S hopping C enters N ew J ersey S po light C entral

Mid Atlantic Real Estate Journal — New Jersey — August 16 - 29, 2013 — B


Cushman & Wakefield represents the buyer, Sloan-Kettering Macnow & Goodwin of CBRE Group brokers sale of 287,806 s/f vacant building in Monmouth County


iddletown, NJ — CBRE Group, Inc. , one of New Jer-

its Basking Ridge facility, with the addition of ambulatory surgeries, including medical oncology, neurological oncol- ogy, chemotherapy, radiation therapy, diagnostic radiology, surgical consultations, clinical research trials, social work, nutrition services and space for community education. Ad- ditionally, the healthcare pro- vider will also house its main data center at the site. As of April 1, the net absorp- tion in 2013 has been 1.77 mil- lion s/f in Greater Monmouth County. Currently there is a total inventory of 4.32 mil- lion s/f in 27 buildings. These buildings average 160,125 s/f with an average age of 24. “Monmouth County is on a tremendous upswing as the list of large-scale adap- tive reuse projects contin- ues to tick upward at a fast pace in communities such as Asbury Park, Tinton Falls, and Holmdel,” said Macnow. “This transaction will take an even bigger bite into that availability rate. Developers

are seeing the potential and seizing upon opportunities to find new solutions that create valuable options for outdated properties.” Macnow, who is also repre- senting the owner of the for- mer Asbury Park Press build- ing, in Neptune, in an effort to sell it for redevelopment, said more sites are expected to hit the market in these shore communities, with this trend continuing to have a major impact throughout Monmouth County and the entire state. The Sloan-Kettering facility is expected to open in mid to late 2016, helping up to 200 patients daily with expected growth to as many as 400-500 per day. Approximately 400 jobs will be created, which is needed in the county after the loss of more than 1,000 jobs due to the closing of Fort Monmouth several years ago. Sloan-Kettering received a grant from the New Jersey Economic Development Au- thority for the jobs created at the data center. n

sey’s largest commercial real estate b r o k e r a g e f i rms h a s brokered a deal for Me- morial Sloan- Kettering to acquire the

Suzanne Macnow

287,806 s/f vacant building at 480 Red Hill Rd. in Middle- town, which previously housed Lucent Technologies. The sale and subsequent move-in by Sloan-Kettering will have a dramatic impact on the avail- ability of office space in the Greater Monmouth County submarket. The availability rate now stands at 27.3% af- ter closing 2012 at 48.4%. By comparison, the overall avail- ability rate in the state is just over 20%. The building, located off exit 114 of the Garden State Parkway, was developed and owned by Murray Construc-

480 Red Hill Rd.

tion , who gave it back to the lender, AEGON , in 2009. CBRE’s Suzanne Macnow , first vice president, and John Goodwin , senior associate, represented the owner of the

property in the sale. Cush- man & Wakefield repre- sented the buyer. Sloan-Kettering will retro- fit the building into a cancer treatment center, similar to

Mack-Cali Realty Corporation sells 133,684 s/f Somerset County commercial real estate property for $18 million

Bernards Township, NJ — Mack-Cali Realty Corporation has sold its com-

mercial office property lo- cated at Lib- erty Corner C o r p o r a t e Center, 106 Allen Rd. in B e r n a r d s Twp. for $18 million. The f o u r - s t o r y,

Mitchell Hersh

133,684 s/f building was sold to The Silverman Group. The sale price on in-place net op- erating income at 54% leased represents a capitalization rate of 3.75%. Mitchell Hersh , president and CEO of Mack-Cali, said, “We look forward to redeploy- ing the proceeds from this sale into more strategic growth op- portunities.” n

106 Allen Rd.

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