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4 NOVEMBER 2020
THE BRIEFING
DENHOLTZ EYES $60 MILLION REDEVELOPMENT AT FORT PARCEL
at Oceanport Way and Razor Avenue.
Denholtz is now planning an investment of more than $60 million, according to FMERA. Under the
first phase, the Red Bank-based
firm is slated to renovate the nearly 53,000-square-foot commissary building to create a mix of food- or craft production-related uses such as eateries and production spaces, with construction expected to begin in early 2021.
The builder will also demolish the existing buildings in the warehouse district, post office area and post exchange and redevelop the area as office, research and development
and accessory warehouse and flex space, FMERA said. Plans call for
the construction of about six new buildings totaling 215,000 square feet that will target medical and general office users, innovators requiring makerspace or light fabrication space and technology companies.
The overall project will total more than 269,000 square feet, with full completion to take about three years.
“We are excited about the development program for this site, especially what is planned at the former commissary, which will fill an important void at the Fort as well in the regional market,” said Sarah
“In the meantime, we will continue our work transforming New Jersey’s
Giberson, FMERA’s marketing and development manager. “The mix of uses OPort has planned is especially relevant in today’s market, and further advances our long-term plans to develop a cluster of technology and commercial uses including amenities.”
According to Giberson, OPort’s targeted uses will complement the technology companies already located on the Fort, as well as the growing number of small and large businesses opening across the property. Under the agreement with FMERA, the project
is expected to create 750 part-time or full-time jobs.
“At the heart of our development focus stands a commitment to executing transformative projects that enhance the communities
An affiliate of Denholtz Properties has closed on 26 acres at Fort Monmouth, where it’s planning nearly 270,000 square feet of high-end commercial, technology and food and beverage space.
The Fort Monmouth Economic Revitalization Authority, the state agency overseeing the property’s
redevelopment, announced Oct.
20 that OPort Partners LLC has completed its $4.35 million acquisition of the parcel. Located in the Oceanport section of the former base, the site includes a former commissary and post exchange parcel, a post office area and a parking lot along Murphy Drive, along with a warehouse district
A conceptual rendering of an office building at Fort Monmouth, part of a planned 269,000-square- foot redevelopment by Denholtz Properties
BRIDGE SELLS FIRST PHASE OF LOGISTICS PARK FOR $275 MILLION
infill and brownfield sites into state-of-the- art industrial facilities
— creating developments that draw even more successful tenants that can
as it presents our team with a rare opportunity to breathe a second
life into an important piece of New Jersey’s history and create a resilient economic driver for the Oceanport and Monmouth County communities.”
both single and cross-docked loading configurations.
“This portfolio sits in a strategic location that provides better access to New York City than other submarkets in the Lehigh Valley area,” said
Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core strategy.
“The park was designed with the flexibility to cater to both large users and smaller tenants with a variety of space requirements, making it ideal for many logistics and e-commerce tenants seeking an optimal location
at a discount to northern New Jersey rents.”
PGIM Real Estate is the real estate investment and financing business
of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial Inc. Managing Director Todd Goldberg, executive directors Ian Christ and Steven Oliveira and Associate Vice President Kevin Interlicchio of PGIM’s real estate transactions team led the portfolio acquisition on the firm’s behalf.
where they
are located,” Denholtz Properties CEO Steven Denholtz said. “We are excited to embark on this project
Steven Denholtz
Bridge Development Partners has announced the sale of a four-building, 2.2 million-square-foot industrial portfolio in Phillipsburg, the first piece of a massive project near Interstate 78.
The buyer, PGIM Real Estate, said it paid $275 million for the collection of newly delivered warehouses along Route 22. The four properties are the first of what will be six industrial facilities totaling 3.85 million square feet, bringing new life to a 365-acre
former Ingersoll Rand campus that straddles two municipalities.
Brian Fiumara of CBRE National Partners represented Bridge in the transaction.
“Bridge Point 78 Phase I has been
a successful project that has
had a tremendous impact on the communities of both Phillipsburg and Lopatcong, and helped establish this rural area of New Jersey as a new hub for warehousing and distribution,”
said Jeff Milanaik, Bridge’s Northeast region partner. “We already have an outstanding relationship with PGIM, and are certain that this property is poised for continued success in their hands.
Jeff Milanaik
Bridge Point 78 on Route 22 in Phillipsburg and Lopatcong
fuel wider economic growth for the region.”
Delivered last year, the first phase is home to Uniqlo, the Japanese clothing maker and retailer, which leases 975,761 square feet. The transaction, which represents Bridge’s largest lease to date across its five-market national portfolio, was completed last fall and was the first to take place at the sprawling redevelopment project.
In April, beverage distributor Mark Anthony Brands also signed a lease for 419,460 square feet. All told, phase one includes four buildings ranging
in size from 175,055 to 975,761 square feet, with modern features such as 36- to 40-foot ceiling heights and
Courtesy: Bridge Development Partners Rendering by Rotwein+Blake/Courtesy: Denholtz