S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
In Historic Somerset County, New Jersey Pendry Hotels announces Pendry Natirar to debut 2020
P3 Props. purchases Somerset Financial Ctr. Cushman & Wakefield inks 450,000 s/f lease
OMERSET COUNTY, NJ — Pendry Hotels announced Pendry Nati- rar and Pendry Residences Natirar, collectively one of the brand’s most significant devel- opments to-date. The project will see the near complete rede- velopment of one of America’s finest country estates to become Pendry Natirar, alongside the launch of Pendry Residences Natirar. Nestled in the rolling hills of Somerset County, and less than an hour from New York City, the grand, Tudor-style, 33,000 S HI-LIGHTS SEPT. 14 - 27, 2018
1065 Cranbury South River Rd. in South Brunswick
Natirar Mansion
s/f, Natirar Mansion, formerly owned by the late King of Mo- rocco, was originally completed in 1912 as an estate home for heiress Kate Macy Ladd and husband Walter Ladd. Currently consisting of the award-winning Ninety Acres Restaurant & Cooking School, a sustainable farm, the Man- sion Ballroom banquet facility, and a private membership club, Pendry Hotels enthusiastically announces the next phase of the Natirar resort development. The estate will be restored with careful attention to detail and expanded to feature an adjoining hotel with 66 guest rooms and suites, re-emerging as Pendry Natirar in the Spring of 2020. Pendry Natirar will be a creative rebirth of an es- teemed and historically rich property that has already seen the innovative design touch of one of America’s most re- vered architects and design- ers, David Rockwell , whose Rockwell Group designed the interiors of Ninety Acres. The distinguished farm-to-table res- taurant and cooking school has become an established culinary destination in the region and will remain a signature feature of the new resort. Pendry Natirar will feature a full-service Spa Pendry includ- ing an extensive health &well- ness curriculum, fitness cen- ter, swimming pool and tennis courts, private membership club, and a variety of classic and unique outdoor activities to be discovered throughout the property—all set among scenic trails and pathways groomed for hiking, biking and horseback riding surrounded by 400 acres of protected land along the north branch of the Raritan River. Additionally,
Pendry Natirar will showcase more than 13,000 s/f of indoor meeting and event space, in- cluding a 5,000 s/f grand ball- room, plus some of the most stunning outdoor wedding and social event lawn space on the east coast. Driven by the agricultural bounty of the sustainable Nati- rar farm, the Pendry Natirar food and beverage ethos will revolve around creating special places for guests, residents and club members to gather, celebrate and share, including a lounge set in the mansion’s grand room—the perfect place for afternoon delights and eve- ning celebrations – as well as a new signature restaurant featuring seasonal culinary offerings in a breathtaking perch overlooking the resort’s expansive views of the Somer- set County countryside. In ad- dition, PendryNatirar will fur- ther enliven the Ninety Acres restaurant and cooking school with a new sense of culinary exploration, to provide guests, residents and club members a unique opportunity to revel in the process of cultivating, har- vesting, preparing and savoring food in the beautiful landscape where it is grown, through sea- sonal menus, special program- ming, classes and partnership events with local farmers, pur- veyors and artisans. “We could not be more hon- ored to be stewards of Natirar,” said Alan Fuerstman, founder, chairman and CEO of Montage International. “To be able to take one of the country’s most idyllic country estates and reinvigorate it with new life that makes it accessible to guests, club members and homeowners is an incredible opportunity.”
Somerset Financial Center in Bedminster
existing regional needs while allowing for additional in-place growth. In other news, P3 Proper- ties has purchased Somerset Financial Center in Bedmin- ster from Related Compa- nies. Cushman & Wakefield brokered the trade of the 233,000 s/f, state-of-the-art office complex, which serves as the New Jersey headquarters of Mallinckrodt, a specialty pharmaceutical company. Cushman & Wakefield’s in- vestment sales teammembers Kevin Donner of the New York Capital Markets Group, and David Bernhaut, Gary Gabriel , and Ryan Larkin , of the East Rutherford, NJ, Capi- tal Markets Group, brought the asset to market, targeting select investor entities and procuring P3 as the buyer. Cushman & Wakefield’s Equity, Debt & Structured Fi- nance team, headed by John Alascio, Sridhar Vankayala and Zackary Kraft , arranged $42 million in senior financ- ing that was competitively bid out in the market. The group ultimately secured the 10-year fixed-term, 10-year interest-only loan through Rialto Mortgage Finance . “Northern New Jersey rep- resents the world’s largest concentration of pharmaceuti- cal firms,” Bernhaut noted.
SOUTH BRUNSWICK, NJ — Cushman & Wake- field has inked a 450,000 s/f, full-building industrial lease for storage and moving ser- vices provider Clutter at 1065 Cranbury South River Rd. in South Brunswick. The newly constructed facility, launched as a speculative development by IDI Logistics, is nearing completion and will accommo- date a late summer move-in. Andrew Stypa and Daniel Badenhausen of the com- mercial real estate firm’s Iselin office, represent Clutter – a Los Angeles-based startup. Over the past two years, they have represented Clutter with their leases in Northern and South- ern California, and Seattle. Cushman &Wakefield’s Jason Goldman, Andrew Siemsen and Marc Petrella also based in Iselin, served as landlord representative for IDI Logistics in the long-term lease. “The storage industry gener- ates a reported $38 billion in annual revenue, and within this sector, Clutter is carving a distinctive niche from a ser- vice perspective,” Stypa noted, adding the company quickly outgrew its first East Coast facility, leased two years ago in North Bergen. Stypa added that the 1065 Cranbury South River Rd. will accommodate Clutter’s
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