Kushner Properties Hosts First Annual Commercial Property Showcase in Wayne, NJ

Broker Event Highlights Portfolio Diversity and Unique Marketing Strategy

(PRWEB) November 11, 2005 -- Kushner Properties of Florham Park, N.J., held its first-ever commercial property showcase on Nov. 2 at 1655 Valley Road in Wayne, N.J., a premier office building in its nearly 5 million-square-foot portfolio. The open house highlighted current availabilities and future opportunities in suburban, urban and transit-village settings within the New York-New Jersey metropolitan area.

The event was attended by nearly two hundred brokers. Participants included: Alexander Summer, Cushman & Wakefield, National Redevelopment, Newmark & Company Real Estate of New Jersey, Newmark Associates, Silbert Realty & Management Company and The Garibaldi Group, all of whom serve as exclusive brokers for Kushner Properties. The Garibaldi Group is currently marketing 160,000 square feet at 1655 Valley Road.

The diversity of brokers involved reflected the company’s unique marketing strategy – one that has proven successful, according to Kevin Swill, president of Kushner Properties. “With a wide-ranging portfolio that includes landmark office buildings in Newark and New York City, popular retail centers and well-maintained industrial properties, we select brokers based on their specialization and geographic focus,” remarked Swill. “This market is too diverse and tenants’ requirements too varied for a ‘one-size-fits all’ approach. We prefer to work with experienced professionals who will find the best tenants for a given property.”

As a result, Kushner Properties, which is a division of Kushner Companies, has developed strong relationships within the metropolitan area’s tight-knit real estate community, which has helped keep its occupancy above industry average. “This network of brokers is responsible for our overall occupancy rate, which averages 94 percent, excluding 1655 Valley Road,” explained Ira Bloom, director of commercial real estate for Kushner Properties. “And our retail and industrial portfolios are nearly 100-percent occupied.

Management Philosophy and Capital Improvements Key to Retention
During the past three years, Kushner Properties has achieved a 93-percent renewal rate among tenants still seeking rental opportunities at the end of their lease terms. Bloom credits this largely to maintaining in-house services. “We lease and manage our own buildings, and we always ensure that someone is immediately – and locally – available to respond to our tenants’ needs.”

In addition, the company places a strong emphasis on capital improvements, upgrading facilities, and adding services to meet the changing needs of tenants. One example of this is 60 Park Place, a 21-story office tower located in the heart of Newark’s downtown. Shortly after acquiring 60 Park Place, Kushner completed a $5 million capital improvement program to bring the 79-year-old property up to today’s Class A standards. Long-term tenants, cite the interior and exterior enhancements – along with Kushner’s responsive management – as reasons for renewing and expanding their leases. “We expanded and extended our lease because we are very happy to call 60 Park Place home, said Lars Clemensen, executive director of Teach For America, New Jersey. “Kushner Properties is very responsive to our needs.”

The open house offered brokers an opportunity to tour all four floors of 1655 Valley Road, a building which Kushner Properties acquired in November 2001 as part of the Keystone Portfolio. The 160,789-square-foot building is zoned for research as well as office use, and is ideally suited for a corporate headquarters. Built in 1988, the four-story property features a boardroom with panoramic views on the top floor; a spacious cafeteria with indoor and outdoor eating areas; large conference rooms; open, flexible floor plans; private suites; plus a host of upgraded finishes.

Another former Keystone property highlighted at the open house was 17-01 Pollitt Drive, a single-story facility in Fair Lawn, N.J., which features 105,367 square feet of prime flex space in affluent Bergen County. Convenient to Routes 4, 17 and the Garden State Parkway, 17-01 Pollitt Drive currently has 32,000 square feet of multi-tenant flex space available.

Mixed-Use Retail an Expanding Area of Activity
Kushner Properties’ retail portfolio represents a diverse group of properties, ranging from Bruckner Plaza, a half-million-square-foot shopping center in the Bronx to the 1.5 million-square-foot Monmouth Mall in Eatontown, N.J., which was acquired in a joint venture with Vornado Realty Trust (NYSE:VNO). This portion of Kushner’s commercial portfolio is rapidly expanding as several mixed-use urban redevelopment projects take shape in northern and central New Jersey. All three are under construction by Westminster Communities, the development arm of Kushner Companies.

The Landings at HarborSide, a $600 million, 49-acre waterfront redevelopment in Perth Amboy will include 150,000 square feet of retail space, marketed by Cushman and Wakefield, along with 2,100 residential units. The second residential building in phase
one features approximately 8,000 square feet of retail space for shops, banks, dry cleaners and other lifestyle services, while the third building includes approximately 18,000 square feet of retail. Brokers attending the open house viewed a virtual reality DVD presentation highlighting the small town atmosphere and big-city conveniences available at The Landings.

Silbert Realty has been appointed broker for Cranford Crossing, a transit village that features 50 luxury for-sale condominiums, 22,000 square feet of retail, and a municipal parking garage in downtown Cranford. Elizabeth Arden Red Door Spas has already leased space to anchor the retail portion, and negotiations are underway with recognized restaurants and other retailers for the remainder of the ground-floor space.

Wesley Grove at Asbury Park, a luxury community within the Oceanfront Asbury revitalization project, also includes a retail component. Westminster Communities plans a total of 750 residential units and 35,000 square feet of retail amenities, with 4,000 square feet of retail space in phase one.

“These exciting mixed-use projects represent an area of growth for us,” noted Bloom. “The challenge is to find the right mix of retailers that will enhance residents’ lifestyles, as well as complement existing retailers in each downtown.

“With our portfolio expanding at this rapid rate, we look forward to making this showcase an annual event,” added Bloom.

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