New Jersey

Amboy Bank previously provided $50 million to finance a health and fitness complex and medical office complexes on the Bordentown development.

The five-story office building is LEED Silver certified, a recipient of BOMA Building of the Year and offers tenants an outstanding amenity package, including a fitness center with locker rooms, full-service cafeteria, conference center, atrium lobby, walking trail, outdoor patio and covered parking.

Located at 1901 South Ocean Blvd., the project will be located on the land currently occupied by the Wright by the Sea Hotel. The hotel will be demolished at the end of April and construction will begin on Ocean Delray immediately thereafter.

PAG had a unique opportunity to acquire a value-add retail center in one of the state's primary retail corridors, says HFF's Michael Klein.

“Building a stronger, fairer New Jersey economy requires taking an innovative approach to community revitalization that acknowledges economic prosperity and environmental sustainability are not competing goals but mutually reinforcing ideals,” says Governor Phil Murphy.

Developers should focus less on the benefit from the opportunity zone incentives and more on the overall return from investing in the property, says Jeff Monge, managing partner of Monge Capital.