O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
URLINGTON, NJ — Liberty Proper- ty Trust has broken Designed by Dishner Architects, the general contractor is Blue Rock Construction Liberty Property Trust breaks ground on 441,380 s/f industrial building in Burlington, NJ B
HI-LIGHTS O ct . 26 - N ov . 8, 2018 ground on a 441,380 s/f in- dustrial building at 160-180 Dulty’s Lane in Burlington. “Liberty’s new building at Dulty’s Lane capitalizes on the demand for new industrial space in Northern Burlington County,” said Pete Corcoran , vice president of leasing and development for Liberty’s New Jersey office. “With nearby ac- cess to the New Jersey Tpke., Rte. 130, and I-295 the build- ing’s location will provide users
160-180 Dulty’s Lane
with the ability to move their product along the Eastern seaboard.” The project will feature 36-
foot clear heights, 54-by-55 foot column spacing and 290-foot depth. Access to the building will include 88 dock doors and
space for 105 trailer and 330 car parking spaces. Slated for completion in the first quarter of 2019, the building is seeking
LEED Silver certification. Designed by Dishner Archi- tects , the general contractor is Blue Rock Construction .
Castle Lanterra acquires secondVAproperty expands multifamily property portfolio
features, including pass- through kitchens that include state of the art appliances, balconies, lighted ceiling fans, and fire suppression systems. Meridian Obici was designed to create a class A lifestyle at an affordable price point. Com- munity amenities include a saltwater swimming pool with poolside cabanas, an outdoor kitchen, and a sundeck. Suffolk is one of the fastest growing cities in the Hampton Roads MSA. Since 2000, the population has increased more than 31% as some of the re- gion’s fastest-growing compa- nies are located in the city. The quality labor force and access to major transportation infra- structure have all contributed to the business growth and subsequent population growth. In a study done for Time magazine in 2017, the Urban Land Institute researched more than 50 urban areas to see which region saw the greatest uptick in millen- nial residents (ages 24 to 34). Hampton Roads MSA topped the list with 16.4 percent growth. The region also saw a 12.8% population change in suburban growth, according to the study.
SUFFOLK, VA — Castle Lanterra Properties (CLP) has expanded its mid-Atlan-
GREEN BUILDINGS & ENVIRONMENTAL
tic portfolio, announcing that it has acquired Me- ridian Obici, a 224-unit, class A com- mu n i t y i n Suffolk. “The state
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JL Architects HQ receives Energy Star score of 85
Elie Rieder
of Virginia has long been on our investment radar. Having al- ready acquired 409 units back in 2013, we have witnessed tremendous growth over the past five years, and the state has quickly emerged as a major economic center for new busi- nesses and job seekers alike. The Suffolk/Hampton Roads is particularly attractive to us due to its positive supply/ demand dynamics, its growing population of Millennials, and diverse local economy. Coupled with a best in class asset such as Meridian Obici, this invest- ment offers a strong combina- tion of steady yield and deep intrinsic value” Elie Rieder , CEO of Castle Lanterra Prop- erties, said. Located on Suffolk’s historic Main St. and in one of the fast-
Meridian Obici
est growing cities in Virginia’s Hampton Roads metropolitan region, residents enjoy ease of access to diversified employ- ment base that is continuing to grow rapidly. The quality of the labor force and access to major transportation infra- structure has contributed to business growth and, subse- quently, population growth. Meridian residents have access to some of the larg- est employers in the market, including the Naval Station and Portsmouth Marine Ter- minal, Sentara Obici Hospital, Target, Sysco, Kraft, Unilever, GEICO and more. In recent years, Suffolk has also be- come the Caffeine King of the
Country with its easy access to the Port of Virginia, one of only two ports on the East Coast certified to exchange coffee imports. Peet’s Coffee, Keurig, J.M. Smucker, Mas- simo Zanetti Beverage and Lipton have all opened opera- tions in Suffolk. Said Rieder, “We are very excited to take ownership of this gorgeous asset, as it pro- vides a high value proposition for the growing number of discerning renters who tend to favor newer product with lifestyle amenities.” The property features one, two and three-bedroom apart- ments. Units have nine-foot ceilings with high-end design
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PIRHL to build housing development in Freehold, NJ
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