SUMMER 2019 ® Real Estate construction report

What’s Inside: A mega metropolis is developing in Sayreville

South Beach a Miami vision for the Jersey Shore Letter to readers Dig in! Unearthing ’s hidden gems

It is an exciting time in the Garden State as there is so much devel- work and play. More often than not, a single project can start the ball opment in the works. Numerous sites that have been sitting dormant rolling in transforming a neighborhood. are coming to life and it is fascinating to watch construction on un- New Jersey is seeing a boom in the development and building of derutilized properties or untapped opportunities in some emerging new commercial spaces specially designed to attract local businesses cities. Often this means digging below the surface and fi nding their or neighborhood centers that create jobs for residents and address true potential. With this new breath of life comes more than physical the needs of the area, towns, the community and the people. buildings. Real communities are formed that are better able to create Th ese projects could provide a signifi cant impact to the economy vibrant places for residents and institutions alike. and to help enhance the quality of life, increase economic activity In this supplement we explore a number of areas and trends that and build infrastructure as well as an urban expansion with note- are tapping into this potential and hope of attaing bright, vibrant worthy new opportunities. futures. We also delve into other locales that are being re-imagined to In addition to helping transform a neighborhood, redevelopment create thoughtful areas for the community to dwell and spend quality contributes new revenue to the area - bringing retail, offi ce and time, and still others that are creating developments for living out a residential spaces, in addition to dining, entertainment, events - all full life. helping to transform local communities. Let’s dig in and see what Where and how developers choose to build greatly aff ects the great things are taking place in New Jersey when we start to go under neighborhoods where they are located. Th oughtful decision-making the surface. on real estate acquisitions benefi ts the surrounding community in a Linda Lindner way that stimulates economic revitalization. Some cities are willing Managing Editor to reinvent themselves and entice people back to the city core to live, [email protected]

Table of contents Letter to readers ...... 2

A mega-metropolis is developing in Sayreville ...... 3

Construction underway for 152.9-acre, 1.4M SF Bayonne waterfront industrial park ...... 6

Path to the Newark Transit Hub’s rebirth ...... 8

Living life after a full life; SageLife luxury senior living comes to Princeton ...... 10

Food halls: A dwelling destination ...... 12

Russo Development, Forsgate Industrial complete $42.5M Meadowlands purchase ...... 13

South Beach at Long Branch ...... 14

RE-2 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ Riverton in Sayreville will be one of the largest mixed-use projects in New Jersey history. - NORTH AMERICAN PROPERTIES A mega-metropolis is developing in Sayreville

Anyone who has traveled in or through New Jersey heading “down the shore” The environmental remediation site is the former National Lead Industries from the north almost certainly has traversed the Driscoll Bridge in Sayreville property, previously being marketed as “The Pointe” by O’Neill Properties and no doubt has been witness to the 418 acres of brownfield that sits on its Group out of Philadelphia. O’Neill had obtained initial approvals from state southern end. and local authorities in 2014, including financial support from the New Jersey

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NJBIZ REAL ESTATE & CONSTRUCTION REPORT SUMMER 2019 ✦ RE-3 Riverton is a 400+ acre development along two uninterrupted miles of the coastline. - NORTH AMERICAN PROPERTIES

Economic Development Authority (NJEDA) through the Economic Redevelop- North American Properties says the future development project should ment and Growth Program. Based on a lack of progress toward development be thought of as “America’s next great hometown.” It will be a metropo- of the enclosed regional mall that was the centerpiece of The Pointe, in 2017 lis-meets-mega-town square with spectacular river views, and is expected to North American Partners was engaged by the designated redeveloper, Sayreville bring more housing, retail and entertainment space, along with hotels, offices Seaport Associates, to create an updated master plan and position the property and other commercial uses, to a Middlesex County town that hasn’t experi- for a development start. North American Properties hired Cooper Robertson enced a revitalization. Partner John Kirk, one of the country’s leading urban designers (and a Maple- The $2.5 billion mixed-use development is expected to create a fully walkable wood resident), to lead the master planning efforts for Riverton. city layout with over two million square feet of retail and an infusion of restau- North American Properties, a multi-regional real estate development com- rants, 2,000 residential units, Class-A office space, hotels, parks, and a 200-slip pany, took over development of the location hoping to turn it into the largest marina. Additionally, planned civic services include a fire station, performing mixed-use project in the state. NAP announced plans to build a mixed-use, arts spaces and a public walkway along the entire riverfront. It will become a village-style development dubbed “Riverton.” place to experience the best of New Jersey. Where land meets water; where small-town quaint meets shore-town casual. Together, Cooper Robertson and North American Properties worked to create the Riverton vison and craft a master plan, a new waterfront development along The Riverton peninsula has ready access to and from major vehicular arteries two miles of shoreline in Middlesex County along the Raritan River, and less like the , U.S. Route 9, and State Route 35, with more than than 20 miles away from Manhattan. 372,500 vehicles per day travelling past the site. Riverton is positioned to be a beating heart of the area. Mark Toro, NAP’s managing partner, called it an access nirvana with the three major highways all feeding into the pipeline of the site. Additionally, public transportation hubs are within a short drive that connect the community to New York and Philadelphia as well as Boston and Washing- ton, D.C. A ferry terminal in South Amboy is also on the way, just a few miles east of Riverton, which will provide boat service to and the Financial District. Once completed, Riverton will be the largest mixed-use development in New Jersey’s history. The contaminated National Lead Industries property sat dormant for decades. Redeveloper Sayreville Seaport Associates spent years remediating the land, starting in 2009. And NAP says the ground has been moving on the site and the first of the retail stores should be a reality within the next two years. Many With an infusion of exciting retail, restaurants, residences and workspace, Riverton will become a place to experi- ence the best of New Jersey. NORTH AMERICAN PROPERTIES approvals are still required from state and local agencies, but the first phases of

RE-4 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ Riverton will be a connection point to unite the best of New Jersey whether you arrive by boat or car, bike or bus. - NORTH AMERICAN PROPERTIES construction are scheduled to begin in spring 2020, with Bass Pro Shop being of commercial real estate, which is “experiential mixed-use.” The size and scale one of the first planned openings in 2021. of Riverton enables the NAP the “freedom to curate and deploy a full array of Toro, a New Jersey native and Rutgers University graduate who is now based uses that will serve to energize the property 18 hours a day,” Toro remarked in a in Atlanta, said: “We create great, walkable places that connect people to each recent interview. other; cities to their souls … and individuals to experiences that move them.” What does this mean for Sayreville? Toro said the area is going to be a dwelling place with plenty of experiences for Riverton will energize the area economically by bringing in new retail, restau- people to come and stay, be entertained and have fun. rant, office and hotel options. It should generate thousands of local jobs includ- The existing bulkhead, which was used for industrial barge deliveries, is to ing construction jobs as the project is built, as well as retail and service positions become the place where Riverton’s guests can connect most directly to the once businesses open. It will also reinforce Sayreville as a destination by creat- river, and an important public gathering spot in the mixed-use village, which ing a new downtown for the way people live, work and play today. is scheduled to open in 2022, with a combination of 460 luxury apartments The team at NAP apparently knows how to create dynamic mixed-use en- and 81,000 square feet of creative and collaborative office space over retail and vironments that become the community’s “third place” — an area to gather restaurants. A full-service hotel and conference center, Class-A office tower and outside of home and work that fosters human connection and plays host to waterfront townhomes will soon follow. meaningful experiences in real life. Riverton will be designed for a variety of age groups and will offer housing NAP has proven in many of its other projects that it can capture and hold at a variety of price points. The rental rates will be competitive with the newest the human energy its environments create. The firm’s professionals combine highly amenitized apartment homes in desirable locations in Middlesex and the right mix of uses, layer in community gathering spaces, deliver resort-level Monmouth Counties. hospitality and activate the public realm with events to create even more energy Riverton is poised to provide an opportunity to serve the New York/New Jer- and driving value for all components. sey market, which is home to 16 million people, providing the next generation For Sayreville and the rest of New Jersey, Riverton will not disappoint.

Riverton will be a new waterfront development in Sayreville in Middlesex County. - NORTH AMERICAN PROPERTIES

NJBIZ REAL ESTATE & CONSTRUCTION REPORT SUMMER 2019 ✦ RE-5 Construction underway for 152.9-acre, 1.4M SF Bayonne waterfront industrial park

Bayonne Logistics rendering of the northwest aerial view with acoustical berm, sound attenuation wall and soccer field. - WARE MALCOMB.

Full-service real estate firm Lincoln Equities Group announced site-prepa- exclusive advisor on the sale of the property. “This is a once-in-a-lifetime op- ration milestones for its 152.9-acre, 1.4-million-square-foot waterfront site, portunity to purchase portside land with unparalleled maritime access in one of Lincoln Logistics Bayonne. the world’s most land constrained port markets.” LEG President Joel Bergstein recently announced that vertical construction at The site contains 62.9 acres of riparian water rights, offers immediate mar- the future logistics hub – the site of the former Military Ocean Terminal at Bay- itime access to the Hudson River and the Newark Bay via the Kill Van Kull, as onne (MOTBY) – is set to begin in 2020. The massive site has received hundreds well as direct access to the , Interstate 78, Route 440, Routes of thousands of tons of fill; that is, dirt hauled via barge and truck. 1 & 9 and the Global Container Terminals (GCT) (just 800 feet across the chan- The logistics center has site plan approval for up to four buildings between nel). 150,000 and 477,000 square feet, or a single 1.1-million-square-foot site – cou- “As the e-commerce industry and same day-delivery services expand, the pled with 40-foot ceilings, trucking lanes and employee parking. demand for industrial warehousing near ports and major metropolitan areas The new facility will help bolster trade at the Port of New York and New Jersey will rise,” said Joel Bergstein, President, LEG. “We see tremendous potential in and create more than 2,700 new jobs, generated by construction and future this underutilized waterfront site and look forward to transforming it into a port tenants. related 21st century warehouse and distribution center.” “Bayonne Logistics Center represents one of the largest port industrial de- Previously, the waterfront parcel was part of the MOTBY, which was originally velopment opportunities in the New York metropolitan region,” says David a naval base, later repurposed for the U.S. Army, that closed in 1999. The site has Bernhaut of Cushman & Wakefield’s National Industrial Advisory Group, LEG’s remained dormant for more than a decade.

The Bayonne Logistics Center comprises of 94 acres uplands/59 acres riparian with water access. - LINCOLN EQUITIES GROUP, LLC

RE-6 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ Bayonne Port Layout 42 Military Ocean Terminal in Bayonne is the largest available New Jersey port site. - LINCOLN EQUITIES GROUP, LLC “Th is development is a perfect ex- ample of the City of Bayonne, the Port WE SAVE WATER Authority of New York and New Jersey and private business pulling together OUR MEMBERS PREVENT SPILLS to get the project done,” Bergstein AND BRING CLEAN WATER TO YOUR TAP said. “We’re just seven miles from Newark and eight miles from the Holland Tunnel. We’re essentially the ‘sixth borough,’ and this will be a prime distribution point for the city.”

GCT President John Atkins said that over the marine terminal road, products can be moved from the port facility to the new warehouse location without concern of weight restric- Our members share concerns for conservation. It bothers us that up to 130 million gallons of tions. Goods can be swiftly trans- New Jersey’s drinking water are wasted every ferred to the warehouse to be broken day due to aging underground pipes. down, he noted. WE PROMOTE CONSERVATION. Local 825 Operating Engineers are trained to install Th e site features a 1,700-foot wharf water infrastructure efficiently and without impacting and its central location provides the environment. In New York, we are part of a team that will save 138 million gallons of drinking water every day, ample workforce and readily avail- delivering clean water to millions of homes throughout able housing options. Parcels for the the region. logistics center are currently available We believe in conservation and renewal that will only come with a commitment to infrastructure upgrades, before a for sale or lease. serious or prolonged water shortage forces us to act. LEG acquired the property in June ON TIME. ON BUDGET. ON TARGET. 2018 and oversaw demolition of Developers and contractors turn to Local 825 70-year-old industrial structures and Operating Engineers to get big things done safely, on time and on budget. Our members are experienced, concrete foundations. To comply licensed, credentialed and ready to work, day one. with post-Hurricane Sandy stan- dards, the elevation of the site is being raised 6 feet. International Union of Operating Engineers Th e facility will sit on a man-made LOCAL 825 Greg Lalevee, Business Manager peninsula once used by the U.S. Navy as a repair base during World War BETTER BUILDING BEGINS HERE II. It was obtained by the U.S. Army WWW.IUOE825.ORG in 1967 but shuttered in 1999 amid a wave of deindustrialization.

REAL ESTATE & CONSTRUCTION REPORT SUMMER 2019 ✦ NJBIZ 825_We_Save_Water_7_5x10indd.indd 1 4/6/17 4:45 RE-7PM Path to Newark’s Transit Hub Rebirth

By now, almost everyone who lives or does business in New Jersey knows the the city cannot keep up with demand for those looking to relocate to Newark. story (for better or for worse) of Newark’s Gateway Center, across the street from There is a palpable sense of community and pride about the place. Significant Newark Penn Station. investment and talented people are all taking part in the evolution of the city. At the end of 2018 five investors, led by Onyx Equities, LLC, announced they Four hundred not for-profit organizations have projects underway with the formed a joint venture and purchased the five-acre, 1.6 million-square-foot sole mission of bettering the city— they all see Newark’s potential and want to tower complex known as Gateway One, Two and Four, and the concourse that elevate it to one of the best cities in the United States. New Jersey needs to have provides a conduit between Newark Penn Station, Mulberry Newark on the list of Great Cities nationally. Street and the city’s increasingly bustling downtown district. One of the more challenging aspects of the Gateway redesign is to create a ca- This transaction represented the largest office deal in New sual, collaborative area to serve as a comfortable place to recharge. In addition Jersey’s history. to infusing the concourse with daily conveniences, the challenge is to create an The Gateway complex architecture was conceived more experience where beauty, practicality and inspiration can simultaneously take than 50 years ago as a way for workers to conduct business place. Newark’s revitalization is a massive, multi-level endeavor that has been John Saraceno, managing principal and co-founder at the office and return home without needing to set foot in taking place for decades. The Amazon HQ2 process catapulted Newark to the of Onyx Equities. - the city of Newark. Much of the complex today is in serious national radar in terms of its business-friendliness and talent pool. Newark’s ONYX EQUITIES need of renovations, activation and a new identity. shortlisted status, referred to as ”The Amazon Effect” began to turn corporate relocation discussions toward Brick City as a viable option for the workforce Increased residential investment in Newark coupled with an uptick in corpo- needs of the next 15 to 20 years. rate relocations to the city sparked the joint venture’s interest in the Gateway Center opportunity. “Newark is now positioned to become the Northeast Corridor’s greatest amenity, and arguably New Jersey’s most important center of commerce, talent The partners that make-up the joint venture include Garrison Investment and connectivity,” Saraceno said. Group, Axonic Capital LLC, Taconic Capital Advisors, Prudential Financial and Onyx Equities LLC. and Prudential Financial said it will participate as a co-in- “The Gateway partnership expects to attract tenants from within and around vestment partner. New Jersey because it is a cost-effective and commuting alternative to New York. Once the wave of people start to flow in — they won’t be stopped. Newark Onyx Equities serves as the operating arm, overseeing asset and property is more convenient than NYC and we have everything right here — authentic management, tenant relations, leasing and construction. Gateway Center food, entertainment original culture and a sports arena. We’re a 6 minute train has the potential to become a critical piece of the greater Mulberry Commons ride to Newark Airport. A 20 minute PATH ride to Manhattan. There are beauti- vision and transit hub narrative. ful apartment options.” The partnership has aggregated the first majority interest in Gateway Center’s One major differentiator at Gateway is its 10 gigabit fiber connectivity -op recent history. New ownership intends to implement a multi-million dollar tion. Powered by Newark Fiber, this 25 mile long network of fiber is 10-times modernization plan, predicated on creating a more vibrant, easy-to-navigate, faster than traditional fiber networks at t 1/10th the cost. Hook up at Gateway is welcoming concourse experience infused with varied and authentic dining instant because new ownership has invested in connecting the sub-street level options plus conveniences. Key to the vision will be the activation of the street Newark Fiber network with the Towers. Two Gateway was the first Tower to be level at the base of towers One and Four. The functions of the neighborhood connected under prior and soul of the city are being woven into the exterior design features. The intent ownership. Ownership’s is to transform the unfortunate, isolating architecture into an innovative transit speculative street-to- hub of the future. building connection is The new ownership intends to reinvent the concourse as a destination, and significant because it spur significant demand from retailers and corporate office users who prioritize eliminates the traditional access to transit and a talented, diverse workforce. 30- to 60-day installation “We want to create a live-work balance that complements Newark’s sense delays and hefty hookup of community and take advantage of our proximity to mass transit,” said John fees. The experience of 1 Saraceno, managing principal and co-founder of Onyx Equities. gigabit connectivity itself far surpasses tradition- Between 60,000 and 100,000 people cross the 1,400-linear-foot concourse at al office connectivity. Gateway Center each week, for work, school or entertainment. They arrive by 10 gigabit connectivity Amtrak, New Jersey Transit or PATH. Concourse users include Gateway em- opens up a world of busi- ployees, neighboring building employees, visiting clientele, Prudential Center ness activities that can’t spectators, as well as students from New Jersey Institute of Technology, Rutgers otherwise take place. No University-Newark, Essex County College and Seton Hall Law School. other East Coast city can So many amenities are within a short walk of Gateway — the Prudential Cen- offer this. ter arena, the New Jersey Performing Arts Center, the city’s historic Ironbound “At times, Gateway’s section, plus the beautiful Mulberry Commons Park. Headquarters for Audible, Gateway Center, Newark. - ONYX EQUITIES redevelopment is an Panasonic and Prudential are nearby as well. Residential deliveries throughout

RE-8 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ In late May 2019, Newark Mayor project for our downtown. It is downtown. It will energize this en- is further bolstered by the world- Ras Baraka and other dignitaries a defining development for our tire area, and in doing so, empower wide marketability of Prudential and officials cut the ribbon to entire city. It will be the direct link and strengthen our entire city. This Center, the highly regarded sports open Mulberry Commons, a $10 between Penn Station and our is a transformative moment for and entertainment venue; hosting million private/public develop- premier entertainment facility, Newark, and I commend every- more than 175 concerts, family ment project in Newark’s down- Prudential Center, providing these one who made this day possible,” shows, special events and sporting town, on Mulberry Street between visitors with a world-class entrance Baraka said. events annually and home to the Lafayette Street and Edison Place, to our world-class city. Mulberry The Mulberry Commons devel- opposite Prudential Center, in Commons will also create jobs, opment will open a vast area of un- 2019 MTV Video Music Awards downtown Newark. career and entrepreneurship developed land to residential and and the GRAMMY Museum Expe- Mulberry Commons is a mile- opportunities, and housing in our office development. The district rience Prudential Center. stone in Newark’s economic de- velopment, creating a new center of gravity in the city’s growing downtown and unlocking the long-ignored development po- tential of Newark’s Penn Station, one of the nation’s busiest rail hubs. It will create housing, a shopping area, and a public park, while providing a walkway from Newark Penn Station to Pruden- tial Center. “Mulberry Commons is more than a park and a construction intimidating undertaking. It’s also awesome,” said Saraceno who is electrified to be part of those making Newark shine.

Onyx Equities announced it will move its capital markets, asset man- agement and construction divisions to One Gateway Center in July.

“Newark’s corporate anchors have been here for years now, drawn by ten-gigabit fiber infrastructure, Jessica Scharrer, Substation Electrician unmatched young talent, venture capital, residential investment, unparalleled transportation options and downtown walkability for both residents and commuters,” Saraceno stated. Jessica is making the future The Gateway renovation vision takes into account the needs of the of energy brighter. workforce over the next 15 to 10 years, Jessica excels in protecting her customers’ way of life while solving for current tenant needs for blazing a path for more women who wish to follow in her impressive footsteps. food options, the opportunity to rstenergycorp.com welcome Penn Station arrivals to New Jersey’s busiest train station, and the activation of the street level in keeping with modern urban planning principles.

NJBIZ REAL ESTATE & CONSTRUCTION REPORT 94595_FE_BrightFuture_NJ_7.5x10.indd 2 SUMMER 20194/5/19 ✦9:54 RE-9 AM Living life after a full life SageLife’s new development will bring new luxury senior living quarters to the Princeton region

With maintenance free living and devoted staff, the Ovation at Riverwalk will feel like a vacation that just keeps getting better. - SAGELIFE A new senior living communi- senior housing. Independent living Northeast and Mid-Atlantic; develop- ty will be opening in early 2020 in was identified as the best investment ing, acquiring and operating senior Plainsboro Township near Prince- opportunity, followed by assisted communities at all levels of indepen- ton. Ovation at Riverwalk is a new living. The active-adult segment also dence and care. active living community designed is attracting considerable interest. With SageLife, Andress launched a with the “aging well” movement And Andress says SageLife proper- new concept in senior living – cre- from the SageLife group. ties offer seniors a community that ating a community based on the As part of the Penn Medicine Princ- gives them the best of all worlds. “We residents’ interests. In 2005, her eton Medical Center, guests’ com- offer extensive resort-quality ameni- husband Mike joined her and the plete healthcare needs are available ties in a stylish and innovative setting couple, along with other staff mem- within steps of where they reside. The built around the latest trends, all with bers, committed their resources to development will include 260 fully a catalog of activities and program- SageLife Senior Living. Mike Andress age-restricted apartments. ming that allows the residents to is responsible for design and con- Kelly Andress, the founder and explore things that matter to them the struction for new development proj- president of SageLife, said “Princeton most,” said Andress. “We go where ects and physical asset management Medical Center has created this cam- our residents lead us. We listened to for existing communities. pus that has everything needed for a the requests and heard and exceeded Ovation at Riverwalk will be the quality retirement. When this whole their expectations. All the wonders of sixth complex in the company’s campus was laid out, we heard about a cruise ship are at their disposal with community series. Andress has de- this opportunity to locate there and a hospital right next door.” veloped complexes where she knew just jumped at it.” Andress has been supportive of she could create campuses with the CBRE’s Summer 2018 Seniors senior housing since she began her flexibility to support and nurture Housing & Care Investor Survey career in senior living in 1989 at individuals as they age and SageLife found that investor interest in senior Sunrise Senior Living where she was is poised for continued expansion housing remains strong, with nearly vice president for development and up and down the East Coast. So two-thirds of survey respondents finance. She helped define the com- far there are communities open in expecting to increase the size of their pany that came to define the industry. Wallingford, Paoli, North Wales, and portfolios over the next 12 months. Over the years, Andress has been Malvern in Pennsylvania, as well as Investors appear most interested closely involved in the development a project in Towson, Md. And no two A host of amenities are available at Ovation in a in the lifestyle-focused segments of of more than 20 communities in the SageLife communities are the same. one‑of‑a‑kind setting. - SAGELIFE

RE-10 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ Andress said Ovation is large the headache of a home can do so services including market identifi ca- Construction Services is the commer- enough to be diverse, but remains and still stay within a community. tion and analysis, site selection and cial construction fi rm. comfortable. “No one gets lost in SageLife has teamed up with devel- acquisition, regulatory this size and it is not too small where opment company South Bay Partners, approvals, budgeting, there is too little diversity,” said An- which specializes in developing supe- debt and equity fi nanc- dress. It will consist of 145 one-bed- rior senior living experiences. South ing and project man- room units, 39 of which will be Bay says it provides “next stage senior agement. aff ordable units, 100 two-bedrooms, living” with a focus on residents’ Th e engineer for the and 15 studio units. Th e size of each personal growth and holistic view of Ovation site is Wall- apartment can range from 600 to 1600 life so it was a natural fi t for SageLife. based French & Parrel- square feet all with full kitchens. Th e company provides a full range lo Associates. Parsip- Ovation at Riverwalk will include innovative dining built around the latest Growth across the board of development and redevelopment pany-based Hollister trends in nutrition and culinary arts. - SAGELIFE According to CBRE’s December 2018 U.S. Seniors Housing Develop- ment Costs Report, building designs continue to incorporate more lifestyle options, with the percentage of inde- At March Construction, we manage world class pendent living units up by 17 per- commercial real estate development projects build cent. Th e percentage of net rentable great relatioships along the way. area increased slightly, indicating developers are building larger units or reducing the amount of common area to off set costs. Senior housing March Builds development projects in 2018 were Multi-Residential & larger than a year ago. Th e average Mixed-use, unit count was 128, up 5 percent. Total gross building area increased by senior housing, & 4 percent. Hotel/Hospitality Englewood South Residential - Englewood, NJ “What separates our senior com- munity from others is something we call fully amenitized, age-restricted apartment living,” Andress said. “We will have underground parking, four Commercial, office, dining venues, an indoor pool that retail, shopping can also be outdoors, two raised ter- races for dining and recreation, and it centers, has a fi tness center.” Restaurants & Th ere are even intellectual ameni- entertainment ties – lecture series, theater trips, wine gateway retail center - brooklyn, ny tastings. Th us, Andress feels she and her team have created an environ- ment where the mind, body and spirit can fl ourish and residents can enjoy a life after having a full life. Th at also industrial means programming, amenities and warehouses, a staff dedicated to the concept. distribution “We believe that retirement is changing. Our mission is to be the centers & more. best home for each member of the terminal logistics center - queens, ny SageLife family. We encourage, em- power and celebrate successful ag- ing,” Andress said. “Our number one mAIN oFFICE VISIT US ONLINE CALL US 601 Hamburg Turnpike www.marchassociates.com 973-904-0213 goal is to build a great place to live.” Wayne, NJ 07470 She said the community is designed so that people who want to give up

NJBIZ REAL ESTATE & CONSTRUCTION REPORT SUMMER 2019 ✦ RE-11 Food halls: A dwelling destination

Foodie-friendly markets are booming. There’s no denying that food halls are design well, and don’t operate well, you don’t have a good infrastructure. “We changing the way many Americans dine out. There’s an allure and great attrac- talk less about the kind of food we will have until we know who the designer and tion of having a variety of eateries available under one roof and according to who the operator is. recent research from Cushman & Wakefield the number of food halls in the U.S. Food halls seem to be a viable addition to retail marketplace activity. They grew by 37 percent in 2016 — there are now more than 275 scattered across the spur on-site interest among comsumers and satisfy a variety of shopping desires country — with that number projected to reach 450 by 2020. It’s obvious this is that e-commerce doesn’t always accomodate. According to data from the U.S. more than a fad, and for real estate developers — that’s good news because a Department of Agriculture, millennials spend 44 percent of their food-allotted food hall can be incorporated into any retail, mixed-use building, shopping mall budget on eating out, with 52 percent of adults looking to try new cuisines. Ad- or office complex. ditionally, 61 percent of adults report that they would prefer to spend money on “At a time when headlines about the retail sector remain dominated by stories experiences, including eating out, over purchasing a physical item from a store. of closures and bankruptcies, food halls have emerged as one of the hottest Food halls, especially here in the Northeast, have emerged as an unexpected growth trends,” the report said. success in the local market. Developers are consistently looking to elevate the In fact, at this year’s ICSC RECon 2019 in Las Vegas, Naveen Jaggi, president of food scene in the new destination-type malls and trying to constantly appeal to Americas Retail Advisory Services at JLL, based in Houston, moderated a food visitors looking for a unique dining experience. halls panel discussion in which participants suggested that the success of a food As a business enterprise, food halls are positioned to be more profitable and hall basically comes down to design and operation. sustainable than many traditional standalone retail concepts and dining desti- According to panelist Phil Colicchio, executive managing director of specialty nations. Nationally, an influx of new food vendors who view food halls as a more food and beverage, entertainment and hospitality consulting at Cushman & affordable option in comparison to standalone dining facilities has become Wakefield, “[w]e are living in a wonderful time in the U.S. where there is great evident, helping to eliminate the barrier of entry for new food concepts. food in every city and town across the U.S. You will be able to curate local ven- Food halls, represent the ultimate project amenity for mixed-use developers dors in many of these spaces who will understand their communities and then and landlords looking to attract tenants and drive foot traffic. Food halls repre- you fill in the rest.” sent an area of Colicchio said that 20 percent of the current food hall footprint is in New York development North American Food Hall Inventory that requires Source: Cushman & Wake eld Research City, so that leaves a lot of room for growth across the country. “The future is 500 knowledge bright. We are seeing a halo affect around food halls.” 450 of the local 400 Real estate costs are far less for the operators. Cushman & Wakefield said a 350 food culture 300 food hall operator would likely pay about $8,000 a month for a top location at a and retail 250 200 food hall in Midtown. The same concept as a restaurant would likely pay about operations $30,000 per month renting a 2,000-square-foot restaurant in the West Village, 150 to succeed 100 according to the report. Food hall vendors do pay more of their gross sales to- and continue 50 0 ward rent than a typical restaurant, however. demand for 2010 2012 2014 2016 2018 2020 (F) Existing Projected And while curating the vendors is fun, according to Colicchio, if you don’t the future.

RE-12 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ Russo Development, Forsgate Industrial complete $42.5M Meadowlands purchase The Kingsland Tract clocks in at 718 acres Kingsland Tract. In the 1990s, plans for its redevelopment included golf courses and a luxury resort, but during the fi nancial crisis the project failed and the site reverted to the NJSEA’s predecessor, the New Jersey Meadowlands Commission, which completed a portion of an environmental clean-up program and off ered the site for sale. “We are very grateful that two of the most formative developers in our region, Russo Development and Forsgate Industrial Partners, were given the oppor- tunity to reinvent this critically important piece of property,” said Jim Kirkos, president of the Meadowlands Chamber. “Th e Kingsland Meadowlands plan is consistent with the business culture of the region and will be a welcome addi-

Kingsland Aerial – SUSAN BERCHTOLD (RUSSO DEVELOPMENT) tion to a market hungry for logistics capacity. Th e golf course resort previously envisioned for this site could never have created the economic activity and Russo Development and Forsgate Industrial Partners in June completed the career opportunities appropriate for the Meadowlands’ highly skilled employ- $42.5 million purchase of the 718-acre Kingsland Tract, a former landfi ll span- ment pool.” ning the municipalities of Lyndhurst, Rutherford and North Arlington, and will build Kingsland Meadowlands, a new logistics e-commerce development of up “Today, the Kingsland Tract has transformed from being a disappointment to six buildings totaling more than three million square feet of industrial space. and a burden into being a point of pride and a critical fi nancial resource for our community,” says Mayor Robert Giangeruso. “Russo and Forsgate have been To close the deal, which Russo and Forsgate clinched after a competitive bid- great collaborators in envisioning a new source of economic activity.” ding process in June 2015, the partners engaged in a complex entitlement and engineering design process which resulted in a master plan that will transform Tom Sullivan of CBRE, Inc., represented the NJSEA in the marketing and sale this blighted property into a modern industrial complex unlike any other devel- of the property. opment of its kind in the Meadowlands region. Th e partners expect to deliver the fi rst building to the market in late 2021. “Th e Meadowlands submarket is one of the strongest industrial/ware- BRIDGING CAPITAL TO REAL ESTATE house markets in the United States, and the opportunity to build this project OPPORTUNITY in such an outstanding location is a great accomplishment for not only our companies, but for the region that we have helped develop over the course of INTRODUCING more than 100 years of combined history,” said Edward Russo, CEO of Russo BRIDGE POINT Development, whose company, along with Forsgate Industrial Partners, has SOMERSET been active in the Meadowlands since the 1960s and are both in their second generation of family management. With the country’s premier road network serving 20.3 million people within 60 miles and a skilled labor force of more than 1.3 million just eight miles from New York City, the Meadowlands region is unmatched as a logistics center. Th e re- I-287’S NEWEST INDUSTRIAL gion’s retail marketplace remains strong while the online economy has spurred DEVELOPMENT new needs for delivery solutions, all of which have driven growth in the market, resulting in an occupancy rate of more than 95 percent for logistics e-commerce 8.7+ MILLION SF facilities such as those planned for Kingsland Meadowlands. COMPLETED OR UNDER DEVELOPMENT IN NEW JERSEY/NEW YORK SINCE 2014 “Kingsland Meadowlands is not only an opportunity to create a new standard for logistics e-commerce users in the world’s premier economic region, it is the long-awaited result of decades of eff ort to reclaim the usefulness of a great piece NEW JERSEY/NEW YORK OFFICE of property,” said Alex Klatskin, general partner at Forsgate. ONE GATEHALL DRIVE, SUITE 201 PARSIPPANY, NJ 07054 “Th e sale of the Kingsland Tract is the culmination of many years of complex T 973-998-9890 work by the NJSEA staff , the municipalities and the developers,” says Vincent Prieto, President and CEO of the New Jersey Sports and Exposition Authority. NEW JERSEY/NEW YORK | CHICAGO 2018 DEAL LOS ANGELES | MIAMI | SEATTLE OF THE YEAR “We look forward to a new generation of contributions to the Meadowlands RECIPIENT Community from this esteemed property.” WWW.BRIDGEDEV.COM Th ere have been multiple failed attempts over the years to redevelop the

NJBIZ REAL ESTATE & CONSTRUCTION REPORT SUMMER 2019 ✦ RE-13 FEM South Beach presents a collection of 47 limited edition one-of-a-kind residences with captivating ocean views. - FEM REALTY GROUP South Beach at Long Branch; A Miami vision for the Jersey Shore The city of Long Branch is experiencing a revitalization. The Monmouth from Philadelphia and New York City. Long Branch’s location is easily accessible County city has been known as a beach resort town since the late 18th century via train, major highways and lies just a short drive from Manhattan. and it was actually named for its location along a branch of the South Shrews- To the south of Pier village, FEM South Beach Urban Renewal is nearing com- bury River. pletion of its $40 million South Beach at Long Branch luxury condo building at The renewal of Long Branch started over 10 years ago when Pier Village was 350 Ocean Ave. A one-of-a-kind oceanfront condominium project. It’s a high- built on the oceanfront in 2005 as a replacement for the burnt-out Long Branch end exclusive lifestyle that you won’t find anywhere else at the Jersey Shore. Pier. That Village (developed and run by Kushner Companies since 2014) offers Spectacular panoramic ocean and shoreline views greet you from the mo- a mix of more than 30 varied shops and restaurants just off the beach and ment you enter any unit plus they stay with you from every corner of the resi- boardwalk. Kushner Cos. has also opened a hotel at Pier Village — the Wave dence. Floor-to-ceiling glass provides plenty of sunshine and warms the space. Resort. Each unit is equipped with luxurious wood plank and Italian porcelain floor- ing, recessed lighting and expansive custom kitchens. Only the finest building materials were used, all with the ability to withstand the weather at the Jersey Shore. There are nearly two dozen different floor plan layouts, and all offer a variety of indoor and outdoor space, plus buyers can continue to customize their living space as they need to fit into their lifestyle. The South Tower is unique as it fea- tures just two expansive residences per floor, each with direct eastern front-fac- ing views as residences flow through to the back of the building with captivating western sunset views. On the seventh and eighth floor of the South Tower, two duplex penthouses with over 1,400 square feet of outdoor terrace space wraps each side of the building. The North Tower’s eighth floor offers a spectacular penthouse and features over 3,400 square feet of living space. A variety of two bedroom, 2.5 bath residences also fill in the North Tower, all with picturesque ocean views. To maximize ocean views, each residence features floor-to-ceiling FEM has designed the interiors of each South Beach unit with the finest features, finishes and materials. - FEM REALTY GROUP window panoramas. The project is packed with features that are unique to the Jersey Shore market Other developments in that time include a beer hall, many shops, eateries and such as private and semi-private elevators, concierge services, private dining event areas. All of these enhancements to Long Branch has attracted visitors with wine storage, a business center, high-tech fitness facility as well as a cam- from other popular Jersey Shore towns and is also proving quite inviting to those era-monitored security system powered by the latest surveillance equipment.

RE-14 ✦ SUMMER 2019 REAL ESTATE & CONSTRUCTION REPORT NJBIZ Living at South Beach at Long Branch is some place beyond ordinary. First class amenities and services that surpass expectations. - FEM REALTY GROUP

There are even more stunning outdoor amenities on the plaza level where res- which is the Construction Manager for this project. “Concrete is resistant to the idents can swim and relax. A saltwater infinity-edge pool with a waterfall, raised elements — fire, wind, salt corrosion — which makes it practical and strong sundecks, a patio with gas grills, fire pits and sand areas for yoga and medita- enough to literally last for hundreds of years.” tion, as well as direct beach access. A private dining club with a commercial Concrete also lends itself to flexibility and creativity. “In a luxury residential kitchen and gourmet chef will be available on weekends in the summer. building like South Beach at Long Branch, the use of two-way concrete slabs South Beach is conveniently located just a few miles from the Garden State allows us to achieve the wide open interior spaces that the developers envi- Parkway, Exit 105, the West Long Branch Heliport, Seastreak Ferry and NJ Tran- sioned,” said Ulassin. “To implement that design we used high strength concrete sit Long Branch Train Station. which allowed us to minimize obstructions within each residence.” South Beach at Long Branch homeowners also have access to four design- There are no 90 degree angles within the residences and no center corridors er-decorated guest suites for up to four weeks during the year. in either of the North or South towers, explained Ulassin. The interior units span South Beach’s new gleaming glass and concrete towers rising on Ocean from the front of the building to the back. This design also makes it possible to Avenue in Long Branch are turning heads and gaining recognition for their offer semi-private and private elevators to have direct access into each home. high-quality design and durable construction. They recently earned a top “As a result, every single residence at South Beach has beautiful unobstructed industry award from the New Jersey Concrete Association on their 56th Annual ocean views and that’s one thing that I have not seen anywhere, up and down competition sponsored by the NJ Concrete and Aggregate Association & the NJ the coast,” said Ulassin. Chapter of The American Concrete Institute, which recognizes the outstanding Bringing elegance to beachfront living by creating a lifestyle reminiscent of concrete projects of 2018. South Beach, Miami – that was the vision for Long Branch’s newest luxury con- The oceanfront property earned this year’s Top Industry Award in the Low dominiums. South Beach at Long Branch is for those who appreciate a beach Rise Category which recognizes concrete projects at the forefront of innovation lifestyle that is as chic as it is convenient. and technology. South Beach has earned the distinction of being selected as one of the award winners from roughly 90 projects nominated statewide. “It’s an honor to receive this award and to be recognized as part of this ex- ceptional group of projects in New Jersey,” said CEO Mimi Feliciano of FEM South Beach Urban Renewal, LLC. “I am so proud of our team for designing and building South Beach at Long Branch to meet the highest standards for ocean- front construction.” “The craftsmanship of the concrete is at the very heart of South Beach at Long Branch – it sets the framework for an iconic structure where a close collabora- tion between engineers, architects, contractors and consultants has brought this unique design to life,” said Angelica Arent, senior project manager at Shore Point Architecture in Ocean Grove. Standing eight-stories tall and constructed of cast-in place concrete, the pair of luxury buildings were molded to fit on a 1.7-acre site. At their core, the build- ings are reinforced with concrete columns embedded with steel frames, and the exteriors are covered in precast concrete panels with a decorative finish. The use of concrete and other durable materials such as steel and high-quality glass produce an industrial-strength energy-efficient structure that can withstand the harsh coastal environment. “This type of cast-in place construction is quite common in New York high-rises, but I have not seen a project like this at the Jersey Shore,” said Da- vid Ulassin, owner of Cornerstone Construction Services LLC in Somerville, At every glance you are reminded of pure elegance at South Beach at Long Branch.

NJBIZ REAL ESTATE & CONSTRUCTION REPORT SUMMER 2019 ✦ RE-15 LAST CALL FOR NOMINATIONS!

The Forty under 40 awards honors business professionals under the age of 40 for 219 their accomplishments in their organizations and their commitment to the community. NJBIZ

2019 nominees will Nomination Deadline: be recognized in the following industries: Sunday, June 30, 2019 • Accounting • Banking/Financial/ Insurance Visit www.njbiz.com/events • Food/Hospitality Questions? Contact AnnMarie Karczmit • Health Care • Law at [email protected] or 732-246-5717 • Manufacturing • Marketing • Real Estate/ Construction • Technology • Other Services

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