S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

Team of Monahan, D’Amato, Lazarides and Monahan represents owner CBRE facilitates 867,500 s/f of NJ industrial leasing on behalf of Prologis

HI-LIGHTS JAN. 13 - 26, 2017 Southern NJ 5-9B Colliers international facilitates $4.2m sale of 114,000 s/f facility EW JERSEY — CBRE Group Inc. has facilitated more than 867,500 s/f of industrial leasing activity on behalf of its long-term client, Prologis , through two separate transac- tions in NJ. The CBRE team of Thom- as Monahan, Stephen D’Amato, Anastasia Laza- rides and Gerard Monahan represented Prologis, which owns both properties. In Woodbridge, the team facilitated a 507,500 s/f lease N

1005 W. Middlesex Ave.

50 Middlesex Ave.

WYCKOFF, NJ — Inser- ra Supermarkets has begun demolition at the site of the planned ShopRite of Wyckoff at the corner of Greenwood and Wyckoff Aves. The fam- ily-owned grocery chain is targeting November of 2017 for the opening of a modern, 62,042 s/f store. Inserra Supermarkets had earned the unanimous ap- proval of the Township of Wyckoff’s Planning Board in February of 2013 following 38 public meetings over a three-year period. However, on-going litigation from com- petitor-objector Stop & Shop has stalled construction and breaking ground of the future store. Inserra Supermarkets has successfully turned back every legal challenge at both with DSV Global Transport and Logistics at 1005 W. Mid- dlesex Ave. The distribution facility, which sits less than four miles from the New Jer- sey Tpke., features a 36-foot clear height, 120 dock doors, two drive-in doors and parking for 115 trailers. Doug Bans- bach of Cushman &Wakefield represented the tenant in the transaction. In Carteret, CBRE secured a 360,000 s/f lease with a retail- er on behalf of Prologis at 50 Middlesex Ave. The property,

also a distribution facility, features a 36-foot clear height, 68 dock doors, four drive-in doors and parking for 137 cars and 138 trailers. In addition, the building sits just 3.5 miles from the New Jersey Tpke., al- lowing for immediate access to a number of additional major roadways. Scott Belfer of CBRE represented the tenant in the transaction. Mark Shearer , senior vice president for Prologis andmar- ket officer in New Jersey add- ed, “DSVGlobal is a prominent

customer of Prologis, leasing over five million s/f from us in 10 countries and we’re pleased to be working with them in New Jersey. We’re equally ex- cited to welcome an additional customer to our Port Reading Park, which will allow this retailer to grow their supply chain to better serve stores in the region. Both customers demonstrate the enormous potential of continued growth in the New Jersey real estate market.” “We’re continuing to see

Jr. , chairman and CEO of Inserra Supermarkets. The family-owned grocery chain owns and operates 22 Shop- Rite stores in New Jersey and New York, and is well recognized as a good corpo- rate citizen. “It’s about time!” added Jim Jaworski, Esq. , coun- sel for Inserra Supermarkets. Bui lding des i gns and heights of the planned Shop- Rite of Wyckoff reflect the historic character and ar- chitecture of surrounding commercial and residential buildings. In addition to in- voking traditional architec- ture, installation of almost an acre of new landscaping will significantly enhance the site and exceed the township’s green space requirements. n record demand for quality product in the New Jersey industrial sector, and this recent pairing of significant lease transactions that we fa- cilitated on behalf of Prologis is a testament to the overall mar- ket momentum,” said Thomas Monahan , executive vice pres- ident at CBRE. “While both of these properties boast a roster of sought-after industrial fea- tures, location and transpor- tation access continues to be the most prominent drivers of activity in the state.” n

Inserra Supermarkets begins demolition at site of planned 62,042 s/f ShopRite in Wyckoff


Kislak completes $6.1 million sale of forty apartments in Hackensack, NJ

ShopRite of Wyckoff renderings

the Superior Court and Ap- pellate Division levels. One final appeal fromStop & Shop is before the Appellate Divi- sion, and arguments in that case were heard last month. A decision is expected shortly.

“We are thrilled to finally take these preliminary site preparation steps and be moving toward our goal of opening a modern supermar- ket in Wyckoff next year,” said Lawrence Inserra,


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