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Garibaldi Group closes mega-deal at Phillipsburg Park.

In one of the largest property sales in New Jersey in 2004, the Garibaldi Group/CORFAC International has completed the sale of the 388-acre former Ingersoll-Rand site in Phillipsburg and Lopatcong to Preferred Real Estate Investment Trust. The project is considered the largest urban redevelopment endeavor under construction in the region, spanning approximately 388 acres of mixed-use development on the New Jersey/Pennsylvania border. The Garibaldi Group's leasing and marketing team consisted of Peter D. Blanchard, Gerald E. Moore, Jr. and Michael Bartolacci.

"The Garibaldi Group is pleased to have represented Ingersoll-Rand in one of the largest and most exciting new development projects in the New York City-Philadelphia metropolitan area," said Peter D. Blanchard. "This sale transaction culminates a two year effort by the Garibaldi Group in advising Ingersoll-Rand on the approvals, redevelopment, leasing, marketing and, ultimately, the disposition of this property. We are proud to have met all of Ingersoll-Rand's requirements in this transaction, while bringing new jobs, ratables and investment to the local communities."

The site, which was renamed Phillipsburg Commerce Park, consists of approximately 900,000 s/f of existing office and industrial buildings on a 130-acre portion of the campus. The campus was originally built in 1903, with expansion continuing through to the mid-1980's. Approximately 250 acres of additional non-developed land is located on the surrounding parcels in Phillipsburg and Lopatcong townships. The site is accessible from Route 22 and conveniently situated at the gateway to both New Jersey and the Lehigh Valley region in Pennsylvania.

Prior to the sale to Preferred, the Garibaldi Group consummated approximately 500,000 s/ f of leases at Phillipsburg Commerce Park on behalf of such leading corporations as Flowserve Corporation, Stateline Fabricators Inc. and Village Bus Company, Inc. These transactions have brought several hundred new jobs to the area.

Located just 60 miles west of New York City and roughly 70 miles northeast of Philadelphia, the site is home to excellent housing stock, labor pool, highway network for distribution purposes and a quality mix of lifestyle amenities. The campus is also located only 15 minutes away from Lehigh Valley International Airport and 60 minutes away from Newark Liberty International Airport. In addition, there are several institutions of higher learning in close proximity, such as Lafayette College, Lehigh University, Moravian College and Muhlenberg College. The campus is one of the few large developable sites in the region, with existing infrastructure and access to public sewer and water.
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Title Annotation:New Jersey
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Oct 27, 2004
Previous Article:Commerce supporting redevelopment.
Next Article:Heritage Management pays $25m for Harmon Meadow Boulevard site.

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