From left: State Sen. Sam Thompson; Howard Applebaum, president of Corporate America Realty & Advisors; Steve Mamakas, executive officer for the Old Bridge economic development office; Kennedy International CFO Mendy Reich, Old Bridge Mayor Owen Henry; Old Bridge CFO Himanshu Shah; Old Bridge Councilwoman June Dundee were on hand recently to break ground on Kennedy’s new 315,000-square-foot warehouse in the township.
By Joshua Burd
A houseware wholesaler is set to own and occupy a newly built, 315,000-square-foot industrial building in Old Bridge, following a deal arranged by Corporate America Realty & Advisors.
The brokerage firm said recently that construction is underway at the site on Old Water Works Road, where Kennedy International Inc. recently acquired 46 acres from the Brunetti Organization. Slated for completion in April, the facility will include warehouse and administrative office space with 42-foot ceiling heights, 40 tailboard loading docks, LED lighting and solar panels.
Atlanta-based ARCODB is constructing the roughly $25 million building, Corporate America Realty said. According to Howard Applebaum, president of the Rutherford-based brokerage, it will be the first new industrial facility in Old Bridge exceeding 130,000 square feet since the mid-1970s.
Applebaum represented Kennedy International in a series of real estate moves that included subleasing space at a nearby warehouse and the purchase of the 46-acre development site. He credited Kennedy International executives Henry Guindi and Mendy Reich with the growth of the company, noting that the planned relocation “substantially increases Kennedy’s logistics capacity for its medium to large retailer base.”
The company currently leases 192,000 square feet in the Dayton section of South Brunswick. As part of a 140,000-square-foot sublease at a nearby warehouse, the company purchased new warehouse racking and office furnishings.
Applebaum said Kennedy obtained a payment in lieu of taxes program from the township, adding that law firm Sills Cummis & Gross P.C. represented the company in its dealings with Old Bridge. He also credited Old Bridge Mayor Owen Henry and Stephen Mamakas, executive officer for the township’s economic development office, for their role in zoning process, approvals and permitting and PILOT agreement.
