#b#Appliance Company Leases Warehouse#/b#
Dynamic Marketing, a Brooklyn-based appliance and electronics company, is moving into a 396,510-square-foot warehouse space in Hamilton.
NAI James E. Hanson, of Hackensack, the real estate firm representing the company, says the warehouse, located at 400 Cabot Drive, is being leased from IndCor Properties, represented by CBRE.
Dynamic Marketing is a cooperative founded in 1957 to buy and service appliances for its members, merchant that compete with big-box retailers. The company buys appliances wholesale and sells them to its members, who are usually retailers.
Kenneth D. Lundberg, of NAI, says the company plans to use the warehouse as a distribution center for electronics and appliances. Dynamic Marketing is taking up most of the 600,000 square-foot building, but the remaining space has yet to be leased. On the other side of Cabot Drive is another warehouse of about 600,000 square feet, which is occupied by Eastern Paper.
Lundberg says central Jersey is becoming a hot spot for warehouses, noting that Amazon’s construction of a 1.2 million-square-foot mega warehouse on Gordon Road in Robbinsville signals the desirability of the area for businesses to locate distribution centers.
“If you’re near a Turnpike exit, that’s where people are looking for sites and building the buildings,” he says.
#b#More Hopewell Acres In Preservation Deal#/b#
Mercer County is moving to purchase 11 acres in Hopewell Township owned by Equus Capital Partners of Yardley, Pennsylvania. The parcel of land will join a 240-acre tract of forest and farmland the county has bought recently for preservation.
The 240-acre tract was also owned by Equus, and had been approved for 800,000 square feet of commercial office space. But in July the New Jersey Conservation Foundation signed an agreement to preserve the land, buying it for $7.5 million. In November the county, Hopewell Township, Hopewell Valley Citizens Group, and seven private partners agreed to fund the deal.
The deal set aside 11 acres on Carter Road for Equus to develop. The most recent deal will preserve that land too, at a price of $632,000, preventing Equus from building up to 100,000 square feet of research and office space there. Under the new deal, the developer will only be able to develop a fifth that amount on its remaining land, and will demolish an existing dormitory. The land was once part of the Western Electric campus.
County officials said the deal was meant to protect the environmentally sensitive Sourlands region from further development. It will also link parts of the 22-mile Lawrence-Hopewell Trail. Lastly, it will bring an end to lawsuits between the Hopewell Valley Citizens Group, the developers, and the township.
#b#New in Town#/b#
Simplex Grinnell (Tyco), 220 Alexander Street, Princeton 08540; 215-347-6500; www.simplexgrinnell.com.
Simplex Grinnell, a division of Tyco that makes alarm systems, has opened an office at 220 Alexander Street. The company declined to provide further information.
Jaffe-Glenn Law group, 168 Franklin Corner Road, Suite 240D, Lawrence, 08648; 866-216-5186; Andy Glenn.
Jaffe-Glenn Law Group, a law firm consisting of Andy Glenn and his wife, Jodi Jaffe, has opened an office on Franklin Corner Road in Lawrenceville. The firm represents workers in wage and hour cases.
Jaffe says the law firm has a main office in Miami and recently moved its New Jersey location to Lawrenceville to be closer to the firm’s labor union clients.
#b#Leaving Town#/b#
Integrity Health, 103 Carnegie Center, Princeton 08540; Doug Forrester, chairman. www.integrityhealth.com
Integrity Health, a health benefits management company, has moved from Carnegie Center to Red Bank.
Company chairman Doug Forrester founded BeneCard, a pharmacy benefits management firm that provides prescription drug coverage to mid-size employers, in 1990.
He started Integrity Health in 2008 in part because of his experience dealing with his daughter’s traumatic brain injury and realizing the complexity of health insurance policies. Integrity Health designs and manages self-funded programs for public and private employers. Forrester was featured in U.S. 1’s September 4, 2013, cover story on the Affordable Care Act.
Forrester is also a Republican politician who ran for U.S. Senate in 2002, in a race won by Democrat Frank Lautenberg, and for New Jersey governor in 2005, a race won by Jon Corzine.
