman &Wakefield orchestrated the $5.7 million sale from a private ownership entity to a Big Four profes- sional services firm. Cushman & Wakefield of- fice brokerage specialist Dan Johnsen , and Metropolitan Area Capital Markets Group team members Andrew Me- rin , David Bernhaut , Gary Gabriel and Brian Whit- mer , marketed the 60,000 s/f, formerWinebow headquarters building on behalf of the own- er. Jeff Babikian of CBRE represented the buyer. “Our goal was to sell the property to a user,” Johnsen said. “The buyer is planning NEWARK, NJ — Phelps Construction Group has completed another Charter School project in Newark - the design and construction of Newark Collegiate Academy, a 104,000 s/f high school for KIPP:NJ, on Littleton Ave. KIPP:NJ held a ribbon cut- ting ceremony to mark the opening of the new home of Newark Collegiate Academy. The charter school will serve grades 9 through 12 and house over 600 students. Phe l ps was chosen by KIPP:NJ in late 2014 to de- sign and construct a new high school in Newark. Working with their architect, KSS Ar- chitecture from Princeton, Phelps Construction Group engineered a cost effective way to add an additional two floors of future classroom space over the proposed gymnasium which will give KIPP:NJ the potential for future expansion. Phelps Construction Group took the project to the Newark Planning board to gain approv- al for the two additional floors which delayed the start of construction until September of 2015. Knowing the school needed to be open for the 2016- 2017 school year, Phelps Con- struction Group fast tracked the construction project and completed the school in less than 12 months. n Phelps Const. Grp. completes new charter school
75 Chestnut Ridge Rd.
to completely renovate the building.” Beyond Cushman & Wake- field’s success in finding a tenant with a local 60,000 s/f requirement, this transaction is significant in that it punctu-
ates the transformation of the Upper Garden State Parkway Submarket. The neighbor- hood evolved as a corporate hub housing numerous head- quarters and class A office buildings.
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