360 North Frontage Road in Roxbury — Courtesy: Charity Realty International LLC
By Joshua Burd
The New Jersey Institute of Technology has leased nearly 19,000 square feet in Roxbury to develop a new multipurpose lab space, in a deal arranged by Charity Realty International LLC.
According to the brokerage firm, the university’s New Jersey Innovation Institute will use the site at 360 North Frontage Road as an applied research and development center. Plans call for a collaborative hub that will host research meetings, seminars and workshops, while introducing students to modern manufacturing equipment and robotics.
Charity Realty President James Costanzo represented the landlord, Commerce Park Investors LLC, while NJII used in-house legal counsel for the 18,670-square-foot lease.
“Our specialty equipment requires a strong infrastructure,” said Sam Gatley, NJIT’s technical and programmatic lead. “Our engineering called for a 100 percent climate-controlled environment, heavy electrical power distribution, a large open conference area, loading docks, computer labs and more. 360 North Frontage’s layout was like our engineers had designed it.”
Charity Realty noted that it donated $10,000 from its commission proceeds to the Spring Lake Toys Foundation, which provides financial assistance to families faced with costs of life-saving treatments and medical expenses for children with rare, debilitating illnesses. The deal also comes two years after Commerce Park Investors purchased both 350 and 360 North Frontage Road from Coherent Tios, which had acquired former occupant PRC Laser Corp., in a deal also arranged by Charity Realty.
“From building rehab to lease closing I am proud of our team that worked through supply chain disruptions and COVID restrictions,” said Roy Pascal, owner of Commerce Park Investors. “We are now fully leased to quality tenants.”
Roxbury industrial buildings sell for $1.9 million, Charity Realty says
