Page 17 - RE-NJ

the total to 700,000 square feet. Construction on the additional 300,000 square feet will begin this spring and be complete a year later.
Although most of the major developers and restoration specialists in New Jersey partner with large financial institutions like pension funds and endowment funds, Profeta has built a large portfolio of real estate with no partners.
“I purchased the property in the fall of 2022 after my redevelopment plan was approved by the East Windsor Township Council,” he said. “The project team, led by Michael Pelardis, senior director
at Paul V. Profeta & Associates,
has done a superb job in a difficult development environment for
“Once I saw the locational advantage of a site with the toll exit ramp circumscribing its boundaries, I jumped on it. Negotiations were tedious because of the religious institution that owned it, but Nuara’s focus and determination never wavered.”
warehouses. The team consists
of Dynamic Engineering, KSS Architects, land use lawyer
Mike Herbert of Parker McCay and Christine Nazzaro-Cofone, professional planner. They guided the entitlement process from inception to approval.”
The project will be among the latest at Exit 8, a previously overlooked stretch of the Turnpike between
the more established Exit 8A and Exit 7A submarkets. The area has become more attractive in recent years after the 35-mile widening of the Turnpike between exits 6 and 9, which began in 2009 and was completed in late 2014, providing new options along the supply- constrained highway with the same ability to access New York City, Philadelphia and other major population centers.
Other popular exits on the Turnpike are so densely developed that it takes 20 to 30 minutes to travel
to a new site from the toll booth, Profeta noted, while PVP Exit 8 LLC’s property at Exit 8 is at the toll booth.
That has helped East Windsor attract developers such as Exeter, Brookfield Properties, ARES, Crow Holdings, QTS Realty and Dermody Properties, along with tenants such as LG, Aurobindo Pharma, Modway, Shisedo and National Tree Retailers. Other nearby users are Volkswagen, Home Depot, FedEx, Amazon, Wayfair and Crate & Barrel.
The submarket is still comparatively small, representing around 7.5 million square feet of industrial space with about 328,000 square feet under construction.
Profeta’s project will represent a major infusion of industrial space, repurposing the site from a sod farm to a major warehouse property.
He has retained Resource Realty’s Nuara to find a
tenant for the
building. He
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$9,825,000
• Refinance
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95 apartments and 1 office
Brooklyn, NY
$7,075,000
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• Tenancy -
87 Apartments
Bronx, NY
$4,500,000
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Englewood, NJ
$2,600,000
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3 apartments and 2 retail units
East Village, NY
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was negotiating with several national credit tenants as of mid-February. In addition,
Thomas C. Nuara
he has fielded
increasingly attractive offers to purchase the land with the entitlements. RE