6B — September 23 - October 20, 2022 — Northern New Jersey — M ID A TLANTIC Real Estate Journal
www.marej.com
N ORTHERN NJ
AHWAH, NJ — Rus- so Development and PGIM have re- Plans to build 200,000 s/f industrial facility in Northern New Jersey A joint venture between Russo Development & PGIM closes on former TD Bank of fi ce in Mahwah M
“Companies have been trending towards smaller of- fice footprints for the past few years, necessitating munici- palities and developers to col- laboratively find the next best use that will provide rateables, lower property taxes, and cre- ate new jobs,” said Michael Pembroke , COO of Russo Development. “We’re provid- ing a solution that will foster job growth by demolishing an outdated office building and replacing it with a modern flex/distribution facility. The new development will provide much needed addi- tional, efficient distribution space to meet the ever-growing demands of ecommerce in one of the most densely populated areas of the state. Surrounded by a dynamic highway network and in close proximity of NYC, 1000 MacArthur answers a need in the area that has seen little new development in the past 20 years. “We are very happy to be invested in our second project within the Township of Mah- wah, successfully navigating the approval process with municipal planning that is consistent with the needs of businesses that are committed to locate to the area,” continued Pembroke. “PGIM was a very collaborative partner through- out the process, and we look forward to partnering with with them on our first institu- tional joint venture in this class A industrial development”. The existing office struc- tures have been fully demol- ished, and the development team is in the midst of com- pleting the construction pad, installing underground de- tention and will be pouring foundations ahead of moving into vertical construction in the coming weeks. Develop- ment schedules are tracking a Spring 2023 occupancy date. Cushman & Wakefield’s industrial leasing team head- ed by Bill Waxman, Tom Tucci and Christine Eberle and Jeff Volpi will represent- ing the team in their efforts to secure a long term, credit worthy tenant. Russo Development is a de- veloper of industrial, data cen- ters, residential, and mixed- use projects in northern New Jersey. Russo has earned a reputation for well-planned developments that are distin- guished by their emphasis on detail and quality. MAREJ
sponded to a logistics and distribution industry that is demanding more loca- tions in New Jersey with plans to build a 200,000 s/f class A ware-
house facility on the former TD Bank corporate office’s site located at 1000 MacArthur Blvd. in Mahwah. Michael Pembroke
1000 MacArthur Blvd.
northmarq.com/new-jersey
Built to Thrive.
These may look like transactions. To us, they’re more than that. They’re the result of hard work, local knowledge, and the particular Northmarq way that we help bring people together to complete great projects. Thanks to all who were involved.
$16,000,000 The Harrison 103 units | East Orange, NJ Fannie Mae Financing
$9,000,000 Tireno Towers 58 units | Hackensack, NJ Regional Bank Financing
$13,275,000 The Opus 49 units | North Arlington, NJ Bridge Financing
Gary Cohen | 973.538.2330 Robert Ranieri | 914.683.3710
Commercial Real Estate Debt + Equity Investment Sales Loan Servicing
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