Page 6 - RE-NJ May 2020

4 MAY 2020
THE BRIEFING
JLL: OWNER OF EX-TOYS R US CAMPUS EYES OFFICE, RETAIL USES
President Christopher DeLorenzo and Senior Vice President Brendan McBride will oversee the leasing assignment.
The team has
partnered
with Brian S.
Silbert, CEO
and president,
and David
Greenman,
senior vice
president of the
retail service group, of Silbert Realty & Management Co. Inc. to assist with marketing and leasing the retail portion of the development.
“The complex at One Geoffrey Way
is a world-class facility with a great story,” Recine said. “We have been engaged to breathe life back into what was once an iconic and bustling office complex in northern New Jersey.
The property features architecturally distinctive buildings in an attractive suburban setting. When Dobco’s vision for the complex is fully realized, this complex will provide the community with a highly amenitized and modern experience.”
Dobco acquired the 191-acre campus early last year, following Toys R Us’ bankruptcy and liquidation. The complex, which was built in 1962 and served as the original headquarters for American Cyanamid, was completely renovated when the iconic retailer took occupancy.
In a news release, JLL noted that
the complex is comprised of two interconnected office buildings totaling some 575,000 square feet and one single-story flex building of about 55,000 square feet. The five-story Main Building totals 415,000 square feet and offers large and efficient floorplates, following the contours of the shoreline of the adjacent Point View Reservoir.
The six-story, 160,000-square-foot Terrace Building is one of the most architecturally distinct buildings on the site, JLL said, citing a midcentury, modern feel, with stacked floorplates that create several outdoor terraces.
said, noting that Mark Anthony Brands will occupy the space later this spring. As part of the distribution network serving liquor stores that are open
in New Jersey during the COVID-19 emergency, the operation has been deemed an essential business.
The deal also follows an announcement last fall that Uniqlo, the Japanese clothing maker, had leased around 975,000 square feet at Bridge Point 78. The company was the first major tenant at the high- profile project, which is redeveloping a sprawling former Ingersoll-Rand manufacturing complex that straddles the two municipalities.
Located near the Pennsylvania border, the site hugs Route 22 and provides
a quick entrance to Interstate 78, offering access to both New York
City and the Lehigh Valley. Milanaik said the abundance of local labor, savings from a payment in lieu of taxes agreement and unprecedented cooperation from local officials to expedite all inspections and approvals were also key to securing the lease with Mark Anthony Brands.
The new owner of the former Toys R Us headquarters in Wayne has tapped JLL to market the property, seeking a mixed-use, multitenant approach as it repositions the campus.
Brokers with JLL are now working on behalf of Dobco Inc. as the leasing agent for One Geoffrey Way,
a distinctive, 630,000-square-foot complex east of Route 202. The owner, a locally based general contractor, is looking to transform the three-building campus into a site that includes Class A office, flex and retail space.
JLL Executive Managing Director Frank D. Recine, Executive Vice
Frank D. Recine
One Geoffrey Way in Wayne
BRIDGE, BEVERAGE COMPANY INK 420,000 SQ. FT. LEASE IN WARREN CO.
Wakefield’s Chicago office represented Mark Anthony Brands, whose portfolio also includes Mike’s Hard Lemonade, Mike’s Harder and Cayman Jack.
“We’re excited to welcome one of the country’s most diversified and successful beverage companies to Bridge Point 78,
which will create up to 100 jobs for residents
of Warren County and the surrounding area,” said
Jeff Milanaik,
Northeast
region partner for Chicago-based Bridge. “This agreement helps further establish this area as an emerging
hub for distribution and fulfillment services, and we look forward to bringing additional tenants aboard that can fuel continued economic growth across New Jersey and the Lehigh Valley.”
The lease will give way to the creation of 50 jobs initially and then 100 once the facility is fully operational, Bridge
Bridge Development Partners has lured a second tenant to its new logistics park in Warren County, inking a nearly 420,000-square-foot lease with a well-known beverage company.
The tenant, Mark Anthony Brands, will occupy one of six buildings that are slated for the 3.85 million- square-foot complex in Phillipsburg and Lopatcong. It will use the
419,640-square-foot facility to store and distribute White Claw, a line of hard seltzers that is one of its many popular beverages currently on the market.
Brokers from CBRE’s Pennsylvania and northern New Jersey offices represented Bridge in the seven-year lease at the site, known as Bridge Point 78. Dan Wilkins of Cushman &
Jeff Milanaik
A rendering of a building at Bridge Point 78, a planned 3.85 million-square-foot logistics park in Phillipsburg and Lopatcong
Courtesy: Bridge Development Partners. Courtesy: Dobco Inc.