M id A tlantic Real Estate Journal — Northern New Jersey — June 17 - July 21, 2022 — 9B N orthern NJ
www.marej.com
Senior vice president Douglas Rowe orchestrates Northern New Jersey transaction Lee & Associates New Jersey arranges 17,752 s/f industrial warehouse sale in Franklin Lakes, NJ
F RANKLIN LAKES, NJ — Lee & Associ- ates New Jersey has
announced that se- nior vice president Douglas Rowe has arranged the sale of a 17,752 s/f flex ware-
Douglas Rowe
house located at 550 Com- merce St. in Franklin Lakes. The two-story building was acquired for $3.8 million by Westwood Investments, LLC . The seller was Pres- tige Services, a vending, refreshment and dining Great Point Studios partner with Lionsgate to open 12 acre tv and film complex in Newark NEWARK, NJ — Great Point Studios, a studio invest- ment/management business specializing in film and televi- sion infrastructure, and The New Jersey Performing Arts Center (NJPAC), Newark’s anchor cultural and civic institution announced a part- nership with global content leader Lionsgate to build a major new production facility in Newark. The facility will be owned and operated by Great Point Studios. As the facility’s long-term anchor tenant, Lionsgate will receive naming rights to the studio. NJPAC will manage public affairs and community rela- tions for the studio and create educational programs and internships for Newark high school and college students. The facility will be the first purpose-built studio in New Jersey specifically constructed for TV and film production. It will be located in Newark’s South Ward at the site of the former Seth Boyden Housing site, which is conveniently located near Newark Liberty Interna- tional Airport, the Port of Newark, NJ TRANSIT, the PATH system, and several major highways. Operations are expected to begin in late 2024. Matrix Development will serve as the project developer and Gensler has signed on to lead the way with architecture and master planning. MAREJ
550 Commerce St.
services provider. “The industrial market in suburban markets has con- tinued a strong trajectory
throughout 2022,” Rowe said. “We are thrilled that we were able to assist our long-time client Westwood Investments
in acquiring this property.” Westwood Investments in- tends to use this newly ac- quired space as an investment
property. The building is fully occu- pied by a tenant with a long- term lease. MAREJ
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Built to Thrive.
These may look like transactions. To us, they’re more than that. They’re the result of hard work, local knowledge, and the particular Northmarq way that we help bring people together to complete great projects. Thanks to all who were involved.
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Commercial Real Estate Debt + Equity Investment Sales Loan Servicing
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