20B — September 14 - 27, 2018 — New Jersey — M id A tlantic
Real Estate Journal
N ew J ersey
LARK AND SOM- ERSET, NJ — Zim- me l As s oc i a t e s Kraft of Allied Realty reps. buyer in $3.1 million sale in Somerset Zimmel Associates brokers two industrial building sales totaling $6.7 million C demand. These exclusive listings were on the market for just a short period of time,” said David Zimmel. “Our company is located at the epicenter of one of the nation’s most concentrated and successful markets for industrial properties. We are continually on the lookout for great deals for our clients and have in-depth knowl- edge of on and off-market opportunities.” Environmental remediations a key component in transit-oriented . . . In the first transaction Da- vid Zimmel , CEO, Zimmel Associates, handled the $3.6 David Zimmel reports the sale of in- d u s t r i a l buildings in Cl ark and S ome r s e t . Both build- ings were ex- clusive list- ings of the firm.
underutilized site and create a positive ratable for the Town- ship.” Another notable transit- oriented project AESI directed involved the remediation to facilitate development of one- and two-bedroom luxury rental residences with on-site retail in Monmouth County. The de- veloper assembled this 8-acre parcel from three former indus- trial factories and a nearby site located along the train tracks. “In this case we found mul- the Garden State Pkwy. The buyer is WBC Industries, Inc., a distributor of VEL- CRO and Aplix hook and loop fasteners and other products. Zimmel represented the sell- er, Denholtz Associates . The buyer was represented by Thomas Kirczowof NAI DiLeo-Bram , Piscataway. In the second transaction, Jordan Zimmel , vice presi- dent, Zimmel Associates, handled the $3.1 million
tiple different types of contami- nation related to the historic industrial uses of these prop- erties,” said Novak. “Soil and ground water remediation was performed successfully and to- day this project is limited to an- nual ground water monitoring.” Both of these commuter- friendly projects underscore AESI’s expertise in remediat- ing properties that require a high level of regulatory man- agement, said Novak. To date AESI has issued 148 RAOs sale of 215 Davidson Ave., Somerset, a 25,000 s/f free- standing industrial building, situated on three acres just off of Rte. 287, near Exit 10 of the New Jersey Tpke. Zim- mel represented the seller, Balogh Associates, Somerset. The buyer, SNR Trading of Brooklyn, NY, was repre- sented by Ronald Kraft of Allied Realty , Fairfield, NJ. “Industrial buildings in this size range are in high
delineated. Site monitoring is ongoing. “AESI’s environmental re- mediation work was critical to our success at Estling Vil- lage, where we transformed a blighted former factory into an attractive, transit-friendly residential community right next to the Denville train sta- tion,” said Joseph Forgione, the founder and principal of JMF Properties, the community’s developer. “It allowed us to fully untap the potential of this million sale o f 51 Ter - mi na l Av - enue, Clark, a 30,000 s/f, o n e - s t o r y , free-stand- ing industri- al building that features quick access to Exit 135 of Jordan Zimmel
(Response Action Outcomes), many of which involve the transformation of abandoned or underutilized industrial prop- erties into functional facilities that help New Jersey’s economy and provide tax benefits to their respective communities. Based in Hoboken, Atlantic Environmental Solutions, Inc. is a full-service environmental consulting firm celebrating 20 years of helping businesses comply with complex environ- mental laws and regulations.
The environmental consult- ing firm performed a pre- liminary assessment of the site, and also identified and delineated wetlands which needed to be protected. The presence of wetlands limited the developable portion of the property. AESI delineated the wetlands and completed soil remediation work within one year. Groundwater was remediated to trace levels of contamination which was continued from page 17B
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