ELMWOOD PARK, NJ—The New Jersey division of Lee & Associates has cooked up a long term lease package —including $30 million in state tax credits over 10 years–for Wenner Bread Products, a 58-year old Long Island company, which is moving to a 301,626-square foot manufacturing facility at 571 Jersey Avenue in New Brunswick.
The move will ultimately secure more than 250 jobs for New Jersey, Lee says. This new large space for the national bread company is needed because of significant growth and the need for capacity expansion.
Wenner, a mainstay on Long Island since 1961, will continue to support operations on Long Island, along with the New Brunswick facility. The company will occupy the facility over the coming months and is currently retrofitting the building for food production, baking, freezing and distribution.
A significant component of the overall construction project is realigning and reviving an inactive railroad spur connecting to the property. Rail shipments are expected to eliminate about 600 trucks from New Jersey highway systems annually.
Richard Marchisio, president of Lee & Associates New Jersey, and Crista Bartolomeo, associate, represented the bread manufacturer in this high-profile negotiation. “On a myriad of levels, this is a very significant deal for New Jersey, especially from an economic standpoint and we are excited that Lee & Associates played a role,” says Marchisio. “It is not often that large companies like Wenner Bread Products make a big move to New Jersey. This deal has propelled great interest from other New York companies and we anticipate it will open the door for future activity in New Jersey. We see this as a huge stimulus for business growth in our state.”
In addition to Lee & Associates, other key players in this transaction are landlord TA Associates, represented by Cushman & Wakefield, and property manager Kwarter Associates.
“We are so impressed with TA Associates' handling of this complex transaction,” says Marchisio. “They were very flexible and a pleasure to work with and the skills they brought to this deal was immeasurable.”
Wenner Bread Products retained Ted Zangari, Esq. of Sills Cummis and Gross as legal counsel for lease negotiations as well as incentives negotiations with the State of New Jersey.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
