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ISSUE HIGHLIGHTS Volume 31, Issue 1 January 11 - 24, 2019 DENTON REALTY CO. FACILITATES RESTRUCTURE OF HOSPITALITY COMPLEX

Piscataway, NJ industrial asset draws strong investor interest Cushman & Wakefield brokers trade of newly constructed, fully leased property

ISCATAWAY, NJ — A newly constructed industrial asset at 1 Turner Place in Piscataway traded this week in a sale or- chestrated by commercial real estate services firm Cushman & Wakefield . The offering drew strong investor interest, reflecting sustained demand for class A product in New Jersey’s Upper 287 submarket. Bentall Kennedy , on behalf of its institutional investor client, acquired the property from a partnership of LaSalle Investment Management and Greek Development . Planned as a speculative development, the 452,000 s/f warehouse/distribution proper- ty was fully leased by Cascades mid-way through its construc- tion. The tenant, a leader in the recovery and manufacture of green packaging and tissue products, subsequently in- vested approximately $80 mil- lion on building, infrastructure and manufacturing-related improvements. Cascades is North America’s sixth-largest P

1 Turner Place

producer of containerboard – an industry forecasted to grow 25% over the next six years in direct correlation to e-commerce expansion. “The property offered Cas- cades a superior building de- signed by the highly regarded Greek Development, access to heavy rail, high-volume natural gas, and labor,” said Cushman & Wakefield’s Gary Gabriel . The investment sales special- ist headed the assignment with Andrew Merin, David Bernhaut, Kyle Schmidt and

tion by investors and tenants alike. “Demand for ‘last-mile’ locations continues to spur de- mand for the region, as a result of its proximity to New Jersey’s roadway network, and access to the New York MSA.” In fact, the 287 Corridor has emerged as one of New Jersey’s best-performing industrial sub- markets. Cushman & Wake- field Research Services reports a vacancy rate of just 0.7%, 2.25 million s/f in net absorp- tion since January 2017 and 69% rent growth since 2014. 

Mark Phillips of the firm’s New Jersey capital markets team, along with Adam Spies , and industrial leasing experts Jules Nissim and Marc Pe- trella . “These attributes – along with the long-term commit- ment and significant invest- ment by such a strong tenant in a high-growth industry – attracted multiple rounds of bidding from institutional investors,” added Schmidt, noting that the 287 Corridor has become a preferred loca-

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UPCOMING EVENT

Herring Properties announces UO will tenant new 309,000 s/f facility Bristol Commerce Center

BRISTOL TOWNSHIP, PA — Bristol Commerce Center (BCC) announced that Urban Outfitters (UO) will occupy a new 309,000 s/f industrial facility on 20 of the park’s 81 acres. Construction began the first week of December and

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Directory DelMarVa.......................................................... 3-6A Organization Events. ...........................................16A Business Card/Billboard Directory.................... IBC-A New Jersey................................................. Section B Southern New Jersey. ......................................5-10B Pennsylvania.............................................. Section C

of Herring Properties , the developer of BCC. Herring Properties also recently suc- cessfully finished the con- struction of 2151 Green Ln., an 80,000 s/f new industrial facility leased to Hughes Enterprises, at the Bristol Commerce Center. Bristol Commerce Center

the future fabric warehouse is expected to be ready for occu- pancy by mid-year. “We are thrilled to welcome iconic Philadelphia brand Ur- ban Outfitters as the future tenant of our facility currently under construction” said Ja- mie Herring , the principal

Bristol Commerce Center is located in a designated Key- stone Opportunity Expansion Zone (KOEZ) through 2022. The KOEZ designation pro- vides substantial financial tax abatements to businesses look- ing to relocate or expand in the area. 

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