North Brunswick, N.J. (PRWEB) September 27, 2006
North Brunswick TOD Associates, LLC, an affiliate of Garden Homes and Garden Commercial Properties, based in Kendall Park, N.J., has acquired the former Johnson & Johnson North Brunswick Campus, in Middlesex County, N.J., announced Jonathan Frieder, managing partner for the ownership group and developers. The terms of the sale were not disclosed.
Initially, plans for the existing 1.2 million square feet of warehouse, office and laboratory buildings will focus on re-leasing the property to short-term tenants. The company has retained Lee & Klatskin Associates to handle the leasing assignment.
“This property is well suited to a variety of tenants including those in need of warehousing, distribution, light manufacturing, laboratory and office space. We can subdivide the property into distribution, warehouse and light industrial spaces ranging from 30,000 square feet to 900,000 square feet,” said Chuck Fern of Lee & Klatskin. The 60,000-square feet of office and laboratory space can be subdivided into parcels as small as 5,000 square feet. We have already seen tremendous interest in this property by both long- and short-term tenants.”
The property is served by rail access and features 45 interior loading docks. Located in a campus setting with direct access to Route 1, the property also offers proximity to the New Jersey Turnpike via Exit 9. In addition, it features 10 acres of parking facilities for trailers and is fully fenced and secure.
At the same time, the developer is in the process of conducting open public workshops with North Brunswick residents and area officials to explore opportunities for redevelopment of the 212-acre site located along Route 1 into a mixed-use Transit Village. The property, which is bordered by both Route 1 and the Northeast Corridor railway lines used by Amtrak, Conrail and NJ TRANSIT, is located midway between the Princeton Junction and New Brunswick commuter rail stations. This 14-mile spread between the two stations is the longest span on NJ TRANSIT’s Northeast Corridor Line without a station stop.
Concepts being explored include a rail station, a mix of office, retail, and residential space, as well as a hotel, restaurants and extensive parking facilities to serve the distinct, varied needs of commuters, business patrons and area residents. The developer is also considering a civic component incorporating a youth center and a new Township library, an amphitheater, a police sub-station, as well as open space or “green plazas.”
According to John Taikina, North Brunswick TOD Associates director of planning and development: “While only preliminary at this point, the redevelopment plan of this industrial property incorporates many of New Jersey’s Smart Growth principles. ”
About Garden Commercial Properties
Based in Short Hills, N. J., Garden Commercial Properties (a subsidiary of Garden Homes) is a privately-held development company with a tradition of over 50 years of varied commercial and residential development experience. Garden Commercial owns and manages more than 25 million square feet of retail and commercial space located throughout New York, Connecticut, Maryland, Rhode Island, California and Florida. The company ranks among the top 20 in “retail property owners and mangers” in the United States. New commercial development exceeds one million square feet annually. For more information, visit http://www.gardencommercial.com.
About Lee & Klatskin Associates
Headquartered in Teterboro, N. J., with a second office in Edison, Lee & Klatskin Associates is one of the leading commercial real estate service providers in the region. The firm's core services include commercial/industrial property leasing, sales, consulting, property management and construction services. Now a part of Lee & Associates, one of the largest real estate companies in the nation, the firm’s clients can expect the same level of service they have come to expect in New Jersey in 30 offices nationwide and growing. Additional information is available at http://www.lee-associates.com.