O wners , D evelopers & M anagers
Real Estate Journal —5A
www.marejournal.com
M id A tlantic
Designed in collaboration by HWKN and Handel Architects KRE Group and National Real Estate Advisors break ground on 53-Story, 538-unit building J
short of something that the entire City should be proud of.” Phase I of Journal Squared will be a 53-story building with 538 rental apartments that is scheduled for completion by the end of 2016. Phase II will include 700 rental residences in a 70-story building, while Phase III will feature 600 rental homes in a 60-story building. The developers will pursue LEED certification for all three buildings. Designed in collaboration by HWKN and Handel Ar- chitects , the new develop- ment will take full advantage of Journal Square’s exten- sive transportation network highlighted by covered ac- cess from the residential lobby to the entrance of the PATH Station which offers rail service to lower and mid- townManhattan, Jersey City, Hoboken and Newark. “While Journal Squared
was designed to meet the ever-increasing demand for a desirable urban living experi- ence near public transporta- tion, the broader intent is to complement the existing mass-transportation infra- structure with new residen- tial, retail and open space to create a well-balanced destination that becomes a center point for community life,” said Murray Kushner , chairman of The KRE Group. “We successfully executed this formula at our Grove Pointe development across from the Grove Street PATH Station in downtown Jersey City, and believe Journal Squared will achieve similar results, but on a much larger scale. This development will help Journal Square reach its potential as a dynamic urban neighborhood for those who choose to live, shop, dine and work here.” n
HI-LIGHTS N ov . 28 - D ec . 11, 2014 The new development will comprise 1,838 rental resi- dences and 36,000 s/f of retail and restaurant space in 53-, 60- and 70-story towers – the latter of which will be the ERSEY CITY, NJ — Jersey City mayor Steven Fulop joined officials from development partners The KRE Group and Na- tional Real Estate Advisors to officially break ground on “Journal Squared,” a three- tower, mixed-use development adjacent to the Journal Square PATH Station.
Journal Squared
said. “This project is going to change Jersey City, and it’s certainly going to change Journal Square. When all three towers are complete, it will literally transform and recreate the entire Jersey City skyline. That is no small accomplishment and nothing
tallest residential building in New Jersey. The transforma- tive project will also include a pedestrian-friendly public plaza. “This is an exciting day because this is really a game- changer for Jersey City in so many ways,” mayor Fulop
CONSTRUCTION MANAGEMENT
Chesapeake Real Estate Group and USAA Real Estate Co. acquire nearly 50 acres
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HFF arranges joint venture equity for View at Waterfront
BALTIMORE, MD — Chesapeake Real Estate Group, LLC and their fi- nancial partner USAA Real Estate Company have an- nounced the acquisition and groundbreaking of a 48.4 acre, 571,000 s/f warehouse distri- bution building on a specula- tive basis in the Aberdeen section of Harford County, Maryland. The companies’ development of the Perry- man Logistics Center will be a state-of-the-art project located at 610 Chelsea Rd., with completion expected in summer 2015. Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buy- ers in this land sales trans- action and their team has been selected as the broker to market and lease Perryman Logistics Center. The land was formerly owned by FO Mitchell Bro. The class A industrial build- ing will feature 36 foot clear ceiling heights, 175 rear load-
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Becker Morgan Group acts as associate architect on library
610 Chelsea Road
ing docks and two drive-in docks, a 130 foot truck court and an adjacent surface park- ing area that can accommo- date more than 500 vehicles. The project is situated within immediate proximity to Per- ryman Rd. (MD Rte. 159), and is less than four miles from US Rte. 40, eight miles from I-95 and approximately 30 miles from the Port of Baltimore.
“Strong and sustained mar- ket fundamentals, led in par- ticular by the enormous appe- tite in the e-commerce sector for large-scale distribution and warehouse projects, have given us extreme confidence to move forward with this strategically- located speculative project,” said Jim Lighthizer , founder and owner of Chesapeake Real Estate Group. “The e- commerce industry is growing
at the rate of 15 to 20% an- nually, and we are aware of numerous manufacturing and distribution companies that are searching for fulfillment centers close to significant population markets such as Baltimore. Our development team has deep experience in this product category and we are seizing this opportunity to leverage short-term and long- term market conditions.” n
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