New for Realtors

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This article by Melinda Sherwood was published in U.S. 1 Newspaper on October 6, 1999. All rights reserved.

East Windsor’s Ray

East Windsor may never be New Jersey’s answer to Silicon

Valley, but when aerospace giant Lockheed Martin abandoned its 128-acre

site on Route 571 last year, several high-tech companies swooped down

to swallow up the newly vacated buildings. Still remaining, however,

are several hundred acres of land primed for commercial development.

One of the area’s finest selling points: the nearly-completed Route

133 Hightstown bypass, a four-lane highway which promises to turn

a congested 15-minute journey between Route 571 and the New Jersey

Turnpike into a short jog.

"Every project has a day in the sun, and the sun is now shining

on East Windsor," says John Buschman of Buschman Partners at 993

Lenox Drive. His agency is in a leasing partnership with GMH Realty

to develop the former Lockheed property, now known as Windsor Corporate

Park, which includes 110 acres of land and a 300,000 square foot office

building just east of the new bypass on Route 571. "I expect to

drag people from New York and Staten Island who can save $5 or $6

million over time. Without the bypass, it would be impossible."

Just opposite Windsor Corporate Park lies a 100-acre tract of build-to-suit

land owned by DKM, which also contains a 60,000-foot building, 104

Windsor Center.

Mayor Janice S. Mironov and members of the township’s Economic Development

Committee are holding an open house to promote these two properties

to developers and the high-tech community on Wednesday, October 13,

at 9:30 a.m. at the Coelacanth Corporation at 279 Princeton-Hightstown

Road. Call 609-443-4000.

"Location is one of our prime assets," says Mironov, a Wellesley

graduate and lawyer who worked for the state attorney general’s office.

"The companies that relocate here have easy access to the Turnpike,

Newark Airport, the Princeton Junction train station, and a large

pool of skilled workers."

Another asset is the full cooperation of township officials. When

Lockheed Martin closed its satellite operation, some believed East

Windsor Township would go into a tailspin. Instead the municipality

appointed a liaison to grease the wheels between the township and

developers. "We created a business ombudsman, a one stop shopping

set-up so businesses can have a direct friend and also, quite honestly,

give them some sense of their reception by the policy makers,"

says Mironov.

And so from the ashes of corporate downsizing, six new high-tech companies

emerged. Shiseido America, Coelacanth, Lavipharm, i-Stat, Blacklight

Power, and Evans East all moved to Route 571. "There were existing

sites on 571 so it was easy and convenient for companies to move right

in with the first phase of their operations," says Mironov. "With

the opening of the bypass in a matter of weeks, that location will

become even more superior linkage to the NJ Turnpike."

GMH Realty, which bought Windsor Corporate Park for $12 million, demolished

most of the 1.1 million square-foot factory on the site, except for

a 300,000 square feet building that it gutted and is refurbishing.

To be delivered in January, 2000, the stucco building will be visible

from the bypass. "The building is going to get new windows, new

skin, new roofs, and all new landscaping," says Brian Glancey

of GMH. The asking price, says Glancey: $19.99 per square feet plus

tenant electric for any deal over 50,000 square feet signed before

the end of the year. Financial firms, insurance companies, and high

tech companies have all already shown interest, says Glancey. "Our

differential in price is certainly a distinctive feature," he

says. "Down on Route 1 rates go anywhere from $27 to $30 plus

tenant electric."

Tenants of Windsor Corporate Park also get an enormous amount of parking,

roughly 7 spaces per 1,000 square feet of leased property. A ratio

of 3 to 4 per 1,000 feet is more typical, says Glancey.

Phase Two of GMH’s plans involve developing the remaining 110 acres

at Windsor Corporate Park, on a build-to-suit basis, says Glancey.

"When it’s all said and done it’s going to be a dramatic renovation,"

he says.

Gale and Wentworth manages the property at 104 Windsor Center. Kris

Bauman of Gale and Wentworth says this property will also be sold

on a build-to-suit basis. "We’re targeting the property for high-tech

and pharmaceutical," he says.

— Melinda Sherwood

Top Of Page
New for Realtors

An organization for commercial real estate brokers hopes

to make inroads into New Jersey. The TriState Commercial & Industrial

Association of Realtors will hold a meeting on Wednesday, October

13, at 5:30 p.m. at Forsgate Country Club.

Alexander Taylor, chief operating officer of Matrix Development

Group, will speak about "What’s Next in Central Jersey in the

new millennium." Any professional specializing in commercial and

industrial real estate may attend as a guest. Register by October

7 at 609-239-7470 or fax 610-239-7472.

On the TriState web page http://www.tristate.propertyline.com)

are featured banners from many prominent real estate organizations:

NAI, Brandywine Development, Grubb & Ellis, Re/Max, and Colliers International,

for instance.

For information on TriState call George Gati, New Jersey vice

president, at 609-419-9100. Gati is a broker at 13 Roszel Road (E-mail

ggati@nerc.com) who focuses on finding properties for client investment.

The Tri-State organization, based in Bridgeport, Pennsylvania, offers

membership to realtors who belong to a multiple listing service.


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