Page 21 - RE-NJ #80 Nov.2023
P. 21

  TM 19
  two decades.
Gerszberg, who owns two courses on Long Island, joined local official recently to unveil the Old Bridge Golf Club at Rose-Lambertson after breaking ground in spring 2022. Designed by Egg Harbor City-based Stephen Kay, the picturesque par 71 course stretches over 218 acres on Lambertson Road, boasting a 30-bay driving range, a high-end miniature golf course and a 6,000-square-
foot clubhouse. It’s now open with limited tee times, while it will offer a full schedule starting next spring.
It comes as 2020 Acquisitions prepares to deliver the first phase of its Central 9 Logistics Park, seeking to meet the still-strong demand for industrial space despite a recent pullback from record levels in 2021. The initial offering will span roughly 1.9 million square feet across four buildings, while the fully built campus will have facilities ranging from 140,000 square feet to some 850,000 square feet, all on a site
that is minutes from the New Jersey Turnpike, the Garden State Parkway and other major highways.
“I think this project is one of a handful in the state of New Jersey ... where you could put together
an area that is not industrial at
the time that is so unbelievably located,” Gerszberg said, pointing to storied developments such as Heller Industrial Park and Raritan Center and, more recently, the 4 million- square-foot Linden Logistics Center.
“I thought that we could do the same,” he added. “Once you looked at our access to Route 9, I thought ‘I’ve got to do it all to do it right.’ I also felt that scale almost creates the hub and I felt like one or two buildings wasn’t going to be enough for people to understand how amazing Old Bridge is.”
Gerszberg noted that the assemblage for Central 9 Logistics Park includes the former Glenwood Country Club property. Recognizing that the town was losing a golf course — and seeking to work cooperatively — he pitched the idea of building a new one if the municipality was willing to donate the land. It just so happened that Old Bridge had more than 200 acres at what’s known as the Rose and Lambertson tract, which it had purchased some two decades ago, but had struggled to achieve the
long-held goal of building a new municipal golf course.
“When I looked at the property,
it was just a phenomenal tract,” said Gerszberg, a member of the renowned Due Process Stable Golf Course in Colts Neck. The plan developed from that point forward, he added, largely in tandem with Steven Mamakis of the Mayor’s Office of Economic Development, and he credits the township with being “very savvy, business-
wise,” in that it was not afraid to negotiate but also “understands the economics of projects.” That
    The strongest developments come from the strongest relationships.
   We know that a Commercial Real Estate loan is the cornerstone of a building project. For over 100 years, Peapack-Gladstone Bank has fostered trusted relationships with the developers who build our communities and businesses.
  $5,000,000
5,000 SF Medical Office New York, NY
$16,000,000
51-Unit Apartment Building North Bergen, NJ
COMMERCIAL REAL ESTATE LOANS
$14,000,000
Portfolio of Apartment Buildings Newark, NJ
$17,500,000
53-Unit Apartment Building Philadelphia, PA
$15,500,000
450,000 SF Industrial Building Lackawanna County, PA
$24,000,000
71 Apartment Units Hoboken, NJ
Please contact one of our Commercial Private Bankers or visit pgbank.com for a personalized loan evaluation:
Vince Spero Executive Vice President 908-719-6556 vspero@pgbank.com
Randall Williams Senior Managing Director 908-719-6540 rwilliams@pgbank.com
Vincent Trasente Assistant Vice President 908-470-3334 vtrasente@pgbank.com
              
 































































   19   20   21   22   23