S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
Project will bring affordable housing, restaurant/event space & preschool facilities PatersonMayor Sayegh joins athletes, real estate execs. for groundbreaking of Hinchliffe Stadium redev.
ATERSON, NJ —One day before the 74th anniversary of Jackie Robinson breaking baseball’s color barrier, politicians and real estate executives joined at Hinchliffe Stadium in Pa- terson to mark the beginning of the restoration of the ball- park, one of just two remain- ing stadium structures that hosted Negro League baseball games. Dignitaries at the event included Paterson Mayor Andre Sayegh, NJ Sena- tor Nellie Pou and Assem- P HI-LIGHTS MAY 21 - JUNE 17, 2021
lighting, scoreboard and seat- ing areas. In addition to the 7,800-seat athletic facility, the project also includes ground- up development of: • A 12,000 s/f restaurant and event space that will pay homage to the professional and high school athletic ex- ploits at Hinchliffe Stadium, as well as related racial issues • A six-story, USGBC LEED Platinum-certified afford- able senior housing building featuring 75 studio, one- and two-bedroom units • A 5,200 s/f preschool; and • A 314-space structured parking garage “Hinchliffe Stadium is the largest catalytic investment in a generation,” said Mayor Sayegh. “By taking one of our most dormant and underuti- lized sites with deep historic significance, we are laying the foundation for city-wide re- investment and opportunity. We are witnessing a one-in- a-lifetime transformation and I’m proud of our public-private partners who have helped
usher in this complex project.” Cons t ruc t ed i n 1932 , Hinchliffe Stadium was once home to the New York Black Yankees and New York Cu- bans in an era when many of baseball’s most talented players were barred from the sport’s biggest stage. “The Hinchliffe Stadium redevelopment will have a significant impact in Pater- son and provide an economic boost for New Jersey as we begin our recovery from the COVID-19 pandemic. In addi- tion to paying homage to the achievements of Black baseball legends, this project will create jobs, provide much-needed af- fordable housing for seniors, and bring valuable commu- nity assets to Paterson.” said NJEDA chief executive of- ficer Tim Sullivan . “Today’s groundbreaking honors this historic landmark and reminds us all that New Jersey values diversity and is committed to supporting and celebrating the greatness of people from all backgrounds.” MAREJ the landlord, PatriarchMan- agement LP , in the lease to tenant, Johnson Controls, Inc., at 1400 Pennbrook Parkway; and the seller, Triumph Con- trols, LLC in the transaction of 205 Church Rd. to buyer, Alpha Strata, LLC. According to Newmark Research, the Montgomery County submarket has been a significant beneficiary of ac - celerating industrial activity across Southeastern Pennsyl- vania. Tenant demand from a diverse group of industrial occupiers has trimmed vacan- cy in Montgomery County’s inventory by 60 basis points over the past year, to 6.7% in the first quarter of 2021. In turn, tightening market conditions drove rent growth of 31.0% over the same period, and new development has bro- ken ground to meet occupier needs for space. MAREJ
Politicians and real estate executives joined at Hinchliffe Stadium in Paterson to mark the beginning of the restoration of the ballpark.
next chapter in the life of the local landmark, which will be fully realized when construc- tion is completed in the fall of 2022. The $94-million mixed- use project is Paterson’s most ambitious large-scale devel- opment in many years. The initiative is highlighted by the complete redevelopment and modernization of the historic stadium, which will make the facility ADA compliant and improve the field, restrooms,
blyman Benjie Wimberly as well as retired baseball stars CC Sabathia and Harold Reynolds. Also present were BAW Development founder Baye Adofo-Wilson , who serves as majority owner and lead developer of the stadium project, and Joe Portelli , vice president of development at partner RPM Development Group. For the City of Paterson, the groundbreaking marks the
SPOTLIGHT CENTRAL NJ
Bell of Newmark represents 200,000 s/f of leases and sales in Lansdale, Pennsylvania
LANSDALE, PA — New- mark announced over 200,000 s/f of transactions totaling
SHELDON GROSS OVERSEEING 146,176 S/F WAREHOUSE AND FLEX SPACE IN CEDAR KNOLLS
$12.86 mil- l ion c losed i n L a n s - dale, Penn- sylvania in the last five weeks. The transactions include two l e a s e s a t the Penn-
1180 Church Rd.
brook Business Center–a new, 128,000 s/f industrial lease at 1180 Church Rd. and a 40,450 s/f office lease renewal at 1400 Pennbrook Parkway–and the sale of the 32,500 s/f flex build - ing at 205 Church Rd. Newmark managing direc- tor Justin Bell represented the tenant, Hughes Relocation Services, Inc., in the lease at 1180 Church Rd., by landlord Velocity Venture Partners;
1400 Pennbrook Parkway
www.marej.com 16B PEOPLE ON THE MOVE
205 Church Rd.
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