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Suburban owners offer financing, flexibility.

Recent deals and new plans for development have made the Princeton market area around Exit 8A of the New Jersey Turnpike one of the hottest markets for commercial space in Central New Jersey.

The strength of this suburban market-place has attracted a new player to the scene, Kemper Real Estate Management Company. What distinguishes this player from the others are the two key ingredients necessary for success in real estate today: financing and flexibility.

In a healthier climate, companies looking to build a facility were mainly concerned with finding the best location. Location is important, but it is not enough to make a deal in today's market. A financially-stable owner is also required.

An affiliate of the Kemper Insurance Company, Kemper Real Estate Management has the financial resources to provide adequate financing at competitive interest rates - an advantage that is unique in this market. It also allows for more options in the way the project is developed to accommodate various business needs. A case in point is Cranbrook Corporate Park, a 77-acre business environment located in Cranbury, Middlesex County.

Kemper has begun to market this prime tract of land to both end users and developers with flexible options, including build-to-suit, straight land sales or leases, or even joint ventures. This flexibility provides the small to mid-size user with an outstanding opportunity to have a full or partial equity position in their own building.

Planned as a high profile corporate center, Cranbrook Corporate Park is one of the few projects in the area that is offering fully approved, subdivided property for up to 625,000 square feet. The 77 acres of land is divided into 8 parcels, from 5 to 13 acres, that can accommodate buildings ranging in size from 40,000 to 100,000 square feet. The mid-sized office park is zoned for Class A office and corporate headquarters, R&D, or light industrial space.

Situated directly across from Continental Insurance Company's headquarters, Cranbrook Corporate Park is at the center of a growing corporate environment. During the past few years, the Middlesex County market has dominated the marketplace in New Jersey with companies buying or leasing 6.9 million square feet of office and distribution space. Of this amount, the area around Exit 8A accounted for 2.37 million square feet, which is nearly 40 percent of the county's overall sales and leasing activity.

In the 1990's, location alone will not sell properties. Developers/owners must bring additional value to their projects. In today's real estate market, that translates into secure financing capabilities and flexible building alternatives.
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Article Details
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Title Annotation:suburban property owners of New York Region
Author:Nachamkin, Michael
Publication:Real Estate Weekly
Date:Oct 21, 1992
Previous Article:Flight to quality continues in NJ market.
Next Article:Murray Construction reports renovations, new lease deals.

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