S hopping C enters N ew J ersey
M id A tlantic Real Estate Journal — New Jersey — Section B
www.marej.com
Including former Gerdau Ameristeel plant & former Griffin Pipe Foundry in Florence Catalyst Development Partners reforms NJ brownfields into valuable real estate
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2.5 million s/f of new big box modern industrial warehous- ing and logistics centers. More than 1,100 new perma- nent jobs were created, and provide more than $3 million in annual tax revenues for the municipalities and state. Once remediated, the Gerdau Ameristeel 92-acre waterfront redevelopment site was sold to Duke Realty Corp. to build a warehouse for Home Depot, which is part of the hardware store's previously announced $1.2 billion supply-chain over- haul. Catalyst's remediation agreement allows the city to receive $6.4 million in new public amenities. The second property turned into two new modern industrial warehouses totaling 1.1 million s/f. In ad- dition to the remediation of an environmentally contaminated property, job creation and new tax revenues, the redevelop- ment plan calls for 22 acres
• Planet Fitness will relo- cate and expand to 19,215 s/f within the shopping center. Existing tenants at Hazlet Town Center include Bank of America, TGI Friday’s, GNC, GameStop and Sally Beauty, along with a great mix of daily convenience uses. Two adjacent 20,000 s/f junior box opportunities remain available for lease at the center along smaller inline spaces ranging from 1,000 to 9,000 s/f. Capital improvements to the center will include new pylon signage, interior di- rectional signage, parking field improvements, lighting modernization, landscaping enhancements including the addition of over one acre of new green space, and façade upgrades. The work is sched- uled to commence shortly and to be completed by the end of this year. Onyx’s value-add re- tail strategy has been applied to centers such as Woodbridge Crossing, Plainsboro Plaza & Livingston Town Center. of ball fields and recreational facilities, 10 acres of woodlands and land for the future expan- sion of the Florence Township Wastewater Treatment Plant. The redevelopment will also provide access to the Dela- ware River waterfront. The third property is a rare infill industrial space within close proximity to New York. The development will have 130,000 s/f building with more than 200 new employees on a site elevated above increasing flood elevations. “Catalyst works closely with regulatory agencies and sees the development of a remedial strategy as a team effort among the developer, the governing agencies and the local com- munity,” said Stephen Parnes, one of the partners. “We believe that brownfield remediation is important for the economic and environmental well-being of communities.”
EWJERSEY — Cata- lyst Development Partners has suc-
cessfully transformed three brownfield sites in New Jersey into land coveted by real estate developers that have increased jobs and eliminate environmen- tal concerns. Currently, the company seeks more brownfield projects to remediate. Catalyst redeveloped three underutilized, blighted and often environmentally im- paired industrial and com- mercial properties in New Jersey: the former Gerdau Ameristeel plant in Perth HI-LIGHTS MARCH 13 - 26, 2020
Gerdau Ameristeel in Perth Amboy
Amboy, the former Griffin Pipe Foundry in Florence, and the former Matheson Tri-Gas property near the Meadowlands. During the
process, the company ac- quired, remediated and re- positioned the property that was contaminated. The three projects produced more than
5-12B SPOTLIGHT NORTHERN NJ
Onyx Equities announces redevelopment approvals & over 100,000 s/f of leasing at Hazlet Town Ctr. stein Group ).
HAZLET, NJ — Hazlet Town Center, a 200,000 s/f regional-scale shopping cen- ter on Rte. 35 received re- development approvals and announced 100,000 s/f of new tenants, announced Onyx Equities , which owns the property in partnership with a fund managed by Siguler Guff & Company . With more than 42,000± cars passing daily, Hazlet Town Center is at the core of a densely populated shopping corridor – surrounded by over 2 million s/f of retail within five miles. Formerly anchored by Kmart/Pathmark, the growth in population and activity in Monmouth County attracted the partners to the unique, value-add opportunity in 2016. “Our highest -and-best - use retail market knowledge aligned perfectly with the township’s goals in this rede- velopment zone, which is to create the market’s premier shopping center,” said Mat- thew Flath , vice president of asset management at Onyx
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Hazlet Town Center
Upcoming Spotlights
Equities. “We are excited to announce that our renovation plans have already attracted an esteemed group of new tenants.” Recent Hazlet Town Center leasing activity includes: • Aldi (20,980 s/f repre- sented by Equity Retail Brokers ), • Burlington Coat Factory (41,525 s/f represented by
CNS Real Estate ), • Panera Bread (4,212 s/f with drive-thru represented by Ripco NJ ), •Wawa (5,585 s/f free stand- ing pad represented by The Goldstein Group ), • Great Clips (1,275 s/f represented by ARD Real Estate ) • Quest Diagnostics (2,080 s/f represented by The Gold-
Contact Kimberly Brunet For more info: P: 781-740-2900 kbrunet@marejournal.com
www.marej.com
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