KOR Breaks Ground On Two Hybrid Buildings At Central Crossings
27 Feb, 2007, Bordentown, NJ
Progress and Amended Design at Exit 7 Project Reflect Smaller-Tenant Demand
BORDENTOWN, N.J., Feb. 27, 2007 – KOR Companies’ Central Crossings Business Park continues to set milestones for the New Jersey Turnpike Exit 7 industrial market. Just months after the first speculative building was completed at the master-planned warehouse/distribution campus, KOR has broken ground on two additional Class A facilities there.
Exclusive leasing agents Cushman & Wakefield of New Jersey, Inc. and GVA Williams Buschman have orchestrated commitments that have quickly brought the completed, 142,000-square-foot facility to more than 50 percent occupancy. Tenants at the property include Blue Tulip, which pre-leased 47,800 square feet, and Garden State Portable Storage, which occupies 19,000 square feet. Additionally, Frank Wood Transportation occupies 9,500 square feet at the building.
The tenant mix at Central Crossings indicates that bigger is not always better, according to Cushman & Wakefield’s Jules Nissim, who handles leasing for Central Crossings with Stan Danzig and Noah Balanoff of the firm’s East Rutherford, N.J., office and Steve Tolcash of GVA Williams Buschman’s Lawrenceville, N.J., office. As such, the two buildings now under construction will include 120,000 square feet each.
“With all the buzz in the market for big box properties, here we have a campus that is designed to accommodate both large and small tenants – and demand is strong,” Nissim said. “In fact, KOR initially planned to develop a 240,000-square-foot building on the site now under construction. However, because of all the activity on the first building, the company instead is incorporating two smaller, more divisible structures. We continue to see significant interest from users out in the market.”
The new buildings are slated for completion during the third quarter of this year. They feature a “hybrid” design that can satisfy diverse, flexible build-outs combining warehouse, manufacturing and office space. Divisible to 9,500 square feet, each will include 28-foot clear ceilings and large truck turnarounds.
“The commencement of spec development at Central Crossings in 2005 solidified Exit 7 as an active extension of the south-central New Jersey distribution hub,” said Harry Kantor, KOR Companies’ founder and chief executive officer. “Today, the property is serving as home to three credit tenants, and construction of the new buildings is progressing beautifully. We fully expect that Central Crossings will serve as a catalyst of further emergence of Exit 7 as a great market for smaller tenants – with room to grow.”
Located on Bordentown Hedding Road, Central Crossings Business Park is a 170-acre campus with 2.3 million square feet of total development potential. The project’s Phase I includes four parcels, including the completed building and the two now under construction. KOR has completed site work for one additional building pad, and Rockefeller Group Development Corporation and IDI acquired the fourth parcel, approved for one million square feet. KOR also has approvals in place for the project’s Phase II, which will include two more buildings of 504,000 square feet and 136,000 square feet.
Central Crossings is located in the desirable Route 130 corridor, midway between Boston and Washington, D.C., just 30 minutes from Philadelphia and 75 minutes from New York City. A connecting road from Rising Sun Road to Exit 7 will commence construction shortly, which will further enhance accessibility. The park also fronts Interstate 295 just off Exit 56 and is less than one mile from Exit 7 of the New Jersey Turnpike.
About KOR Companies
KOR Companies is a rapidly expanding real estate development organization active in the residential, office, industrial and retail sectors. Founded by Harry Kantor, KOR Companies is dedicated to creating new developments that are architecturally distinct, quality constructed and based on sound financial strategies. For more information, contact KOR Companies at (732) 280-5200 or visit www.kor-companies.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
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