12B — January 17 - 30, 2020 — New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N ew J ersey
Bussel brokers sale of 271 Meadow Rd. in Edison
Stires of LamihgtonProperties, LLCprovide brokerage services GM Realty Advisors inks 113,973 s/f industrial sale B Schenck, Price, Smith & King LLP , Florham Park, NJ provided legal counsel to the seller.
permits. We believe the pull- back was spurred by over-sat- uration in some markets, along with a reduced appetite for lending on the part of banks. However, as certain investors lose heart participating in the multifamily business, others may see another window of opportunity. Earlier this year, we saw some concerns about the pos- sibility of higher interest rates, but recent Fed actions point away from that. In our opin- ion, market demand is healthy enough to withstand incremen- tal increases in rates. Uncer- tainty, of course, is something that can’t be avoided. But in- vestors who keep up with mar- ket shifts and remain aware of their own risk tolerance are likely to continue to uncover opportunities in a variety of environments. “With deep relationships in the northern New Jersey mar- ket and a history extending back over 50 years, our team is uniquely qualified to work on deals like this one,” said Vin- digni. “As a New Jersey-based business ourselves, we also possess an unmatched under- standing of the needs of local businesses that we leverage to help our clients find the right spaces at fair market value in a variety of locations.” president of BRC, represented both the seller, K&F Develop- ment LLC, and the buyer, AIASC Meadow Road Proper- ties LLC, in the transaction. “271 Meadow Rd. can ac- commodate up to 30,000 s/f of buildable commercial real estate product,” said Thar- aldsen. “Its location near the New Jersey Tpke., Rte. 1 and the Outerbridge Crossing to Stat- en Island and Brooklyn makes it ideal for an industrial/flex use property.” for his client who was hoping to relocate their successful con- tract embroidery and screen- printing company from Roselle Park. In addition to providing a home for his business on the lower level, new owner Michael Tzezairlidis aims to renovate the main level to provide leas- able office space geared to- wards the arts community and create an economic hub from the once vacant space.
EDISON, NJ — Bussel Re- alty Corp. (BRC) , a leading industrial real estate services firm in New Jersey, today announced it represented the sale of 271 Mead- o w R o a d in Ed i son , New Jersey, a 2.11-acre commercial land site, for $1,025,000. Suzanne Tharaldsen , vice Suzanne Tharaldsen PHILLIPSBURG, NJ — NAI James E. Hanson has negotiated the sale of an 8,500 s/f vacant elementary school building at 1 Fairview Ave. in Phillipsburg. NAI James E. Hanson’s Joseph Vindigni represented the buyer, Mi- chael Tzezairlidis , in the transaction with the Phillips- burg Board of Education. Situated on 1.08 acres just off of Rte. 22 in the heart of Phil- lipsburg, 1 Fairview Ave. was the previous home of Howell Elementary School. Originally constructed in 1928 and vacant since 2017, the Phillipsburg Board of Education placed the two-story building on the mar- ket with the goal of securing a buyer who could breathe a second life into the space. Vindigni recognized that the unique flexibility and ideal lo- cation provided by 1 Fairview Avenue would be a perfect fit
RANCHBURG, NJ — STAG Industrial, Inc. has purchased a 113,973 s/f property lo- cated at 291 Evans Way. The building serves as corporate headquarters for Arena 3D Holdings Inc. formally known as Dancker, Sellew&Douglas, Inc., a major Northeast furni- ture distributor. The seller- JBS Associates, LLC was represented by J. Scott Douglas , managing partner. The buyer, STAG Indus- In New Jersey, the supply chain continues to evolve and adapt to meet 21st century de- mand. “In the first nine months of this year, 29% of vessels call- ing on the Port of Newark-Eliz- abeth held more than 10,000 TEUs,” said Anne Strauss- Wieder , director of freight planning at the North Jersey Transportation Planning Authority . “We buy a lot of stuff and we like free shipping. You can fit more containers at lower cost on these bigger ships.” E-commerce is the primary disruptor, creating challenges ranging from ongoing con- gestion at the port to a seri- ous shortage of truck drivers. Steve Schulein , VP of dray- age and industry relations for National Retail Transporta- tion , said, “We are challenged with getting trucks in and out of terminals during operating hours, which are limited to 6am to 6pm.” Schulein said operators of the firm’s six terminals at the port have invested nearly $500 million in handling equipment, raising and adding cranes to handle big ships. “They are also expanding lanes and creating more entrances and exits to allow more turns. Once the terminals are fully up and run- ning, the efficiencies they will gain will be tremendous.” Strauss-Wieder noted the workforce shortage extends beyond drivers to the entire industrial sector. “Workforce considerations have become top site selection criteria. Not only do warehouse and dis- tribution facilities need to be accessible to workers, but the safety and treatment of drivers continued from page 4B to domestic intermodal facili- ties as possible to save on trans- portation costs.”
missing infrastructure, has made first and last mile work- force connectivity a critical is- sue for New Jersey employers and employees. “Millennials who are choos- ing to live in urban environ- ments will not take a job in a suburban office park if they can’t make that last mile con- nection,” said Cheryl Kastre- nakes , executive director of the Greater Mercer Transporta- tion Management Associa- tion (TMA) . She noted that the same is true for workers at re- mote distribution centers faced with walking half a mile on a busy road with no sidewalk. This has given rise to trans- portation solutions designed to help companies attract and retain talent by bridging the gap between mass transit and the workplace. Jon Carnegie , executive director of the Alan M. Voorhees Transportation Center at Rutgers , outlined the expanding landscape of innovative mobility services that include on-demand ride- sharing and car-pooling and micro-mobility solutions like bike and scooter sharing. Carn- egie noted that Rutgers has partnered with NJ Transit and is awaiting approval of a grant to test a low-speed automated shuttle. “Many of these services are subsidized and offered at a discount or as a free perk to employees,” said Carnegie. “Companies can allow workers to make that last mile trip and be environmentally sensitive as well.” Kastrenakas added, “Of- fering last mile connectivity is an amenity that not only makes your property stand out to prospective employees, but it raises the value of the property to current and future tenants.” Real Estate Brokerage ser- vices were provided by Todd Stires- Lamihgton Prop- erties, LLC , Bedminster, NJ on behalf of JBS and George Molloy, SIOR - GM Realty Advisors Inc. , Princ- eton, NJ on behalf of STAG Industrial. Marc Angelone, Esq,- Hlnckley Allen , Boston, MA represented the buyer.
291 Evans Way
trial, Inc. was represented by Roman SanDoval & Mike Chase . Michael Mullen, Esq,-
NAI Hanson arranges sale of 8,500 s/f former school
NAIOP NJ Transportation & Logistics . . .
serving these facilities must be considered.” She added that young people need to be edu- cated about the industry as a viable career option. Lack of Federal Funding Stalls Gateway Projects Discussing the status of what he called “the most urgent project in America,” Stephen Sigmund, chief of public out- reach for the Gateway Pro- gram, explained that “there is consensus among stakeholders that these projects need to be built, but how to get them built and how to pay for them is an ongoing battle.” Sigmund reviewed the cur- rent plan to dig a new two-track tunnel under the Hudson River and replace the antiquated Portal North Bridge. “The most congested section of the North- east Corridor is between Penn Station New York and Penn Station Newark. We have no choice but to expand capacity and improve the resiliency of the infrastructure.” New Jersey, New York and Amtrak have committed the necessary local funding, which has allowed early work to begin on both the Hudson Tunnel project and the bridge. But Sigmund said the $14 billion project has been stalled due to the lack of a federal partner to provide matching funds. “We are asking the federal govern- ment for $5.4 billion. We’re looking at pieces of work we can do to shore up reliability of the existing tubes and keep progress going forward. But we need stakeholders and or- ganizations like NAIOP that support regional growth to keep up the fight for funding.” Last Mile Workforce and Mobility Trends A mismatch between labor market origins, transit and job destinations, coupled with
Industry veterans share view on . . . during Q2. The Cushman & Wakefield report also reflected on how the tech sector contin- ued to dominant leasing. In Manhattan, tech’s dominance is clear, particularly at Hud- son Yards, where Facebook leased more than 1.5 million s/f in November. In addition, Amazon leased 335,000 s/f at Hudson Yards in December, representing its largest expan- sion in N.Y.C. since the com- pany decided against creating a second headquarters in Long Island City. continued from page 2B
At the same time in the of- fice sector, co-working space continues to lose its luster as witnessed by WeWork. We expect this to create opportu- nities when co-working space becomes available. This year, we’ve also seen some slowdown in multifamily
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