Real Estate Journal — March 30 - April 12, 2018 — The Best of 2017 — 43C
www.marejournal.com
M id A tlantic
developers Top project of 2017
Nexus Properties Rowan Boulevard Glassboro, NJ
Bridge Development Partners BridgePort I Logistics Center Perth Amboy, New Jersey
Size: 300,000 SF / 23 Acres Glassboro—a little-known chunk of subur- bia in Southern New Jersey—is in the midst of a transformation some are calling “Instant Urbanism.” Driving the change is the +$400 million-dollar Rowan Blvd. redevelopment which includes a mix of luxury, student and non-student apartments, retail, offices, hospitality, educational facilities, and a new town square. As an anchor for Down- town Glassboro, the project is one-of-a- kind for a few reasons; built literally from the ground up the development offers the infrastructure of a truly walkable, city-style hub, practically nonexistent elsewhere in the region until it broke ground seven years ago. Ashley Development Corporation Easton Police Station / Easton Arts Academy
960-1000 High Street, Perth Amboy, NJ Size: 1,292,650 SF
Originally a 103-acre Brownfield site requiring extensive environmental and geotechnical remediation, BridgePort I Logistics Center has been redeveloped into NJ’s premier industrial distribution campus containing 1.3 MSF of modern distribution buildings. Home to Target, the campus offers modern, Class A amenities that accommodate the needs of today’s most sophisticated end users.
The project’s success is not only shown by Target’s 718,500 SF lease, but also Duke Realty’s acquisition of Bridge’s national industrial portfolio. Duke’s acquisition of the site demonstrates institutional investors’ desire to acquire last-mile, infill, irreplaceable real estate in a market with extremely high barriers to entry.
Chesapeake Real Estate Groups, LLC Port 95 Industrial Park Baltimore, MD
In November 2017, The Ashley Development Corporation com- pleted the $13 million remodeling of the former Express Times Building. The building is now occupied by the Easton Arts Academy Charter School and the new police station for the City of Easton, PA. With its bright green and blue interior and colorful hallways, the K-4 Easton Arts Academy occupies five floors, totaling 40,000 square feet of the existing building. The school has 420 students and expects to have 5th grade included by next fall. Adjacent to the Academy, the 28,000 SF Easton Police Station con- sists of a partial reuse of the existing building along with a three story addition. The new police station gives the department ample room for training and other functions. The station features upgrades
After acquiring nearly 47 acres at Holabird Ave. in Baltimore City in 2015, Chesapeake Real Estate Group immediately initiated a redevelopment program that involved demolition activities for a portion of the former Sun Products facility in- volving five separate buildings comprising more than 600,000 SF of space, coupled with the development of two new build- ings totaling up to 550,000 SF of new warehouse and distri-
bution product. The plan also involved the retrofit of an existing 500,000 SF distribution building that caters to tenants and buyers interested in the site’s proximity to the Port of Bal- timore and I-95. Phase I entailed repositioning the existing 500,000 SF building (5250-5330 Holabird Ave.). Phase II was highlighted by the construction of a new Class “A” single-story cross-dock industrial and warehouse building featuring 413,000 SF of space (5300 Holabird Ave.). Phase III involves the construction of a second Class “A” industrial and warehouse building containing 140,000 SF of space (5350 Holabird Ave.).
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such as state of the art firing range, training center as well as a more welcoming look and feel for pub- lic interaction. It also includes a brand new security system along with a sally port, office areas, break rooms, locker areas for all employees as well as ample parking. Overall, the adaptive reuse project created over 50 jobs and has brought a breath of new life into the North 4th Street corridor of the city.
developers Top projecT of 2017 Easton Police Station / Easton Arts Academy
www.ashleydevelopment.com Commercial Development | Health Care Development | Residential Development
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