S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Buyer, J.G. Petrucci, plans to develop site for big box warehouse NAI Mertz’s Scott Mertz completes sale of 76-acre land parcel to J.G. Petrucci Co.
OGAN, NJ — NAI Mertz, a leading full- service commercial real estate firm serving southern New Jersey and greater Phila- delphia, recently completed the sale of a 76-acre land par- cel adjacent to the Pureland Industrial Complex in Logan Township, NJ. Scott Mertz, SIOR , president of NAI Mertz, represented the seller, Corpo- rate Enterprises, Inc . The buyer, J.G. Petrucci Com- pany., Inc. , plans to construct a state-of-the-art industrial L
and their business partners is a major contributor to our standout occupancy rate. Our tenants stay with us for an average of over 10 years, and we are consistently able to fill vacancies quickly through the help of tenant referrals and recommendations.” “Tenants are utilizing of- fice space at a much higher density, often favoring an open concept/idea-sharing en- vironment over a more formal private office environment,” said Justin Gingeleskie , di- rector of leasing for The KRE Group. “This puts a much heavier demand on parking requirements, often resulting in buildings with parking ra- tios of 3.5 or 4 parking spaces per 1,000 s/f becoming obso- lete. We have worked with several municipalities to both restripe for more efficiency and increase the size of the parking lot to get ratios of 5, or in some cases up to 7.0, spaces per 1,000 square feet.” n manufacturers and distribu- tors to take space in the park. “Southern New Jersey will always have a centralized loca- tion in the Northeast in its fa- vor. The State has competitive incentive programs working to its advantage in attracting tenants as well,” said Jim Petrucci , president of J,G. Petrucci Company. Inc. “With high demand for class A in- dustrial space in this area, we are confident our facility will be leased prior to completion.” “J.G. Petrucci Company, Inc. has been delivering top tier industrial facilities to New Jersey and Pennsylvania for 29 years,” said Scott Mertz. “Their profound understand- ing of these marketplaces, and their keen ability to design desirable products that provide excellent tenant experiences, will generate a healthy pros- pect pool and ultimately be a source of significant new jobs for the region,” he added. n
FEBRUARY 12 - 25, 2016
HI-LIGHTS
76-acre land parcel adjacent to the Pureland Industrial Complex in Logan Township, NJ
facility on the parcel. The site is the location of the former Logan Township air- port, and is minutes from two exits of I-295 and the Commo- dore Barry Bridge, providing access to the City Philadelphia,
Philadelphia International Airport and I-95. The ability to connect to the region’s in- terstate highway network has long attracted distribution and manufacturing operations to Pureland and its immediate
surroundings. Amazon and Home Depot are among the national retailers with opera- tions in the park; and the abil- ity to provide quick deliveries to a large population has also led to a concentration of food
SPOTLIGHT Central NJ 7-15B
Successful 2015 brings the KREGroup’s comm’l vacancy rate to just one percent portfolio-wide
Remco Realty Group inks long-term lease
NEW JERSEY — The KRE Group , one of the larg- est privately held real estate companies in New Jersey, announced that a successful 2015 campaign to provide tenants with key upgrades and new amenities across its entire 6 million RSF portfolio has brought the company’s commercial vacancy rate to just 1%. After beginning 2015 with a vacancy rate of approximately 5%, the company was able to attract new tenants through- out the year and extend the leases of several existing ten- ants. The current 1% figure compares extremely favorably to the overall Northern and Central New Jersey com- mercial vacancy rate figure of approximately 24% for office space and 7% for industrial space, according to Jones Lang LaSalle Inc. , the For- tune 500 real estate services firm. KRE has managed to re-
8B
Multi-family trades stem from Gebroe- Hammer’s 40-year presence inMontclair
520 Route 22 in Bridgewater, NJ is a class A office property owned and managed by The KRE Group.
main an industry leader by focusing on upgrading fa- cilities and improving tenant experiences at its dozens of office and industrial proper- ties throughout New Jersey and parts of Connecticut, New York and Pennsylvania. Renovating lobbies, bath- rooms and common corridors; upgrading lighting, providing new food service options, ex- panding parking capabilities
and installing backup power generation at specific facilities are among the many improve- ments KRE made in 2015 and will continue to focus on in 2016. “We strive every year to improve our service platform,” said Jonathan Kushner , president of The KRE Group. “That commitment to proac- tively addressing tenant needs and creating value for them
18B
ALSO INSIDE Central New Jersey...........7-15B Company News..............19-20B CREW NJ.............................. 21B www.marejournal.com
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