S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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JLL facilitates 56,000 s/f lease transaction, representing both ownership and tenant LEG to expand biotech manufacturing hub at the Princeton West Innovation Campus @ Hopewell
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RINCETON, NJ — Lincoln Equities Group (LEG) and
The tenant was represented by JLL managing director Ja- son Benson and senior man- aging director Dan Spero . A former Bristol-Meyers Squibb facility, Princeton West is a multi-purpose R&D campus of 33 buildings situ- ated on 433-acres centrally located between NYC and Philadelphia, along the Boston to Washington DC Northeast Corridor of AMTRAK rail and less than five miles from the East Coast’s main Interstate Highway, I-95. Lance Bergstein , manag- ing director of LEG, added “The collective team thanks ChooseNJ, BioNJ and the NJEDA for their support and guidance in attracting Enzene Biosciences to New Jersey. We anticipate con- tinued demand from compa- nies who can utilize the prop- erty’s existing infrastructure and embrace its prime loca- tion along New Jersey’s life sciences corridor.” MAREJ
H.I.G. Re- alty have announced plans for three new planned spe- cialty manu- facturing buildings at the Prince-
Joel Bergstein
ton West Innovation Campus @ Hopewell totaling 380,000 s/f to accommodate advanced manufacturing uses, including
with the type of advanced R&D and manufacturing space the industry demands.” The announcement comes following the lease of 56,000 s/f of space at the property to Enzene Biosciences. Enzene Biosciences leased the entire West wing of Building 21 at the multi-purpose R&D campus to create a state-of- the-art biopharmaceutical manufacturing plant that will facilitate an expansion of its West Innovation Campus @ Hopewell
manufacturing capabilities to serve North American clients. A JLL team led by vice chairman Dan Loughlin , managing director Bob Ryan , senior managing director John Buckley and execu- tive managing director Jim Medenbach , serves as mar- keting agent for the property and represented ownership, along with LEG’s sr. director of leasing, Ken Flynn , in the lease with Enzene Biosciences.
biotech, pharmaceutical, nu- tritional and medical device, and other high-tech needs. “New Jersey remains one of the nation’s leading centers of life science innovation and the Princeton West Innovation Campus sits at its heart,” said Joel Bergstein , president of LEG, one of the Northeast’s leading full-service real estate companies. “We are excited to move forward with our plans to further enhance the property
JULY 2023
HI-LIGHTS SPOTLIGHTS Southern New Jersey
Tryko Partners breaks ground on Cedarwood Homes Development in Pittsburgh, Pennsylvania
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PITTSBURGH, PA — State and local officials, housing agency executives, and other key stakehold- ers joined Tryko Partners leadership this week to cel- ebrate the groundbreak- ing of Cedarwood Homes in Pittsburgh’s West End. The event marked another ma- jor milestone for the senior affordable housing redevel- opment project, which has received widespread support since its inception. In 2020, the P ittsburgh Ur- ban Redevelopment Author- ity (URA) named Tryko as developer of choice for the for- mer Fairywood School site. In addition to strong support from community leaders at the state and local levels, key financing agencies have also contributed to the project’s viability. This includes a 9% Low-Income Housing Tax Credit (LIHTC) awarded by the Pennsylvania Housing Finance Agency; and
Atlantic Regional Administra- tor Matthew Heckles, HACP executive director Caster Bin- ion, URA executive director Susheela Nemani-Stanger and Merchants Bank transaction manager Vikram Nevreka. Located at the corner of Broadhead Fording and Vil- lage Rd. in the city’s Fairywood neighborhood, the project will feature spacious one-bedroom units with covered porches, which will be surrounded by a series of walkable, park-like green spaces. A community building will serve as the site for financial literacy, nutrition and exercise programs; health screenings; and other support services de- signed to enable seniors to age in place. The property, which incorporates ample parking, will be transit-friendly and in- corporate energy-efficient and sustainable site design, includ- ing rain gardens throughout the green spaces. MAREJ
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Groundbreaking of Cedarwood Homes in Pittsburgh’s West End
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$2.1 million in gap financing funding, along with 24 project- based Section 8 vouchers, from Housing Authority City of Pittsburgh (HACP). “We thank the many offi- cials, agencies and allies who have helped bring Cedarwood Homes to fruition,” said Isaac Sassoon, Esq. , senior vice president at Tryko Partners. “We are excited to be taking the next step towards revital- izing Pittsburgh’s West End and the Fairywood neighbor- hood, and providing its senior residents with quality housing
and support.” Upon completion, Cedarwood Homes will serve the city’s most disadvantaged seniors, provid- ing them with the opportunity to live in newly constructed housing and access essential services. The community will include 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income. Tryko anticipates delivering Cedarwood Homes in 2024. The groundbreaking cer- emony also included comments from Fitzgerald, HUD Mid-
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ALSO INSIDE
www.marej.com WCRE 2 nd Qtr. 2023 Report ..10B CREW NJ Chapter........... 12B Pennsylvania..............13-BC B
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