O wners , D evelopers & M anagers featuring S ervices & S uppliers
M id A tlantic Real Estate Journal — Section B
EWARK, NJ — The S.Hekemian Group LLC ha s b r oken 75,900 s/f, class A warehouse a few blocks from Newark Liberty International Airport The S.Hekemian Group breaks ground on 120 Frontage Road in Newark, NJ N
19 loading dock doors, one drive-in door and 46 parking spaces.” JLL formed its Northeast Industrial Region in early 2017, combining its indus- trial brokerage operations in Connecticut, New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly view the industrial sector in all four states as one large intercon- nected market. The Northeast Industrial Market comprises approximately 1.54 billion s/f of industrial space, and represents the largest indus- trial market in the United States. The Branches at Centerville are in areas close to transpor- tation and jobs, which are key components in the award of tax credits. The development partners are The Michaels Organiza- tion and the Housing Au- thority of the City of Cam- den (HACC) . HACCworked to relocate all of the residents who can opt to return to the new apartments once completed. The Centerville neighbor- hood has a long history in Camden. Close to the river and transportation, it was an area of early growth and develop- ment. The groundbreaking marks the continued revital- ization of the neighborhood, which has seen residential improvements, and the larger city of Camden. Michaels has spearheaded the Branch Village redevelop- ment with financing or tax credit awards from NJHMFA. The first phase of the redevelop - ment opened in December 2017 with 50 affordable one- to two- bedroom rental apartments in a mid-rise building. The second phase provided 72 affordable townhomes for families with incomes up to 60% AMI and includes five apartments for homeless individuals.
to the Newark market, which has been held back by a limit- ed supply of Class A industri- al product,” said Golden. “The facility’s proximity to Newark Liberty International Airport, the Port of Elizabeth and the Port of Newark, and its im- mediate access to Route 78, and the New Jersey Turnpike make this an ideal location.” “The single-story 120 Front- age Road will comprise 75,900 s/ f of modern warehouse space.” said Recine. “Demo- lition has already begun on the existing parking lot and structure, with construction of the new facility expected to be completed later this year. The new warehouse will offer a 36-foot clear ceiling height,
HI-LIGHTS April 24 - May 14, 2020 The JLL professionals over- seeing the new leasing assign- ment include Frank Recine , executive managing director, Brian Golden , managing director, and Gary Politi , se- nior vice president. They will work closely with Peter Hek- ground on 120 Frontage Rd. in Newark. JLL will serve as leasing agent for the under- construction, 75,900 s/f ware- house, providing a full range of marketing and leasing services for the project.
120 Frontage Rd. rendering
emian, senior managing di- rector, with The S.Hekemian Group.
“This new facility will add much-needed modern ware- house and distribution space
Michaels Organization and NJHMFA help kick off final phase of redevelopment in Camden, NJ
5-BC-B SPOTLIGHT SERVICES & SUPPLIERS Marcus & Millichap inks sale of a $7,527,500 property
CAMDEN, NJ — A ground- breaking attended by New Jersey Housing and Mort- gage Fi nance Agency (NJHMFA) executive staff, kicked off construction of 58 affordable apartments for se- niors, which is the last phase of the redevelopment of a former public housing site in the city’s Centerville neighborhood. Phase four of The Branches at Centerville will complete the comprehensive revitaliza- tion of the site of the former Clement T. Branch Village. The former Branch Village was built in 1941 and named for Dr. Clement T. Branch, who was a prominent doctor and the first African American to serve on the Camden school board. The development fea- tured blocks of brick apartment buildings which eventually be- came severely dilapidated and obsolete public housing. The new development will include 58 one-bedroom apartments in a three-story building for residents age 55+ earning up to 60% of the area median in- come (AMI). Five apartments will be set aside for homeless individuals. Clement T. Branch Village is the last public housing com- munity to be redeveloped in the
New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff attend groundbreaking.
neighborhood’s Mt. Ephraim Avenue corridor, a main thor- oughfare to the east of the development. Eight two-story brick buildings were demol- ished, and three new public roads will be introduced to better integrate the community with the rest of the residential neighborhood. "The completion of this rede- velopment and its replacement of obsolete public housing will be a major milestone for the residents and community, and will provide safe, mod- ern, affordable homes for all the residents,” said NJHMFA executive director Charles Richman . "NJHMFA is proud
to join this redevelopment through the award of Low Income Housing Tax Credits, which are an invaluable tool in creating affordable housing in New Jersey.” NJHMFA awarded the $15.9 mi l l ion development very competitive 9% Low Income Housing Tax Credits (LIHTC), which are expected to gener- ate $12.9 million in private equity. The LIHTC program is considered the single largest source of funding for afford- able housing in the U.S. for families, seniors and residents with special needs. NJHMFA is the state’s sole administrator of the program. Projects like
10B www.marej.com John W. Lister, AIA, LEED AP, GGP JL Architects
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