Page 32 - RE-NJ

30 SEPTEMBER 2024
WOODMONT, BROOKFIELD DETAIL 450,000 SQ. FT. INDUSTRIAL PROJECT
Woodmont Industrial Partners and Brookfield Properties have broken ground on a new 450,000-square-foot warehouse facility in Warren County, the firms announced in mid-August.
The project, which is slated to be completed in the third quarter of 2025, is now rising on Edge Road in Alpha. Construction is taking place after Woodmont’s sale of the property to Brookfield in June, leading to the latter’s first ground-up project in the Lehigh Valley region.
CBRE’s Brian Fiumara and Brad Ruppel represented both parties in the transaction.
“As the flight to quality persists in New Jersey’s industrial market, Woodmont is committed to
delivering facil-
ities that sup-
port successful
operations and
growth while
meeting the
evolving needs
of tenants,”
said Anthony
Amadeo, an executive vice president with Fairfield-based Woodmont. “We couldn’t be more excited to kick off our relationship with Brookfield on this transaction. We share a very similar forward-thinking development approach, and we’re thrilled to have closed this partnership and begin the construction phase of the site. We feel the property offers optionality to many different users in the market and will be received exceptionally well.”
Known as Alpha 78 Logistics Center, the cross-docked facility is slated to have a 36-foot clear ceiling height, 118 dock doors with four drive-ins, 6,000 square feet of office space and parking for 89 trucks or trailers and 230 cars. It’s likely to draw interest due to its location just off Route 22 and adjacent to Interstate 78, which provides access to the New York City, Lehigh Valley and Philadelphia metropolitan areas and the ports of Philadelphia and Newark, all within an hour-and-a-half drive time.
CBRE’s Jake Terkanian, Sean Bleiler and John La Prise will be the leasing brokers.
“We’re pleased to add Alpha 78 to our
portfolio as our first ground-up project in the Lehigh Valley, a growing dis- tribution hub in the Northeast,” said Tyler Mordas, a vice president with Brookfield Properties. “This project will complement our northeast develop- ment pipeline of over 9 million square feet and existing logistics footprint of over 320 assets, enhancing our ability to serve clients as they grow and create resiliency in their supply chain.”
Neighboring manufacturers and contractors include Torelco, Inno- Spin, Hunterdon Transformer Co. and Bihler of America.
Plans for Alpha 78 Logistics Center, a 450,000-square-foot industrial development on Edge Road in Alpha, call for a 36-foot clear ceiling height, 118 dock doors with four drive- ins, 6,000 square feet of office space and parking for 89 trucks or trailers and 230 cars.
Anthony Amadeo
A joint venture has opened a new 40-unit luxury apartment building
in downtown Montclair, one that’s adjacent to an upscale hotel that the partnership unveiled in 2019.
Its developers, The Hampshire
Cos. and The Pinnacle Cos., joined partner Circle Squared Alternative Investments in late August to announce the debut of the project at 37 Orange Road. Known as The Clair, the property is steps from Montclair’s busy Bloomfield Avenue corridor, offering a mix of studio, one-bedroom and two-bedroom homes with a series of amenity spaces.
Residents will also have access
to the adjacent 159-key MC Hotel built by Hampshire and Pinnacle, which has a fully equipped business center, indoor and outdoor lounge spaces, a modern fitness center and drop-off dry cleaning services, the developers said. The partnership
also provides residents with perks such as discounted hotel rooms and catering events and savings at the hotel’s Allegory Restaurant & Bar, MC Market and Alto Rooftop Lounge.
“Apartment residents today seek opportunities
said James E. Hanson II, CEO
and president Morristown-based Hampshire. “We are confident that The Clair’s comprehensive amenity package and prime location at the gateway to one of the state’s most dynamic downtowns provide the perfect environment to foster these connections.”
Designed by Minno & Wasko Architects and Planners and built by Deugen Design Build, The Clair offers valet parking, package service and community WiFi. Amenities include electric vehicle charging stations, a clubhouse and a business center, an outdoor courtyard with grills, a roof terrace and in-unit house cleaning.
“The Clair will offer residents a boutique living experience with only 40 residences, unparalleled
amenities and hospitality services,” said Brian M. Stolar, Pinnacle’s CEO and president. “In addition to the outdoor club level courtyard and rooftop amenities, the Clair offers a 4,000-square-foot street-level plaza that residents will enjoy as well.”
OceanFirst Bank provided financing for The Clair, according to a news release. Hampshire has tapped Sparrow Asset Management to oversee leasing at the community, while the developer will serve as its property manager upon stabilization.
“It is an honor to be involved with bringing this beautiful project to what we consider the most exciting town in New Jersey,” said Jeff Sica, CEO, president and chief investment officer of Circle Squared Alternative Investments.
DEVELOPERS UNVEIL 40-UNIT MONTCLAIR RENTAL PROPERTY
James E. Hanson II
to connect not only with their fellow residents but also with the vibrant community right outside their doors,”
The Clair at 37 Orange Road in Montclair
PROJECT UPDATES
Courtesy: Deugen Design Build Rendering courtesy: Woodmont Industrial Partners