Page 10 - RE-NJ Nov.2021 #59

8 NOVEMBER 2021
NETFLIX TO BID ON 289-ACRE FORT
MONMOUTH SITE FOR STUDIO HUB
that arose this past summer.
“Governor Murphy and the state’s legislative leaders have created a business environment that’s welcomed film and television production back to the state, and we’re excited to submit our bid,” Netflix said in its statement to the Times.
The story noted that Murphy and his team have been courting Netflix since at least 2019, highlighting incentives for the film and television industry
that New Jersey had reinstated in
2018 and subsequently expanded.
The administration seemingly saw an opening this past spring after Georgia passed a controversial law restricting voter access, which raised the prospect of major companies and studios pulling their operations from the state.
As the Times reported, Murphy dangled tax credits on up to 30 percent of eligible production costs, on par with Georgia, and a subsidy for brick-and- mortar studio development of up to 40 percent.
“I am incredibly excited to hear about Netflix’s proposed investment,” Murphy told the Times in a statement. “While there is an objective process that any and all applications will have to go through, this is yet more evidence that
the economic plan my administration has laid out is working and bringing high-quality, good-paying jobs to our state.”
The Fort Monmouth Economic Revitalization Authority announced a week earlier that it was soliciting bids for the so-called Mega Parcel, part of
a historic, 1,100-acre outpost that the Pentagon closed in 2011. Responses are due Jan. 12, the agency said, noting that it would only accept offers from parties interested in buying the entire property.
In its solicitation, the state said it would entertain proposals focused on high- wage, high-growth areas such as life sciences, information and high tech, clean energy, food and beverage and film and digital media, reflecting a key piece of Murphy’s economic agenda. FMERA also cited potential uses such as a regional cultural and entertainment center that can include performance centers, theaters, film and television production facilities and museums.
As of earlier this year, FMERA had sold, placed under contract or entered negotiations for some 80 percent of the Fort’s total acreage. The property in recent years has attracted a host of high-profile developers and operators in the residential, office, education and health care sectors, among others.
Netflix has declared its intention to bid on a nearly 300-acre parcel at Fort Monmouth, where it reportedly wants to build a sprawling production studio after outreach by Gov. Phil Murphy.
According to The New York Times, the streaming giant said Oct. 26 that it would make an offer on the 289-acre
tract in Eatontown and Oceanport, which state officials recently put up for sale. The company told the publication that it would create a “state-of-the-art production facility” at the shuttered U.S. Army base with soundstages, postproduction buildings and backlot filming areas, confirming speculation
ADVANCE, GREEK SELL 1.1 MILLION SQ. FT. TARGET FACILITY IN LOGAN
A joint venture has sold a newly built, 1.1 million-square-foot Target facility and a nearby parcel in Logan Township for $265 million, in a transaction arranged by CBRE.
The partnership, which includes Advance Realty Investors and Greek Development, constructed the warehouse and distribution center as part of their Logan North Industrial Park along Route 322, just north of Interstate 295. They’re now reaping the benefits with the sale to New York-based Torchlight Investors
LLC, which purchased the regional fulfillment center at 300 Creekview Ave. and the nearly 53-acre lot at 400 Crossroads Blvd.
“The Target Flow Center is ideal as it is located at the midpoint between New York City and Washington
D.C. with immediate access to the Philadelphia Metropolitan Area’s populations, which continues
to attract global tenancy and institutional owners,” said Brian Fiumara, a member of the CBRE National Partners team. “In addition
to its central location in southern New Jersey, the facility will benefit greatly from Target’s planned $75 million investment.”
Fuimara represented the sellers alongside
Brian Fiumara
Michael Hines, Brad Ruppel, Joe Hill
and Lauren Dawicki, along with Thomas Monahan, also of CBRE. In a news release,
they noted that the property has 40-foot clear ceiling heights, wide column spacing and other modern features, along with parking for 1,640 cars, 126 trailers and 11 tractors.
The 52.6-acre drop lot, located to the north of the facility, is approved for 482 trailer parking stalls, 14 tractor parking spaces and 11 car parking spaces.