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JJN Real Estate Holdings has acquired a 17,500-square-foot property situated on approximately 2.64 acres on Route 70 in the Cherry Hill business district.The building was purchased from KC Propco LLC. The property will be transformed into a medical/professional office building with occupancy for new tenants anticipated for the fourth quarter of 2018.
Marlton-based Wolf Commercial Real Estate represented both parties in the transaction.
Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
Stockton progressing on beachside campus in Atlantic City
As a result of growing enrollment and more students working in Atlantic City, Stockton University will open a campus there in September.This project is one part of a $220 million public-private partnership managed by Atlantic City Development Corp., a nonprofit redevelopment company established to serve as a vehicle for economic development in Atlantic City.
Stockton’s Atlantic City campus will feature a residential housing complex for 533 students on the boardwalk, an academic building that accommodates 1,800 students and a parking garage that holds 879 cars. This land was formerly home to Atlantic City High School.
Stockton Atlantic City will offer more than 100 undergraduate courses starting in the fall, a hospitality program and three graduate programs: the Master of Social Work program, the Master of Arts in Education/Alternate Route Certification for teachers program, and a doctoral program in Organizational Leadership.
Stockton University’s part of the Atlantic City Gateway Project is being funded by $127.8 million in Atlantic County Improvement Authority bonds, $22 million via a state Higher Education Capital Improvement Fund grant, $18 million from Stockton University and $8.3 million from South Jersey Industries.
Stockton’s existing campus is in Galloway Township on 1,600 acres in the Pinelands National Reserve. It will offer a shuttle to transport students between its campuses, which are about 16 miles apart.
In the meantime, Stockton will open the Unified Science Center 2, a $33.2 million expansion of its world-class science facilities and a $15.2 million Health Sciences Center this spring on its Galloway campus.
Construction of these buildings began in summer 2016. They will be dedicated May 2 and receive students in September.
Because of its proximity to the reserve, Stockton does not have much room to expand in Galloway.
“Stockton’s move to Atlantic City allows the university to take advantage of different resources than those available on our Galloway campus,” said Michelle McDonald, university associate vice president of academic affairs. “For business and hospitality students, it is an opportunity to work more closely with businesses and resort facilities, and gain hands-on experience beyond the classroom.”
The Atlantic City campus helps Stockton fulfill its mission as an anchor institution for the state of New Jersey, McDonald said.
Because of its expansion, Stockton trustees approved a resolution April 9 to sell the Stockton Seaview Hotel & Golf Club, which has housed 267 students. The name of the potential buyer and the sale price will not be released until the sale is completed.
This sale comes eight years after Stockton purchased this hotel for $20 million to address an immediate need for student housing to address its growing enrollment.
Stockton’s enrollment reached a record 9,216 students in fall 2017. Diane D’Amico, director of news and media relations at Stockton, thinks the Atlantic City environment does not pose too many distractions for college students. She noted Atlantic City offers more than gambling.
“Any city offers distractions,” D’Amico said, citing Philadelphia and New York City. “Students are here to study. We are at the Gateway entrance to Atlantic City. We are creating a university college environment.”
Some Stockton students intern at hotels, the housing authority, businesses, restaurants and school districts in Atlantic City. This is among the reasons for the new campus.
“There is already a lot happening and we expect it to grow,” D’Amico said. “We are offering a 12-month housing option in Atlantic City. This is such a natural fit.”
The project was not without its share of challenges. D’Amico said it took a long time to put together the funding sources and contracts.
“It is up and running and on time,” D’Amico said. “Like any large project, it was a matter of getting everything together.”
Joseph Jingoli & Son is the contractor on the project. Joseph Jingoli, the company’s CEO, is teaming with Jack Morris, CEO and president of Edgewood Properties, to transform the former Trump Taj Mahal in Atlantic City into the Hard Rock Hotel & Casino.
Atlantic City Development Corp. President Chris Paladino noted the project is the first public-private partnership in Atlantic City in decades. The corporation is the owner of the property and spearheaded the project in conjunction with its other partners.
“I think it basically shows that public-private partnerships in Atlantic City have their place particularly in non-casino development,” Paladino said.
The arrival of the Stockton students and faculty members in September will change the tempo of the neighborhood and improve the city, he said.
Procida funds rebirth of RCA Victor building
An iconic RCA Victor building in Camden soon will be brought back to life with a $5.5 million acquisition loan provided by Procida Funding’s 100 Mile Fund.An iconic RCA Victor building in Camden soon will be brought back to life with a $5.5 million acquisition loan provided by Procida Funding’s 100 Mile Fund.
Millennial Place – partnership between Hagen Construction and Millennial Partners – will include Class A office space and the potential for ground floor retail.
Located on the Delaware River waterfront, the loan will provide for the acquisition, marketing, light rehabilitation and lease-up of the former headquarters to the world-famous record company.
Built in 1916, the office building was originally known as Building No. 2 on Victor’s 58-acre campus, which encompassed 10 blocks and employed more than 13,000 local residents. Also known as the Nipper Building, because of its stained-glass images of RCA’s famous terrier logo, the building is one of only four that remains of the company’s 38 buildings.
Frank Sinatra and Woody Guthrie signed contracts in its seventh-floor boardroom, while Neil Armstrong and Edward “Buzz” Aldrin Jr. used backpack radio systems built at RCA’s Camden facility to communicate with each other as well as the rest of the world when they were on the moon.
The building has most recently been used by the Camden Board of Education.
“The property is appealing for its historic value as headquarters for the company that revolutionized the radio and television industry, as well as its location in Camden, a city that is on the cusp of a major renaissance,” said Procida Funding CEO William “Billy” Procida, who is also an accomplished singer and guitarist. “We’re excited to support a project that will transform the former epicenter of the music industry into its next generational use.”
Campbell tops RepTrak100
For Campbell Soup Co., reputation is mmm mmm good.For Campbell Soup Co., reputation is mmm mmm good.
The Camden-based company topped RepTrak100, a yearly list based on a study of corporate reputation in America by Reputation Institute, a reputation measurement and management services firm.
This ranking comes at a time when, according to the Reputation Institute, companies are struggling with an erosion of trust in corporations.
“Companies that are most trusted garner a stronger reputation,” said Stephen Hahn-Griffiths, chief reputation officer at Reputation Institute in a statement.
Campbell’s 2018 Corporate Responsibility Report calls the most important ingredient in their food “your trust,” citing its commitment to transparency and their What’s In My Food? ingredient portal. The portal breaks down the who-what-why of the ingredients they use in each product, including information on GMO and non-GMO ingredients.
Campbell’s CRR also includes a list of the company’s commitments in agriculture, packaging, responsible sourcing and more. They’ve partially or fully achieved several of their listed commitments, including one to reduce water use per pound of tomatoes by 20 percent and to source only certified sustainable palm oil.
In an emailed statement, Campbell’s Vice President of Corporate Responsibility and Chief Sustainability Officer Dave Stangis said: “Campbell is honored to be ranked #1 on the Reputation Institute’s list of America’s Most Reputable Companies. Reputation is more than an outcome, it’s how we compete in the 21st century marketplace. As a purpose-driven company, we’re focused on making real progress on our commitments to corporate responsibility, governance and transparency.”
Six other companies whose international or domestic headquarters are based in New Jersey also made the list, including Ridgefield Park-based Samsung (16), Morris Plains-based Honeywell (43), Cherry Hill-based Subura (45), Hoboken-based Newell Brands (46), Union-based Bed Bath & Beyond (52), and BMW Group (Woodcliff Lake).
The rankings are based on a survey of more than 52,000 individuals from January to February 2018, which quantified people’s emotional bonds with more than 880 companies, and how these connections drive consumer’s willingness to buy a company’s products, recommend them to others, invest or even work for the company.
Hard Rock Hotel Casino Atlantic City slated for summer opening
The Hard Rock Hotel & Casino Atlantic City is set to open on June 28 on the iconic Atlantic City boardwalk.The Hard Rock Hotel & Casino Atlantic City is set to open on June 28 on the iconic Atlantic City boardwalk.
Hard Rock International, owned by the Seminole Tribe of Florida, purchased the hotel in March 2017 from real estate magnate Carl Icahn and began its massive renovation.
A group of investors including Edgewood Properties CEO Jack Morris and Joseph Jingoli & Son CEO Joe Jingoli have poured $500 million into the project, which is expected to generate more than 3,000 jobs.
The property will boast a rock-chic interior and feature 2,000 hotel rooms, 2,200 slots, 125 game tables and 20 restaurants.
Hard Rock serves as curator of one of the largest, and most valuable, music memorabilia collections and the property will boast a rock-chic interior paying homage to musical greats throughout. Memorabilia will be hand-selected and locally-focused on contemporary musicians and artists with ties to New Jersey.
The hotel has already booked a full lineup of entertainment, sporting events and conferences. More than 150,000 square feet of event space will accommodate large conventions, smaller events and tradeshows and, will include two performance arenas with 7,000 seats.
The 17-acre resort property is formerly the home of the Trump Taj Mahal, which was purchased by Icahn Enterprises in 2014 but ultimately shuttered in 2016 after its casino workers went on strike.
Cumberland County Improvement Authority endorses tracts for Opportunity Zones
The Cumberland County Improvement Authority has endorsed the designation by the U. S. Department of the Treasury and Gov. Phil Murphy of qualified census tracts in Vineland, Millville and Bridgeton for inclusion in the new Opportunity Zones program.
Enacted as part of the 2017 federal Tax Cuts and Jobs Act, the program is designed to drive long-term capital investments into low-income rural and urban communities. Private investments in Opportunity Zones can receive preferential tax treatment.
The federal program was launched in December in connection with assorted tax reforms. It allows for unrealized capital gains to be reinvested in Opportunity Funds aimed at low-income communities – known as Opportunity Zones – in exchange for a diminishing tax on capital gains over the lifespan of the investment.
To qualify for the zones, communities must have a poverty rate of 20 percent or a median family income of up to 80 percent of the median for the area.
Cumberland County’s tracts are part of the first round of designated Opportunity Zones in 18 states and U.S. territories. At least one zone was nominated from every county in New Jersey.
7.65M in financing acquired for industrial portfolio in Logan Township
Holliday Fenoglio Fowler has acquired almost $7.65 million in financing for a three-building industrial portfolio totaling 193,379 square feet in Logan Township, Gloucester County.Holliday Fenoglio Fowler has acquired almost $7.65 million in financing for a three-building industrial portfolio totaling 193,379 square feet in Logan Township, Gloucester County.
All three light industrial facilities were completed between 1975 and 1977 and have between 13.4- and 21-foot clear heights along with a total of 44 dock doors, eight drive-in doors and an average office finish of 20 percent.
The HFF debt team worked on behalf of Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, to arrange the first mortgage financing.
Mixed-use center in Marlton getting 70 million redevelopment
The Shoppes and Residences at Renaissance Square mixed-use center on Route 70 in Marlton is undergoing a $70 million redevelopment that will encompass 338 residential luxury apartments, as well as retail, restaurants, medical, office and commercial space.The state right-of-way along Route 70 will be transformed into an open space and park to include jogging paths, walkways and a pond. The center already has a number of retail tenants, with more set to move in over the next few months.
“As we make progress in this major redevelopment, it’s exciting to receive positive feedback both from businesses who want to set up shop here and residents who can’t wait to visit with us and take advantage of the center’s great offerings, including dining options,” RD Management Principal and President Richard Birdoff said. “Stay tuned as we announce openings and other updates on the project in the coming months.”
Historic homes in West Cape May latest in Cape Resorts’ restoration series
Work is underway on three historic cottages located on the 62-acre Beach Plum Farm in West Cape May, owned by Cape Resorts Managing Partner Curtis Bashaw and Partner Will Riccio.Work is underway on three historic cottages located on the 62-acre Beach Plum Farm in West Cape May, owned by Cape Resorts Managing Partner Curtis Bashaw and Partner Will Riccio.
The real estate development firm, which operates out of New York and New Jersey, manages six hotel properties, with several more under development. The historic homes are being updated while maintaining vintage charm.
The cottages include the Philip Hand House, built in the mid-1700s; the Winona, a popular 1920s model of mail-order houses from Sears, Roebuck and Co.; and the Carriage House, which boasts a wood-burning stove.
The cottages will be available starting this summer for overnight stays. They sleep up to a dozen guests and are equipped with full kitchens, living rooms, dining areas and screened porches.
Merger creates state’s largest urology group
New Jersey Urology Group has merged with Delaware Valley Urology to form the largest network of urology specialists in the state.New Jersey Urology Group has merged with Delaware Valley Urology to form the largest network of urology specialists in the state.
Delaware Valley’s 16 locations in South Jersey will give the new group 46 total locations and 96 providers throughout the state. The new group will keep with the New Jersey Urology name, and the headquarters will be in Mount Laurel.
“Although our name will change, we will remain committed to clinical excellence, compassionate patient service and exceptional care delivery,” Dr. David Sussman, DVU’s president, said in a prepared statement. “Our commitment to our patients will always be our top priority.”
The Bloom Organization, a Florida-based health care bank, advised NJUG on the merger.
Committees forward nuclear energy bills
Committees in the state Senate and Assembly have advanced legislation to pay Public Service Electric and Gas an annual $300 million subsidy on three nuclear power plants in South Jersey.Committees in the state Senate and Assembly have advanced legislation to pay Public Service Electric and Gas an annual $300 million subsidy on three nuclear power plants in South Jersey.
State Senate President Stephen Sweeney, D-3rd District, sponsored Senate Bill 2313, and Assemblyman John McKeon, D-27th District, sponsored Assembly Bill 3724. The bills are expected to get a Senate vote by month’s end.
The bills also set requirements on what percentage of the state’s energy must come from clean-energy sources.
Rutgers#8211Camden to welcome new dean of School of Nursing
Rutgers University–Camden Chancellor Phoebe Haddon has appointed veteran nursing educator Donna Nickitas dean of the Rutgers School of Nursing–Camden, effective July 1.Rutgers University–Camden Chancellor Phoebe Haddon has appointed veteran nursing educator Donna Nickitas dean of the Rutgers School of Nursing–Camden, effective July 1.
Nickitas is currently a professor at the City University of New York’s Hunter-Bellevue School of Nursing and Graduate Center. She is also executive officer of its doctoral nursing-science program.
At Rutgers School of Nursing–Camden, she will lead a program of 873 undergraduate and 56 doctoral students taught by 33 full-time research and clinical faculty and 88 part-time faculty.