Bedminster, New Jersey 2/4/2008 – Sale Proceeds to be Redeployed Into More Than $2 Billion in Current Development Projects
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, today announced the sale of three of its New Jersey-based Class A office assets, Park Place campus in Florham Park, 310 Madison Avenue in Morris Township and the Branchburg Centre in Branchburg, to Normandy Real Estate Partners.
Spanning more than 500,000 square feet of space, the sales were part of Advance’s strategy of disposing assets that have achieved their investment objectives and to redeploy the capital into the company’s pipeline of 15current development/redevelopment projects, the most in Advance’s 25-plus year history.
“Having achieved our investment objectives and with very strong market demand for stabilized office assets, we determined this was the most opportunistic time to dispose of these assets,” said Peter Cocoziello, president and CEO of Advance Realty Group. “This is an important time in our history with more than $2 billion worth of redevelopment/new development projects in various stages of planning and construction.”
Highlights of Advance’s development/redevelopment pipeline include:
Picatinny Arsenal: Advance’s newest and most ambitious project, which is presently underway, the Picatinny Applied Research Campus (PARC) is a planned 1.1 million-square-foot research and development campus at the US Army’s Picatinny Arsenal/Armament Research, Development, and Engineering Center in Morris County, N.J. Stemming from the U.S. Army’s Enhanced Use Leasing EUL program, which gives Department of Defense installations the authority and incentive to obtain a broad range of in-kind consideration in exchange for leasing revenue, PARC will include one- to three-story build-to-suit and multi-tenanted buildings with labs, Class A office space and multi-purpose flex space for high tech, defense and academic tenants and users.
Harrison MetroCentre: Valued at more than $1 billion, Harrison MetroCentre is one of the largest mixed-use projects presently being developed in the Northeast United States. Phase I of the redevelopment will encompass 450,000 square feet of retail space including a cinema and fitness center, a 350-room hotel, as well as for sale and rental residential units. Also planned as part of this redevelopment is a new 25,000-seat stadium named Red Bull Park, the future home of the New York Red Bulls major league soccer.
Advance @ Southgate: At one time a functionally obsolete building, Advance Realty Realty has finished the redevelopment of this ideally-located, three-story, 320,000-square-foot building into one of the company’s Class A signature “World Class Business Environments.” Located at 445 South Street in Morris Township, Advance at Southgate’s transformation included a dramatic new entryway and two-story lobby, an entirely new roof, HVAC systems, upgraded window systems, tenant lobbies and common areas, as well as extensive site work, landscaping and on-site amenities.
About Advance Realty Group
Headquartered in Bedminster, N.J., Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With 5.5 million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com.