S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

Lee & Associates and Bussel Realty assist in leasing transactions Elberon Development Group leases 919 Fairmount Ave. in Elizabeth, NJ

LIZABETH, NJ — El- beron Development Group (Elberon) , a 100-year-old family owned commercial real estate firm based in Elizabeth, NJ, has signed two tenants at its 115,000 s/f, single-story ware- house located at 919 Fair- mount Ave., bringing the facility to 100% leased. Having outgrown its 40,000 s/f multi-story property in Brooklyn, and with rents rapidly escalating in the bor- ough, ProFoot has leased 64,500 s/f, a 61% increase E HI-LIGHTS June 8 - 21, 2018

Ave. in late 2018. Building attributes such as high ceiling height and proximity to NYC, where its core customer base is located, were the main driv- ers for the move across town. Bussel Realty’s Jordan Metz represented McGinley in the transaction. The remaining 10,000 s/f of the building is leased to the building’s former owner. Elberon will immediately launch an extensive capital improvement program which will include the following: new LED lighting, the removal of interior demising walls, a new HVAC system and new land- scaping, fencing and offices. Elberon acquired 919 Fair- mount in the fall of 2017 as a value-add opportunity. “I think it’s fair to say that our plans to fully modernize the property resulted in a successful leasing campaign,” said Elberon vice president Terry Armstrong . “This property – and these tenants – are a terrific addition to our growing portfolio.”  This is the second lease Colliers facilitated at Col- wick on behalf of Endurance within the last 30 days. Col- liers leased a 5,025 s/f suite to Virtua Physical Therapy and Rehabilitation at 53 Haddonfield Rd. Whether these two transactions in- dicate an upswing in the Cherry Hill office market is yet to be determined, how- ever Cherry Hill has recently performed well with report- ed positive net absorption at Towne Place at Garden State, Commerce Center re- cently trading at ±$150 psf, and PNC leasing a full floor at Woodland Falls. Endurance was represent- ed by Colliers International’s Brian Sherlock, Evan Zweben , and Christina Del Duca .  base in the immediate sur- rounding area.”

919 Fairmount Ave. in Elizabeth which cites heavy power, along with access to a talented labor pool as reasons for the relocation, will make the move when the lease commences later this year. Lee & Associates Rick Marchisio, Crista Bar- tolomeo and Drew Maffey

in space in Elizabeth. The makers of quality foot care re- ceived a Grow NJ Assistance Tax Credit from the NJEDA (New Jersey Economic Development Authority) and will bring 55 jobs to town -- filling many of the positions with local hires. ProFoot,

represented ProFoot in the transaction. In addi t ion, McGinley Transportation Systems, Inc. (McGinley), a full service pro- vider of logistics and furniture installation services,signed a lease for 40,500 s/f and will relocate from 1000 Jefferson


Colliers International negotiates a full building lease at The Colwick Business Center in Cherry Hill


Northern NJ Professional Directory 13-15B

Cherry Hill, NJ — Colliers International announced one of the larg- est office leases in South Jersey this year. Colliers International negotiated a full building lease at The Colwick Business Center, a 174,658 s/f three-building complex located in the heart of Cherry Hill. The complex, located at 53-57 Haddonfield Rd. is owned by Colwick Property, LLC, an affiliate of Endurance Real Estate Group and Blue Vista Capital Management (En- durance) . The tenant is the State of New Jersey, who will occupy the entire 55 Haddon- field building (61,694 s/f), in the form of various agencies. Construction of the leased space has commenced, and the State’s targeted occupan- cy date is late summer 2018. Albert Corr , senior vice


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The Colwick Business Center

president of Endurance, who negotiated the lease on behalf of the landlord stated, “This lease fills a huge block of va- cancy in the market and rais- es the complex’s occupancy rate to 90%. The building’s ef-

ficient layout and unmatched location are ideally suited for this type of tenant.” Corr added, “Colwick is adjacent to the Cherry Hill Mall, which enables all of our tenants to benefit from the rich amenity

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