The division, which is being set up to handle the acquisition, leasing and management of nearly five million sf of projects in various stages of planning and development, is being headed by Joseph D. Morris, a 13-year commercial real estate vet. Without citing specific numbers, Morris tells GlobeSt.com that his group will be "aggressively hiring new leasing and acquisitions personnel."
Among the major projects under his group's wing is Garden State Park, the massive redevelopment of the site of the former racetrack of the same name in Cherry Hill, NJ. The site plan calls for more than 500,000 sf of higher end retailers, including a 135,000-sf Wegman's supermarket, along with a 200,000-sf lifestyle shopping center, more than one million sf of class A office space and about 1,650 residential units.
The firm's commercial division is also handling Brick 70 Center, a 300,000-sf power center in Brick, NJ, anchored by Costco; New Brunswick Town Center in New Brunswick, NJ, which will combine retail space with 200 residential units; and Somerville Town Center, the redevelopment of the Downtown Somerville Shopping Center in that New Jersey community. The latter calls for 275 residential units and 200,000 sf of office and retail space, anchored by a Pathmark supermarket.
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