Page 14 - RE-NJ

12 WINTER 2025
FOOD IMPORTER BUYS 146,000 SQ.
FT. MADISON BUILDING FOR NEW HQ
A global food importer has acquired a
more than 146,000-square-foot offi ce
building on Madison’s historic Giralda
Farms campus, in a newly announced
deal by JLL.
The brokerage team said the buyer,
a subsidiary of Gellert Global Group,
paid an undisclosed price for the
property at 2 Giralda Farms and will
use the space as its new corporate
headquarters. That will support
continued growth across its North
American food importing operations,
while providing new life for a 24-year-
old building that served as the former
U.S. headquarters for global shipping
giant Maersk before being leased to
Merck & Co. through mid-2025.
JLL senior managing directors
Jeremy Neuer
and Jose Cruz
and Senior
Director Ryan
Robertson
represented the
undisclosed
institutional
seller, working
in conjunction
with the fi rm’s Tim Greiner,
executive managing director,
and Mike Pietrowicz, senior vice
president. David Stifelman, a
senior managing director with
JLL, represented GGG Realty
Holdings LLC in its purchase of the
146,366-square-foot building.
“This acquisition supports GGG’s
growth objectives,” CEO Andrew
Gellert said. “Bringing operations
together encourages collaboration
and entrepreneurship, while the
facility’s location and amenities are
well-suited to our expansion.”
JLL said the property, located within
the prestigious 181-acre Giralda
Farms campus, has amenities
such as a fi tness center, a sample
kitchen, a cafeteria area with indoor
and outdoor seating areas and a
conference center with an auditorium
and boardroom. The property also
has a covered, below-grade parking
garage with 369 spaces, plus six
surface spaces.
Giralda Farms’ setting adjacent to the
883-acre Loantaka Brook Reservation
Jeremy Neuer
SENTINEL BUYS NEW 423-UNIT
WEST ORANGE RENTAL PROPERTY
Sentinel Real Estate has acquired
Stonehill at West Orange, the new
423-unit luxury apartment property
that has revived the onetime site of
a struggling offi ce park off Interstate
280.
The fi rm announced the deal in
late October, noting that the three-
building complex is roughly 16 miles
west of Midtown Manhattan. It’s also
home to more than 44,000 square
feet of amenity space and adjacent to
the grocery-anchored Essex Green
Shopping Center, adding to the appeal
of the high-profi le redevelopment
project by BNE Real Estate Group.
BlueGate Partners’ Mark DeLillo,
Marc Schulder, Lee Spiegelman,
Courtesy: Sentinel Real Estate
Stonehill at West Orange at 1000 Executive Drive in West Orange
2 Giralda Farms in Madison
provides a park-like environment
that’s also just minutes from
downtown Madison and Morristown,
the brokerage team said. The
location, meantime, is close to Morris
County’s highly educated workforce
and the talent pools at Drew
University and Fairleigh Dickinson
University.
“The Morris County offi ce
Felipe Marin, Eli Zaoutis and Jeremy
Silber brokered the transaction. The
Cole Schotz PC team of Leo Leyva,
Rab Nalavala, Matthew Schneid,
Jonathan Goodelman, Chris Caslin,
Wendy Berger, Marissa Mastroianni,
Jeffrey Schechter, Denise Krall and
Gwendolyn Goodyear represented
Sentinel in its acquisition and worked
to secure township approval of the
transaction due to the property’s
payment in lieu of taxes agreement,
while guiding the fi rm through a
complex diligence process.
“Stonehill at West Orange’s modern
architecture, high-end interiors and
abundant,
best-in-class
amenity suite is
representative
of our strategy
of investing
in luxury
multifamily
assets situated in
close proximity
George Tietjen
to diverse employment and lifestyle
nodes,” said George Tietjen, managing
director of Sentinel. “This property is
well-positioned to benefi t from limited
local residential supply, coupled with
its convenient accessibility to quality
Courtesy: JLL
market continues to attract
corporate users seeking high-
quality suburban locations with
superior transportation access and
amenity packages,” Neuer said.
“The Giralda Farms campus has
long been recognized as one of
New Jersey’s premier corporate
addresses, combining modern offi ce
infrastructure with an exceptional
natural setting.”
necessity retail, restaurants and
easy commute to the tristate offi ces
of leading companies in the health
care, education, fi nancial services,
pharmaceuticals and technology
sectors.”
Designed by Minno & Wasko
Architects and Planners, Stonehill
hit the market in spring 2024 with a
mix of one-, two- and three-bedroom
rentals on a site overlooking I-280.
The complex has anchored BNE’s
redevelopment of what was more
than 400,000 square feet of ailing
offi ce space, part of a project that
also included a new 32,000-square-
foot West Orange Public Library to
help preserve 130,000 square feet of
renovated offi ce space.
“This transaction underscores how
the market continues to reward best-
in-class, lifestyle-driven suburban
communities that appeal to both
empty-nesters seeking quality space
and convenience, as well as young
families attracted to the strong
school systems and community
connectivity,” said DeLillo, founder
and managing partner of BlueGate
Partners. “Stonehill at West Orange
sets a new benchmark for luxury
suburban multifamily in New Jersey.”