8B — February 2023 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey
Finishes two marketing assignments and delivers two full building tenants CARA pre-leases under construction class A industrial building in Hamilton, New Jersey
H
AMILTON, NJ — Leading building improvements com-
SOUTH BRUNSWICK, NJ — Woodmont Industri- al Partners (Woodmont) in partnership with EverWest Real Estate Investors (EverWest) announced the start of construction at South Brunswick’s 461 Ridge Rd., an existing 145,000 s/f indus- trial facility that will undergo a complete renovation and a 65,000 s/f expansion, which is slated for completion in the summer of 2023. “New Jersey’s Exit 8A sub- market affords access to 33 percent of the U.S. popula- tion in a 24-hour drive time, making it an ideal location for companies looking to decrease transportation time and costs,” said Anthony Amadeo , ex- ecutive vice president of Wood- mont. “We truly value our re- lationship with EverWest and are proud to partner with them on this project to further con- tribute to the supply of quality industrial space in a highly resilient market that continues to be in high demand.” Upon completion, the property will feature ample surface parking, 30 loading doors, four drive-in doors, and 32' ceiling heights within the expanded areas. Woodmont and EverWest acquired the 12-acre site in December 2020. David Blitt and Eli Harari of Bussel Realty Corp will serve as the proper- ty’s exclusive listing brokers. Design/Build Inc. is the construction contractor. Nate Demetsky , executive vice president of JLL, was the tenant’s co-broker. 58 Thomas J Rhodes Industrial Drive, LLC, was represent- ed exclusively by Howard Applebaum , president of Corporate America Realty & Advisors, Howard Applebaum also represented the developer’s acquisition of the site in ad- dition to being the leasing agent for the new project. During the past two years, Applebaum has sold the de- veloper an assemblage of two nearby other sites totaling approximately 8 acres where an approximate 115,000 s/f.
class A facility (17 Thomas J Rhodes Industrial Drive, also named #Hub1) was construct- ed and pre-leased shortly after “ground-breaking” to A&E Clothing, Inc. “ARCO” was also the general contrac- tor for that project. Some of Hub #2’s features are high ceiling- 36’ clear, wide 54’x51’ bay sizes, a 60’ speed bay, and 30 tailboard loading docks and drive-ins. The building’s Thomas J Rhodes Industrial Dr. location also includes other nearby prestigious companies such as FedEx Ground Air, New Penn Trucking, Yellow Corp., and XPO Logistics helping to make it Mercer County’s Logistic location. MAREJ
pany Lowe’s Home Cen- ters, Inc. has official- ly signed a long-term lease for 58 Thomas J Rhodes In- dustrial Dr. (also known
Howard Applebaum
as Hub#2), Hamilton. The size of the “Hub#2” building is 102,575 s/f, and it is situated on 7.5 acres. Lowe’s Home Center is a “Fortune 50 Company” and is amongst the largest home improvement retailers in
the World, with over 2,200 stores in the United States of America and Canada.
58 Thomas J Rhodes In- dustrial Drive, LLC, is the property’s developer. ARCO
Project is a part of the campus constructed by Russo Development G.S. Wilcox & Co. arranges $10 Million in financing for affordable develop ment
South Brunswick, NJ industrial facility Woodmont and EverWest commence construction
a 35,000 s/f retail center fea- turing a Starbucks, Panera Bread, Chipotle, Habit Burg- er, and CVS. Kean University and their nearly 17,000 under- graduate students are conve- niently located directly across the street from the Vermella Union campus as well. “G.S. Wilcox & Co. is grate- ful to finance another portion of this exceptional campus. Competitive financing re- mains available for strong sponsors such as Russo Development,” Wilcox and Fryer said in a prepared statement. MAREJ Communities’ managing direc- tor Scott Loventhal . “The community’s impressive ameni- ties, ultra-convenient location and diverse product mix will establish a one-of-a-kind life- style that will appeal to every demographic of renter.” Residents at The Metropoli- tan will enjoy a host of lifestyle features, including a daytime concierge, lobby coffee bar, multiple lounges and gathering spaces, a state-of-the-art fitness center and more. Conveniences will abound, from garage park- ing with EV chargers, to pack- age lockers. Outside, park-like grounds will foster passive and active recreation. MAREJ
UNION, NJ — G.S. Wil- cox & Co. has completed $10 million in permanent financ-
campus constructed by Russo Development . This financ- ing marks G.S. Wilcox & Co.’s second on the campus. Ame n i -
ing for a two building, 88- unit afford- able housing apartment community in Union. The financ- ing, arranged by Gretchen
ties at this community include a fit- ness center, a lounge area with pool and foosball
“Real estate and leasing fundamentals in this market remain strong and EverWest is looking forward to the de- livery of several successful projects with Woodmont in 2023, including 461 Ridge Rd.,” said Krystal Arce- neaux , EverWest’s head of asset management. Over the past year, Wood- mont has executed several key acquisitions in the most active industrial growth markets in the country, add- ing approximately six million s/f to its portfolio. The team remains extraordinarily ac- tive in Northeastern states, and Pennsylvania as well as Florida and Texas. EverWest currently man- ages 890,522 s/f of industrial space in New York and New Jersey, with an additional 646,805 s/f currently under development. 461 Ridge Road marks the fourth partnership for Woodmont and EverWest, along with projects in Frank- lin Township, Rahway, and Woodbridge. MAREJ South Brunswick’s 461 Ridge
Gretchen Wilcox David Fryer
Wilcox , president, and David Fryer , principal, was secured on a seven-year term with full term interest only. The project is a part of the Vermella Union
tables, a mail and package room, Amazon lockers, and several offices. The commu- nity is steps away from The Shoppes at Vermella Union,
Garden Communities redev. brings luxury rental lifestyle to former Saks Fifth Avenue site
SPRINGFIELD, NJ — With framework for its mid-rise apartment building now un- derway, The Metropolitan in Springfield has reached a key construction milestone. Ac- cording to developer Garden Communities , the mixed- use development in suburban Union County is progressing for a mid-2023 pre-leasing launch. Located at 92 Millburn Ave. on the former Saks Fifth Av- enue store site, The Metropoli- tan will introduce 270 luxury rental residences. The apart- ment building will include 223 one- and two-bedroom rent- als. Additionally, 47 two- and three-bedroom townhomes are
The Metropolitan in Springfield under construction around the property perimeter. The Met- ropolitan will also incorporate 5,000 s/f of retail space fronting on upper Millburn Ave. “The Metropolitan is estab- lishing a new best-and-highest use for this legendary Millburn Avenue address and serving as a catalyst to restore vibrancy to its neighborhood,” said Garden
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