Cervenka Development Partners and the Monocle Group are developing a 119,250-square-foot industrial facility at 12-18 Vanderhoof Ave. in Denville, where plans call for a 119,250-square-foot facility with 36-foot clear ceiling heights, 18 loading bays, one drive-in door and parking for 52 cars and 13 trailers. — Rendering courtesy: JLL
By Joshua Burd
Cervenka Development Partners has acquired a 19-acre parcel in Denville that it plans to develop as nearly 120,000 square feet of modern logistics space, the firm announced Thursday.
The property, which the firm purchased from the municipality, sits at 12-18 Vanderhoof Ave. and is a three-minute drive from Interstate 80. Cervenka’s plans for the site call for a 119,250-square-foot facility with 36-foot clear ceiling heights, 18 loading bays, one drive-in door and parking for 52 cars and 13 trailers.
JLL Managing Director Marc Duval, Director Jason Lundy, Managing Director Jordan Avanzato, Director Nicholas Stefans and Senior Managing Director Jose Cruz arranged joint venture equity for the project with Monocle Group. Murphy Schiller & Wilkes LLP Partner Kellen Murphy acted as lead transactional counsel for CDP in connection with the acquisition, while Partner Chris Murphy and Counsel Lisa Lomelo played a key role in the designation of the property as an area in need of redevelopment and the adoption of a redevelopment plan pursuant to the Local Redevelopment and Housing Law.
Terms of the sale were not disclosed.
“We couldn’t have asked for a better team to execute this acquisition,” said Tom Cervenka, principal of CDP. “The town of Denville and Mayor (Thomas) Andes have been incredible to work with, while our JLL Capital Markets team brought an amazing equity partner to the table with the Monocle Group. We look forward to continued success with our strategic partners, not only on our Vanderhoof development but with many more in the future.”
Andes, meantime, cited the town’s collaborative effort in finding a new purpose for a vacant parcel that it acquired through a tax sale nearly 40 years ago.
“This project truly represents smart growth and is a win-win for everyone involved, including the citizens of Denville,” he said. “In my 12 years as mayor, we have continuously strived to increase the strength of our financial position through conservative budgetary policies. This project and our partnership with CDP and Monocle Group is an integral part of a five-year plan to be one of only a handful of municipalities in the state of New Jersey that are completely debt free.”
JLL’s Joel Lubin and his team will handle leasing for the project, which would give tenants quick access to interstates 280 and 287 and other major highways. MSW will also lead the project team in connection with seeking site plan approval before the Denville planning board.
“We are thrilled to have been introduced to Tom and Sasha through our relationship with the JLL Capital Markets team,” said Eric Benitez, principal of the Monocle Group. “CDP was able to secure this site at a cost basis that will enable us to achieve an above market return on the deal. CDP has brought this project to the cusp of site plan approval and we cannot wait to carry this through to completion together.”
The developers and others involved in the deal also noted that the site provides strong access to northern New Jersey, Westchester County, Fairfield County and the outer boroughs of New York City, while one-third of the U.S. population is within one day’s drive time.
“JLL was able to bring several investors to the table despite a period of volatility in the capital markets environment and that speaks greatly to the strategic sponsor, Cervenka Development Partners,” Duval said.
JLL’s Lundy added: “Investors were attracted to the opportunity given CDP’s diligent and forward approach as well as the strong industrial fundamentals in Morris County.”
