14C — November 8 - 21, 2013 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ew J ersey
Sole Occupant at Prism/Davis’ 41 Slater Drive Bio-Reference Labs grows by 140,000 s/f in Elmwood Park, NJ
Super Bowl “Pop-up” store for lease Weiss Realty targets sponsors/ retailers for Super Bowl
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CARLSTADT, NJ —Mead- owlands Regional Chamber member Weiss Realty , a Ber-
diumwhere Super Bowl XLVIII is being played on February 2nd. “This event is expected to bring $550 million dollars in business to the region and an influx of over 250,000 at- tendees looking for everything from dining to souvenirs. This is a unique opportunity for local and national retailers to adver- tise their brand or product line and attract a select group of customers” commented Jaime Weiss . The building is 3,000 s/f with 135 feet of frontage on Veterans Boulevard and comes with 16 parking spaces. It is available now for short or long term lease. The Super Bowl is the most highly anticipated sporting event of the sports season. n
LMWOOD PARK , NJ — Bio-Reference Laboratories, Inc. has
gen County commercial rea l es tate broker based inMoonachie, NJ is looking t o l e a s e a vacant bank branch and drive-thru at
expanded by 140,000 s/f at 41 Slater Drive, Elmwood Park, an- nounced Prism Capital Part- ners , which owns the property with The Davis Companies . The clinical testing company now occupies the entire, 180,000 s/f building there. Bio-Reference Laboratories is the largest independent re- gional laboratory company in the tri-state region and one of the largest in the United States. The firm offers testing, informa- tion and related services to phy- sician offices, clinics, hospitals, employers and governmental units. It has maintained nearly 40,000 s/f of office space at 41 Slater Drive for many years. The long-term expansion meets Bio-Reference Labo- ratories’ need for additional R&D and laboratory space, according to Edwin Cohen , a principal partner with Prism Capital Partners, a regional real estate owner/operator based in Bloomfield, NJ “Bio- LAWRENCEVILLE, NJ — Sirius XM Radio Inc has renewed its 27,500-s/f commit- ment at Princeton Pike Corpo- rate Center in Lawrenceville, announced Edwin Cohen , a principal partner with Prism Capital Partners, LLC . Prism, in a joint venture part- nership owns the eight-building, 800,000-s/f, Class A office park. Sirius XM Radio has main- tained an operations center at 989 Lenox Drive since 2008. Bob Morford from Morford
Jaime Weiss
the signalized intersection of Washington Avenue and Veter- ans Boulevard in Carlstadt as a “Pop-Up” store to corporate sponsors and retailers for the upcoming 2014 Super Bowl. The location at 440 Veterans Boulevard in Carlstadt is in close proximity to MetLife Sta-
41 Slater Drive, Elmwood Park, NJ
Frank served as broker for Bio-Reference Laboratories in the expansion transaction. Prismand The Davis Compa- nies acquired 41 Slater Drive, which sits on 11 acres at the intersection of I-80 and River Road, in 2012. Prism Property Services manages the property. The ownership is investing in exterior improvements, includ- ing parking lot and landscap- ing upgrades. n “Princeton Pike Corporate Center’s quality and location have attracted an impressive mix of companies, with Sirius XM among the many household names located there,” Cohen noted. The ownership recently launched a capital improvement program, including elevator modernizations, common area and restroom renovations, roof replacements and parking lot repairs. n unanticipated design changes during the permit application review, proper delineation of jurisdictional wetlands by professional wetlands scien- tist, determining if wetlands certification application sub- mission to both agencies in non-assumed areas would be beneficial, and the analysis of potential permitting require- ments should provide a solid foundation for success of the proposed development being contemplated. Yong Kong is a certified professional wetland sci- entist and an associate at LandDimensions Engineer- ing where he specializes on landuse and environmental permitting. n just minutes from downtown Princeton.
Reference Laboratories is one of New Jersey’s fastest-grow- ing companies and the largest occupier of space in Elmwood Park – even without this loca- tion,” he noted. “This strategic move increases the firm’s local presence substantially, and we are pleased to accommodate its immediate and future require- ments.” Christopher Olsen from Newark Grubb Knight The Prism Partners joint venture partnership acquired Princeton Pike Corporate Cen- ter earlier this year. Constructed on 100 acres between 1984 and the early 1990s, the complex features buildings with cen- tral atriums, cafés and fitness centers, and also offers future, approved development oppor- tunities. It sits at the intersec- tion of U.S. Route 1 and I-195, Wetlands delineation and permitting involving isolated agricultural wetlands and man-made ditchesmay bemost affected in non-assumed areas due to the outcome of the men- tioned federal cases. Certain NJDEP’s regulatedwetlands in non-assumed areasmay no lon- ger require Corps permitting if deemed considered Non-Wa- ters of US andmay only require NJDEP permitting. Often the specific permit application content requirements (includ- ing submission of new Corps wetlands delineation and data forms) for the same activity in wetlands differ between the two agencies. In order to minimize project construction delay and cost and & Dodds Realty Company represented the firm in its long- term renewal transaction.
Marcus & Millichap arranges $2.125 million sale
Sirius XM Radio renews lease in Lawrenceville, NJ
Woodland Park, NJ
recently built 7,872 square foot retail center located in Woodland Park, midway be- tweenRoute 46 and Interstate 80. This pristine four-tenant strip center is 100% occupied with two national tenants, U. S. Army and Subway and two local ones that include an insurance company and a nail salon. All tenants have occupied the space since the center was built in 2006. Woodland Park Plaza of- fered the investor the op- portunity to acquire a well- positioned retail asset with substantial stability through NNN leases and established tenants. The marketing process pro- duced multiple offers above the listing price resulting in a closing price $100,000 over asking price. n
WOODLAND PARK, NJ — Marcus & Millichap Real Estate Investment Services , the nation’s larg- est real estate investment services firm, has announced the sale of a 7,872 s/f retail property located in Woodland Park, NJ, according to Ryan Nee , regional manager of the firm’s New Jersey office. The asset sold for $2,125,000. Julienne Pape , an invest- ment specialist in Marcus & Millichap’s New Jersey office, had the listing to mar- ket the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Michael Lombardi , a senior associate in Marcus & Millichap’s New Jersey office. Woodland Park Plaza is a
Yong Kong, Land Dimensions . . . continued from page 13C development projects involving non-assumed wetlands may be directly impacted in that the prior 1994 MOA between the Corps, EPA, and NJDEP in non-assumed areas may no longer be workable ormay even be considered invalid.
Unlike the various MOAs is- sued during the 1994 NJDEP’s adoption of federal wetlands permitting program, updated guidance has been non-existent in terms of potentially requir- ing two separate wetlands certifications in non-assumed areas to address the Rapanos and Carabell’s influenced defi- nition of Waters of US and the changes in Corps’ wetlands delineation method.
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