Advance Realty Moves Into Its 35th Year With Strong Momentum and a Renewed Focus
New Jersey-Based Real Estate Development, Investment and Management Company Carries Strong Momentum Into 2014
Since its founding in 1979, Advance Realty has made a name for itself by developing some of the most sought-after properties in the New Jersey and Washington, D.C. markets. As the privately owned real estate development, investment and management company celebrates its 35th anniversary in 2014, it will look to build on this legacy while strategically expanding its focus to adapt to current market demands.
Carrying the momentum of an extremely active and successful 2013, which saw the company complete one of the most important acquisitions in the recent history of New Jersey’s commercial real estate market, Advance announced today that it is launching an updated website aimed at better communicating the company’s current focus on pursuing investments that provide an opportunity to enhance value through development, repositioning and redevelopment.
“As the commercial real estate market continues to evolve, companies that want to stay at the forefront of the industry must adapt, and that’s what we’ve done and are continuing to do at Advance Realty,” stated Peter Cocoziello, Advance’s president and CEO. “Today’s real estate users seek properties that offer a mixed-use environment with convenient access to retail, shopping, dining, entertainment and mass transit. Understanding this, Advance will continue to pursue urban and suburban development and redevelopment opportunities that offer a value-add proposition and provide an opportunity for us to forge a comprehensive live-work-play atmosphere.”
In April, Advance Realty acquired the 1.2-million-square-foot, 110-acre New Jersey Center of Excellence in Bridgewater, N.J. — one of the country’s premier research and development campuses. The former U.S. Research and Development Campus of pharmaceutical company Sanofi, the property is an excellent example of a vacated corporate campus that will be repositioned to meet the market’s needs. In 2014, Advance will move forward with its plan to redevelop a portion of the property into a mix of residential units, a hotel, restaurants and retail.
Also in 2014, Advance will break ground on the next phases of Riverbend District in Harrison, N.J., where the company recently received approval from the Town of Harrison to develop 345 luxury rental units and approximately 18,000 square feet of retail space. The project is the latest development at the 35-acre, transit-oriented site, where Advance recently completed the construction of the 50,000 square-foot Panasonic Technology Center, a build-to-suit facility that houses Panasonic’s engineering offices, labs and various testing facilities.
“The New Jersey Center of Excellence and Riverbend District are two prime examples of the type of projects that Advance is currently pursuing,” Cocoziello said. “As we anticipated, both properties have attracted world-class companies desiring space that would provide their employees with a fantastic location and an amenities-rich environment.”
Advance will continue to seek acquisitions in the Northeast that offer value-add and opportunistic retail opportunities in established trade corridors; value-add and opportunistic industrial properties and land for industrial development; transit-oriented infill land for multifamily and mixed-use development; and special situation opportunities including corporate dispositions and loan portfolios.
Cocoziello added that he believes improving market fundamentals will continue to benefit Advance in 2014. As evidence, he pointed to a number of other properties that have experienced significant activity in recent months:
• At Windsor Center, a premier retail site in East Windsor, N.J., Advance recently completed significant property upgrades including façade renovations. The property improvements contributed to the consummation of lease agreements with four respected retailers: Bottom Dollar Foods (22,454 square feet), Ross Dress for Less (22,500 square feet), Retro Fitness (12,500 square feet) and SmashBurger (2,800 square feet).
• Advance is currently developing a 192,400-square-foot refrigerated/cold storage warehouse in Woodbridge, N.J. that Preferred Freezer Services will occupy.
• Advance completed the sale of 445 South Street, a premier office property in Morris Township, N.J. China Construction acquired the property at a price in excess of $70 million.
• At Willow14, a mixed-use development of 140 apartments and 22,000 square feet of retail space in Hoboken, N.J., Advance is nearing completion of environmental remediation and the construction of a 360-space underground parking garage.
• At Middle Brook Center, a neighborhood retail center in Bound Brook, N.J., Advance recently signed two lease renewals, which enabled the company to maintain 100 percent occupancy at the property.
• At One Gateway Center, a premier office building with over 500,000 square feet of office and retail space in downtown Newark, N.J., Advance completed 15 lease transactions in 2013, maintaining occupancy at over 90 percent.
• Throughout its portfolio of properties in Bedminster, N.J., Advance completed eight lease transactions in 2013, maintaining occupancy close to 100 percent.
• Throughout its portfolio of properties in Maryland, Advance completed five lease transactions in 2013, totaling 59,499 square feet.