S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Development officials join KL Masters Construction Co. to celebrate Fields Grade and Alpine Residential celebrate topping out of 270 Johnston Ave. in Jersey
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Tpke. extension and is highly visible to drivers entering the city,” said Robert Caulfield , a partner with Fields Grade. “We’re excited to see that vi- sion moving closer to a reality as we reach the full height of the building and recognize the collective efforts of our construction and design teams who have helped get us here.” 270 Johnson Ave. is the latest collaboration between Fields Grade and Alpine Residen- tial who have teamed up for multiple mixed-use projects throughout Bergen-Lafayette. The new properties are all rising on former industrial and vacant sites concentrated around the light rail. “We’re creating more residen- tial and neighborhood retail, not replacing what’s existing,” said Alpine Residential manag- ing partner Bill Rosato of the partnership’s commitment to
the community, which already includes several completed resi- dential buildings, with more in the pipeline. “270 Johnston is a key part of a series of de- velopments that are helping to enhance the urban lifestyle afforded to residents in this neighborhood. We’re excited to be a part of the growth of Bergen-Lafayette and look for- ward to continued investment in the community.” Designed by Hoboken-based MHS Architecture , with interiors from GRT Architec- ture , 270 Johnston will serve as a new landmark that will amplify Jersey City’s growing skyline west of the waterfront. The building’s design draws inspiration from the post-in- dustrial roots of the Bergen- Lafayette neighborhood while also engaging with the Jersey City waterfront and the NYC skyline. MAREJ
ERSEY CITY, NJ — Fields Grade and Alpine Resi- dential have announced the topping out of 270 Johnston Ave. at 262 ft., providing visual context for what will be the tallest building in Jersey City’s revitalizing Bergen-Lafayette neighborhood. Development officials joined a team of tradespeople from KL Masters Construction Com- pany to celebrate the build- ing reaching its full 24-story height, marking a significant milestone toward the project’s completion in early 2024.
270 Johnston Ave.
When fully constructed, 270 Johnston will comprise 169 residential units, roughly 9,000 s/f of street-level and 2nd-floor retail space, and indoor/out- door amenities including an impressive, panoramic rooftop deck. The residences will fea- ture studio-to-three-bedroom
floorplans, with ten units des - ignated as affordable. The building is rising in a location near the 1,200-acre Liberty State Park. “We envisioned 270 John- ston Avenue as a gateway building into Jersey City as it soars high above the NJ
FEBRUARY 2023
HI-LIGHTS NAI James E. Hanson & Cushman & Wakefield negotiate lease for 79,076 s/f
Colliers, Flynn Co. and CBRE collaboratively managed the $22.5M sale of 1430 Dekalb St. in Norristown, PA
a focus on the packaging, graphic arts and medical industries. Its products offer high-value visual and func- tional appearances to paper, board, metal or plastic. Al- tana has production facilities in Europe, North and South America and China. The building is 67,260 +/- s/f, is situated on 4 +/- acres and features 24’ clear height, 9 tailgate loading docks (ex- pandable to 13), plus three concrete ramp drive-in doors. Based in Wakefield, Massa - chusetts, Northbridge is a ver- tically integrated real estate firm with a focus on acquiring infill logistics assets of small to mid-sized industrial assets critical to the supply chain. It has a targeted geographic footprint focused on densely populated major markets on the east coast. The seller, 1450 Taylors Associates LLC, was rep- resented by Richard Goro- desky, SIOR, of Colliers, who was the sole broker in this transaction. MAREJ
NORRISTOWN, PA — Colliers announced the investment sale of 1430 DeKalb St. in Norristown. Eric Grad , vice president of investment at Colliers , was part of the brokerage syndicate including Flynn Company & CBRE whom collaboratively managed the sale process on behalf of ownership to a private out of state seller. The property traded for $22.5 million. 1430 Dekalb St. is a promi- nent institutional facility and community service cen- ter of the Norristown area, spanning 3.12 acres and multiple city blocks. It is a five-story building of 262,000 s/f, with a substantial adja - cent parking deck, that was formerly known as Sacred Heart Hospital. Local governmental ten- ant the Montgomery Coun- ty (Moody’s: Aaa / Fitch: AA) Department of Health and Human Services is the majority occupier at 1430 DeKalb, leasing more than
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SPOTLIGHTS
1430 DeKalb St. in Norristown
Central New Jersey
125,000 s/f within the proper- ty for health and well-being services offered through its Human Services Center. “In a market with rising inflation there is still advan - tage for well-placed invest- ment, but it takes persever- ance and creativity to follow through.” shared Grad. “This is a fantastic example of the collaborative sales process Colliers undertakes and the success we can achieve. ” The transaction was com- pleted in partnership with Flynn Company and CBRE.
In other news, Colliers is pleased announced an entity affiliated with Northbridge Partners has acquired 1450 Taylors Ln. in Cinnaminson, NJ in a sale/leaseback trans- action brokered by Richard Gorodesky, SIOR . The property is 100% long term leased to Actega North America, a wholly owned sub- sidiary of Altana (Europe). Actega develops, produces and distributes water-based and energy curable specialty coatings, inks, adhesives and sealing compounds with
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Central Pennsylvania
11-15B
ALSO INSIDE
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