Princeton Pike Corporate Center Sells
Mercer Oak Realty was recently involved as the seller’s representatives during the sale of Princeton Pike Corporate Center.
County Clerk Lines Up Deal for Temporary Space
Have you met our affiliate, Princeton Property Management?
Princeton Property Partners (PPP) is pleased to announce the recent addition of a senior manager and formation of Princeton Property Management (PPM), an affiliate company that primarily concentrates on project and construction management.
Eric McHugh, a 20 year property and construction management veteran, joins PPM as Vice President. Most recently Mr. McHugh managed a 1,000,000 sf office and flex portfolio, overseeing tenant and capital improvement projects, developing budgets and aiding in leasing transactions. He has worked with landlords and tenants of all sizes, from publicly traded REITs to family-owned investment groups. During his tenure, Mr. McHugh consistently delivered quality projects on time and within budgets while simultaneously managing large portfolios, tenant relations and a team of technicians, contractors and office administrators.
“We are very excited to add Eric to our team. As our project and construction management business has grown, we have searched for a senior level manager that we felt could not only manage the same high quality projects PPP strives to be a part of, but also grow the already expanding property and construction management business line and continue to raise the bar for our clients.” explains Hans vanTartwijk, a Partner at PPP.
Princeton Property Partners will continue to work on investment and development projects in the Princeton region as Princeton Property Management focuses on construction and property management assignments.
Thank you for your donations!
We would like to take a moment to thank everyone for participating in our TASK Donation drive at PrincetonSouth this past month- it was a great success! Bags and bags of holiday gifts and non perishable food items were delivered to the Trenton Area Soup Kitchen last week. It could not have happened without everyone’s help. Thank you again!
We hope you are all enjoying your holidays and look forward to a bright 2015.
Despite Saturday morning’s rain, over 100 people still came to the Trenton Y5K as 5K runners or 1 mile walkers. This year’s event raised $60,000 for the Trenton YMCA.
Thank you to all sponsors & participants!
The Mercer Oak Realty team had a great time and looks forward to next year’s event being bigger and better than ever. Hope to see you there!
For more on the Trenton YMCA visit: http://trentonymca.org/
Join us Tomorrow: Trenton Y5K
Mercer Oak Realty is proud to be sponsor of the Trenton YMCA’s second annual Y5K this Saturday, October 3rd. This is Mercer Oak’s second year sponsoring and attending the event.
So far this year, the Trenton YMCA has raised over $55,000 with the Y5K. Those proceeds fund the programs the organization puts in place for the Trenton Youth and community.
There’s still time to take part in the fun- you can register online or the morning of the event.
Visit http://trentony5k.com/ for details.
Visit http://trentonymca.org/ to learn more about the Trenton YMCA.
The Princeton Address: Why Companies Need It
Our CEO, Aubrey Haines, chats with NJBiz about the importance of the Princeton address for Companies in the area.
“Most international companies want the Princeton name because they want to be able to say their U.S. headquarters is in a place where other people from around the world will recognize,” said Aubrey Haines, CEO of Ewing-based Mercer Oak Realty — which specializes in leasing Princeton locations.
Read the full article on njbiz.com here.
Local LifeScience Aquisition, Redevelopment on Route 1 & BMS Makes 650,000 sf Announcement: News Around Mercer County
Integra LifeSciences to acquire Medtronic’s ENT, laparoscopy equipment lines
Integra LifeSciences Holdings Corporation and Medtronic Inc. announced Wednesday an agreement in which Integra will acquire Medtronic’s MicroFrance and Xomed manual ENT and laparoscopy medical equipment lines for approximately $60 million. Read the full story on njbiz.com here.
Owners of long-vacant American Cyanamid site in West Windsor begin redevelopment discussions
Hotels, restaurants, parks, places of worship and schools — these are just some of the possibilities that the owners of the American Cyanamid site on Quaker Bridge Road presented before the Township Council Monday night. Read the full story on nj.com here.
Bristol-Myers announces plans for 650,000 sq. ft. Lawrenceville building
Pharmaceutical giant Bristol-Myers Squibb announced Tuesday that it plans to build a 650,000-square-foot office building in Lawrenceville near the intersection of Interstate 295 and the Princeton Pike on company-owned property acquired back in 2001. Read the full story on njbiz.com here.
Princeton Forrestal Village Hopes to Add Residential to the Mix
Mixed use without residential doesn’t work. After 28 years, Princeton Forrestal Village is proposing multifamily residential units.
“It’s a nice, cute pedestrian village surrounded by a sea of parking that never really succeeded,” Robert Schenkel, senior director of development at Lincoln Equities Group, said. “It was a high-end boutique mall, a discount mall and lots of things in between. It had a lot of different developers over the years and we’re the most recent who think we’re going to succeed.”
Read the full story on centraljersey.com here.
RealShare New Jersey Conference: Triumphs & Challenges
Conference sparks talks of triumphs, challenges in New Jersey commercial real estate market
It was around 9 a.m. at RealShare New Jersey, one of the year’s biggest commercial real estate conferences, and Joe Taylor had some friendly advice for the audience.
“If you’re not having fun in real estate right now,” said Taylor, president of Matrix Development Corp., “you ought to leave before lunch.”
Read the full story on njbiz.com here.
Addressing New Jersey’s White Elephants
Over the past decade, the campus-style complex model slowly became outdated as technological advances, downsizing and outsourcing negated the need for workers to be in an office setting, Advance Realty president and CEO Peter Cocoziello said.
The above is a quote comes from an nj.com article titled: Developer: Plan for Bridgewater’s Sanofi Research Campus will attract young professionals and discusses Advance Realty’s plans to take a former Sanofi U.S. Research and Development Campus and breathe life into it- read the full article here.
Trenton Neighborhoods Get $1.1M Investment
Wells Fargo announced Thursday that it plans to invest more than $1.1 million in grants to provide funding toward various Trenton neighborhood revitalization programs. (read full story on njbiz.com here)
GrowNJ Incentives Program Updates
Recent articles cover some of the success & struggles of the GrowNJ program as New Jersey works to keep companies and jobs within the State.
Even in the case of Panasonic, which received a well-documented $102.4 million tax credit in 2011 to relocate its North American headquarters to Newark from Secaucus, incentives aren’t always enough to keep a company in New Jersey.
Quality of life. That’s what Elmwood Park-based Sealed Air, a Fortune 500 manufacturer of Bubble Wrap and other packaging, cited last month as one of the main reasons it’s leaving New Jersey for North Carolina.
After talk of leaving the state, a major transportation equipment provider and chassis leasing business has decided it will remain in the township thanks to an incentive grant from the New Jersey Economic Development Authority.
Good News for NJ Jobs
U.S. jobs growth stays on a roll; recovery starts to catch on in N.J.
“The tone of the economy nationally has become more positive, and there’s every reason to expect we’ll get some spillover effect in New Jersey,” said Patrick O’Keefe, an economist with the accounting firm CohnReznick, which has an office in Roseland.
Read the full story on northjersey.com here.
Commercial Real Estate Notes from Around the State
NJ pharma: Real estate needs to reflect the changing needs of the industry
For Pernix Therapeutic Holdings, it was time to find a new home.
The Houston-based pharmaceutical company had new executives and a new $65 million war chest from investors, paving the way for a growth plan focused on specialty drugs. But that meant moving its headquarters to a state with a labor force that could help it build a new senior management team from the ground up. (read full story on njbiz.com here)
Unemployment dips to 6.6 percent in New Jersey
Officials say New Jersey’s unemployment rate inched down to 6.6 percent in June, its lowest level in more than five years. (read full story on sfgate.com here)
Trenton: New Mayor, New Plan
Mercer Oak Realty was in attendance last week at the recently renovated Wyndham Garden on West Lafayette Street in the Capitol City as MIDJersey Chamber welcomed Trenton’s newly-elected Mayor Eric Jackson and learned more about the Trenton250 plan.
Opening remarks were delivered by the Honorable Eric Jackson, a Capitol City native and Fairleigh Dickinson graduate. Jackson had a 17 year career with the City of Trenton before taking the position of City Public Works Director in Plainfield, NJ and then returning to Trenton in July, this time as Mayor.
Mayor Jackson addressed the business community and made it clear that he was grateful for their support and aware of how important local industry is to helping Trenton realize its full potential.
“Having a Mayor in office who understands the role that the local business community can play in the revitalization of Trenton is key. The current GrowNJ tax incentives make Trenton an especially attractive option for a large company headquarters, creating a nearly rent-free scenario for up to 10 years in certain cases. For example, a property we represent, the proposed Vista Center, is an approved 25-story LEED platinum office tower located directed across from the Trenton Transit Center. That incentive package, coupled with a business friendly atmosphere and responsible government is integral to drawing a large company and up to 1,000 employees to Trenton. An influx of professionals spending their days in Trenton, many of them eventually moving there to be closer to work, would do wonders to kick-start the economy.” explains Sab Russo, President of Mercer Oak Realty.
The Trenton250 team presented its concept for achieving a community driven long-range Master Plan to guide Trenton through its 250th Anniversary (which will be in 2042). The concept behind Trenton250 is to gain a deeper understanding and knowledge of Trenton- its strengths and its weaknesses- and use that to create a vision that capitalizes on the city’s unique assets, and addresses its problem areas. Trenton250 is hoping to engage the community in every step of the process through various in-person and online forms.
Check out Trenton250.org to learn more about the plan and become part of the discussion.
We look forward to seeing Trenton move forward into a bright future.
Commercial Real Estate Updates
Report: N.J. incentives to bring bump to suburban offices in Q2
With a little help from the state’s revamped business incentives, a few New Jersey suburbs have seen bumps in office leasing in recent months, according to a new second-quarter analysis by the brokerage firm Avison Young. (read full story at njbiz.com)
New COAH rules set stage for new battle: Developers, advocates leery of new guidelines
The fight over affordable housing in New Jersey is far from over. (read full story at njbiz.com here)
Diamonds to dinosaurs: NJ towns struggle under weight of massive office park vacancies
They’re visible from many New Jersey highways – hulking, seemingly endless structures surrounded by oceans of asphalt parking lots and carefully planned landscaping. (read full story at nj.com here)
News from Around Mercer County
A bill that would expand the state’s incentive offerings for film and digital media projects has passed the state Senate and is now headed to an Assembly committee. (njbiz.com)
When executives of Burlington Coat Factory threatened to move the company from its longtime home in Burlington Township to Bensalem, Pa., Gov. Chris Christie’s administration enticed them with $41.2 million in incentives to build a bigger headquarters a few miles up Route 130 in Florence. (nj.com)
The latest proposal for an office part for the Bristol-Myers Squibb Co., on Princeton Pike at Lewisville Road, gained the township Planning Boards approval on June 16th. (centraljersey.com)
Special Olympics New Jersey: Mercer County Hosts a Celebration
The games took place state-wide, with most of the events finding homes in Mercer County. Princeton University, The College of New Jersey, Peddie School, Mercer County Park, Rider University, The Hun School, The Lawrenceville School and Arm & Hammer Park all hosted athletic competition.
The Special Olympics have a clear mission:
“To provide year-round sports training and athletic competition in a variety of Olympic-type sports for children and adults with intellectual disabilities, giving them continuing opportunities to develop physical fitness, demonstrate courage, experience joy and participate in a sharing of gifts, skills and friendship with their families, other Special Olympics athletes and the community.”
That mission was successfully realized during the 2014 Summer Games. Mercer Oak Realty had the opportunity to donate to the games, and was even lucky enough to catch some of the Powerlifting event at The College of New Jersey where we met athlete Willie Diggins, a 46 year old powerlifter from Fayetteville, NC who was proudly handing out his trading cards after an impressive 3rd place victory the day before. In addition to hosting the event, New Jersey fared well in the medal count. Best of luck to all the athletes in their future competitions!