M id A tlantic S hopping C enters N ew J ersey S potlight N orthern NJ The property was purchased by Bridge Development Partners CBRE National Partners arranges $43 million sale of I-78 Logistics Park
Real Estate Journal — Northern New Jersey — March 16 - 29, 2018 — 7B
www.marejournal.com
opatcong TWP., NJ — CBRE has suc- cessfully negotiated the $43 million sale of the I-78 Logistics Park, a 365-acre, master-planned development located along the I-78/81 cor- ridor in Lopatcong and Phil- lipsburg, NJ. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners negotiated on behalf of the seller, Opus In- vestments / KTV, Inc. The prop- erty was purchased by Bridge Development Partners . The I-78 Logistics Park situ- ated at 942 Memorial Parkway -- has approvals in place to con- struct 3.8-million square feet of warehouse/distribution space. “This property represents one of the largest concentra- L Newark, NJ — Stra- tegic Development Part- ners has unveiled plans for a 256-unit luxury apartment complex in Newark. Located in the Living Downtown Re- development Area, Vibe will offer resort-style living with magnificent views of the Man- hattan skyline and the New Jersey coastline. This will be an $80 mil- lion investment in downtown Newark. Current plans call for 60 percent of the units to be one bedroom, 20 percent two bedroom and another 20 percent studios. Onsite park- ing will be provided for 156 vehicles. With a Walk Score of 99 and a Transit Score of 94, the neighborhood is unrivaled for convenience. Just two blocks from the epicenter of downtown Newark, Vibe will provide easy access to cultural offerings, pro sports teams, transportation and a variety of gourmet restaurants down- town and in the city’s famed Ironbound. “Vibe will offer a technology- rich environment with abun-
tions of approved land in the coveted Lehigh Valley area of the Interstate 78/81 Corridor,” said Fiumara. “With the strong tenant demand and limited availability of class A logistics space in the market, there was tremendous investor demand for this site and we were able to identify an ideal buyer that recognized the park’s long-term value.” The property is strategically positioned at the border of the Lehigh Valley and New Jersey, directly on Rte. 22 and within five miles of I-78. It benefits frommulti-directional highway access, a deep and affordable labor pool, and low occupancy costs. The submarket has sus- tained more than 14.5 million s/f of positive net absorption over the past 15 months. n
I-78 Logistics Park
Strategic Development Partners unveils plans for a 256-unit luxury apartment complex in Newark
dant lifestyle amenities for Millennials, who prefer the en- ergy and convenience of cities like Newark,” said Anthony V. Bastardi, chairman of the board and chief executive of- ficer of Strategic Development Partners. “The location—just minutes from diverse dining options, world-class cultural events, sports and transpor- tation—will make Vibe an enviable address.” Located at the intersection of Halsey andWilliam streets, Vibe will contribute to a high- energy neighborhood that has already sparked Newark’s dining renaissance. On its street level, the tower will feature two renowned res- taurants. Across the street at Teacher’s Village will be Joe Bastianich’s newest offering, promising exciting cuisine from the renowned restaura- teur that brought us Babbo, Del Posto, Becco and Eataly. “Vibe represents a signifi- cant investment in Newark by a talented and experienced team of redevelopment profes- sionals,” said Newark Mayor Ras Baraka. “It is yet another
exciting sign that this city is a highly-desirable location.” Amenities will include a rooftop pool and whirlpool spa; large outdoor dining area with barbeque grills and fire pits; communal party room with chef’s kitchen and bar; fully-equipped gym and fitness center; indoor and outdoor yoga and Pilates stu- dios; conference room with high-tech A/V systems; large game room for playing bil- liards, ping pong, foosball and shuffleboard; covered dog run; and children’s play area. Socializing with neighbors before work at the coffee bar in the street-level lobby or af- ter work for a glass of wine in the rooftop lounge will make Vibe a special place where new friendships will abound. “We have incorporated re- sort-style amenities into every detail of Vibe,” said Barbara A. Hillier, AIA , principal with Studio Hillier , a part- ner in the venture. “Residents will enjoy light and airy liv- ing spaces, as well as a menu of highly-desired social and recreational opportunities.” n
Vibe
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