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Two office buildings located at 1515 Route 10 total 288,742 s/f of office space Colliers International arranges $14.1m sale of Intel Corporate Center in NJ

ISSUE HIGHLIGHTS Volume 27 Issue 6 March 27 -April 9, 2015

ARSIPPANY, NJ – Colliers Internation- al has arranged the $14.1 million sale of Intel Cor- porate Center located at 1515 Rte. 10 in Parsippany. An affiliate of Stanbery Development, LLC and the developer/owner of The Shop- pes at Union Hill in Denville acquired the complex. The three-story buildings, which total 288,742 s/f, are currently triple net leased to the Intel Corporation through December 31, 2015. Intel has vacated the property. The first building is 213,742 s/f and features a dramatic atrium with marble floors, while the second building is 75,000 s/f. Both assets provide a total of 930 feet of frontage on Rte. 10 and feature on-site amenities including a full- service cafeteria, professional gym facility, conference areas, P

executive managing director Richard Madison , executive managing director Jeffrey Oram , and associate Chuck Kohaut represented the seller in the transaction. Chesler added that the above average $49 psf price achieved for 1515 Rte. 10 –– as compared to GAF’s 2013 acqui- sition of a similar office asset located across the street at One Campus Dr. –– is a testa- ment to the growing strength of the market, Morris County’s fundamentals, and the value of the property’s location on Rte.10, bordering the intersec- tion of Rtes. 287 and 80. The Intel Corporate Cen- ter is in close proximity to the Downtown Morristown and Morristown Airports as well as the Morristown and Morris Plains Train Station, which offer direct service to Manhattan. n ues to grow in importance as a distribution hub for the Northeastern U.S. due to its efficient highway networks and talented labor force,” said Peter Schultz , executive vice president for First Industrial. “With limited availability of high quality distribution product in the market, we are excited to develop these facili- ties which can meet the needs of a range of distribution and other customers.” Jeff Thomas , senior re- gional director and market leader for Pennsylvania, and Jim Knopka , senior director of construction, lead First In- dustrial’s team for the devel- opment of First 33 Commerce Center. Mark Chubb , senior vice president/principal, Michael Zerbe , senior vice president/ principal, and Mike Capobi- anco , senior vice president, all of Colliers Internation- al , will work with First In- dustrial on leasing First 33 Commerce Center. n


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Multifamily Spotlight featuring POA EXPO

and an outdoor terrace with seating. “The new owner acquired a unique, value-add opportunity and has the ability to rebrand and reposition the asset during

Intel Corporation’s remaining term, benefitting from the tenant’s in-place credit cash flow,” said Jacklene Chesler , managing director at Colliers International, who along with


For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com Upcoming Conferences 2015 Schedule: April 2, 2015 NJ Land Dev. Summit May 5, 2015 NJ Office Summit June 30, 2015 NJ Commercial RE Forecast Summit

Two buildings totaling 584,760 s/f offers efficient distribution to East Coast First Industrial Realty Trust launches development of 584,760 s/f industrial facility

LEHIGH VALLEY, PA — First Industrial Realty Trust, Inc., an owner, operator and developer of industrial real estate, recently launched its First 33 Commerce Center, a two-building 584,760 s/f devel- opment in the Lehigh Valley in Eastern Pennsylvania. The state-of-the-art devel- opment will be comprised

First 33 Commerce Center


of a 341,400 s/f facility and a 243,360 s/f building. Both buildings will feature 32-ft clear height, ESFR sprinklers and interior and exterior ener- gy-efficient lighting systems. The buildings are expected to be completed by year-end 2015. Total investment for the project is expected to be approximately $44 million. Located directly off Rte. 33 in Northampton County, First 33 Commerce Center offers ef- ficient access to I-78 and I-80, and access to one-third of the U.S. population and one-half

of the Canadian population within a one day’s drive. First 33 Commerce Center is a proven location as evidenced by its corporate neighbors, in- cluding major freight delivery companies that can provide one and two day delivery op- tions to the majority of the United Stated and Canada. Both buildings are divisible to meet the needs of multiple tenants, with the larger build- ing divisible to 100,000 s/f and the second building divisible to 54,000 s/f. “The Lehigh Valley contin-

Shopping Centers . ........................... 5-17A ICREW NJ. ............................................... 18A Business Cards/Billboards....................... 19A Owners, Developers & Managers ..... Section B Green Buildings .............................. 21-27B

Upcoming Spotlight April 10, 2015 Appraisal


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