Page 10 - RE-NJ March 2022

8 MARCH 2022
RUSSO, PGIM PLAN LOGISTICS
CENTER AT MAHWAH OFFICE SITE
part of their first project with PGIM as we expect this will be the first of many deals together.”
Dunne represented TD Bank alongside
Jeremy Neuer,
Steve Bardsley,
CBRE’s Institutional Properties group, which worked in partnership with the firm’s Matthew Saker and Patrick Cavanagh. They also procured the buyer, which has approvals in place for the new industrial building.
“We appreciate the cooperation and involvement from CBRE and TD Bank as we worked towards obtaining the approvals needed for a successful closing,” said Michael J. Pembroke, Russo’s chief operating officer. “PGIM was a supportive partner throughout the process, and we look forward to collaborating with them on our first institutional joint venture in this Class A industrial development.”
The project is the latest in New Jersey that calls for repurposing an older office property, helping to reduce
an overbuilt market while providing new development sites for the state’s surging industrial sector.
“We continue to see antiquated office buildings be redeveloped for higher and better uses and 1000 MacArthur will become Russo’s newest Class A industrial development,” said Neuer, an executive vice president with CBRE. “We are confident this will be another in a long line of successful developments for them.” RE
A joint venture has closed on the site of a Mahwah office building that it now plans to redevelop as 200,000 square feet of modern industrial space, brokers with CBRE said.
The buyers, Russo Development and PGIM Real Estate, paid $17.5 million for the property at 1000 MacArthur Blvd., in a deal with TD Bank. They’re
now slated to raze the existing 60,000-square-foot office building on the site to make way for the new logistics facility.
“Russo separated themselves early on in this process and worked through a very challenging approval process,” said Jeffrey Dunne, a vice chairman with CBRE. “We are delighted to be a
David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of
Jeffrey Dunne
Courtesy: CBRE
1000 MacArthur Blvd. in Mahwah