SOUTH BRUNSWICK, NJ—Chicago-based Bridge Development Partners is developing Bridge Point South Brunswick Manor, a 488,800 square-foot spec industrial distribution facility set for delivery in the third quarter of 2016.
FLORHAM PARK, NJ—Developers trying to revitalize suburban office parks need to be thinking outside the box about their renovation plans if they are to succeed, according to Clark F. Machemer, senior vice president and regional development officer of the Rockefeller Group Development Corp. Machemer is serving this year as president of the New Jersey NAIOP Chapter. In an exclusive podcast interview, Machemer talks about NAIOP regulatory initiatives he says will promote suburban office park and downtown business district development.
PHILADELPHIA—Score another point for New York developers who have made the trek down the New Jersey Turnpike to put stakes in the ground in the City of Brotherly Love. New York-based Pantzer Properties has acquired Executive House on City Line Avenue in Philadelphia, PA, which it is renaming The Point at City Line.
LIVINGSTON, NJ—Multifamily investors kept brokers busy in the first two months of the year, according to Ken Uranowitz, president of Gebroe-Hammer Associates. The Livingston-based investment brokerage firm arranged 17 transactions – averaging two per week – in the first eight weeks of the year. In total, the deals involved 1,563 units sold for a combined $211.555 million.
WYOMISSING, PA—Gaming and Leisure Properties, the first gaming-focused REIT in North America, says its merger with Pinnacle Entertainment is moving forward. GLPI shareholders voted to issue GLPI common stock to Pinnacle stockholders, and Pinnacle says its stockholders have voted to adopt the merger agreement for the transaction.
EDISON, NJ—Mack-Cali Realty Corporation says that during the first quarter it reached agreements to sell assets in Washington, DC and Manhattan for approximately $365.5 million. The sales are part of the firm's $750 million goal for dispositions outlined last year in the company's strategic plan and represent an exit from these markets.
HOBOKEN, NJ—E-commerce venture Jet.com will double the size of its headquarters at SJP Properties' Waterfront Corporate Center III in Hoboken. Jet is adding 40,000 square feet, for a total of 80,000 square feet.
LOWER NAZARETH, PA—Joint venture partners Trammell Crow Company and Clarion Partners have acquired a 90-acre site at 4815 Hanoverville Road in Lower Nazareth, PA, for the development of Lehigh Valley Trade Center. Construction will commence later this month on two class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Clarion Partners has acquired the property on behalf of a commingled fund that it manages.
HACKENSACK, NJ—JP Management has acquired Prospect West, a 45-unit mid-rise luxury apartment building in Hackensack, Bergen County, NJ, for $9.35 million in an off-market sale brokered by The Kislak Company.
METUCHEN, NJ—Barry Feldheim has acquired 230 Liberty Street in Metuchen, NJ, a 41,500-square-foot industrial property, from NYS Collection, a sunglasses and eyewear manufacturer, for $4.4 million in a transaction brokered by Jordan Metz, vice president, Bussel Realty.
