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TASK Holiday Food & Gift Donation at PrincetonSouth

Written by caitie on . Posted in Announcements, Events, MOR.

Reflecting on 2014, the Mercer Oak Realty team has a great deal to be thankful for. We know that many folks have not been as fortunate, and the holidays are always a good time to remember that.

This year there will be a Food & Holiday Gift Donation box set up in the Lobby of 200 PrincetonSouth Corporate Center- ready to collect some help for our neighbors in the Trenton area who are struggling this winter. If you are tenant of PSCC or happen to be in the area, we welcome you to join in the giving spirit and add a little (or a lot!) to the TASK (Trenton Area Soup Kitchen) Collection box. Or, if you know you’ll see one of us outside of the office do not hesitate to hand off your donation in person.

Holiday gifts can be donated up until December 12th & food items until December 22nd.

See flyer with a list of suggested items here: TASK Food Drive Flyer

If you’d like to learn more about TASK please visit their website: www.trentonareasoupkitchen.org

Please send any questions or suggestions along to Caitie Caroleo in our office: ccaroleo@merceroak.com.

200 PrincetonSouth Corporate Center, Suite 100, Ewing, NJ 08628 | Directions

Ground Breaking on Route 1, Tax Credits to Cash & Princeton REIT CEO Steps Down: This Week in Central NJ

Written by caitie on . Posted in Incentives, News.

Ground Breaking on Route 1

NRG Energy, a power generation and retail electricity business, broke ground on its new 130,000 sf Headquarters this week in West Windsor. NRG currently occupies about 90,000 sf in the Princeton market- in 2 buildings. $37.5 million in tax incentives are helping the company consolidate and move less than a mile across Route 1, where the new, environmentally sustainable facility will feature a living wall, 2 solar panel fields, rainwater collection, wind turbines, electric vehicle charging stations (along with a myriad of other green features) and house 540 employees; 386 of which are existing and about 150 will be new.

NRG CEO, David Crane made the following statement during his remarks at the ceremony: “None of us will have a full appreciation of this new building until it’s fully built and outfitted and occupied. At that point, I think we will really recognize that it’s not just another suburban office spot, but rather a living and breathing organism that hopefully every day will inspire its inhabitants to accomplish great and important things.”

Is this a taste of what is to come in the Princeton market? Read the full story on the NRG Groundbreaking here, on nj.com.

Tax Credits to Cash

The New Jersey Technology Business Tax Certificate Transfer (NOL) Program allows companies to sell NJ tax losses and/or research and development tax credits to unaffiliated, profitable corporate taxpayers in the State. Advantix, a biochemical company based in Princeton, announced its preliminary approval for a $1.9 million 2014 tax credit that it plans to transfer to $1.7 million in cash. Get the details on njbiz.com, here.

Princeton REIT CEO Steps Down

Chambers Street Properties Founder, CEO & President Jack Cuneo announced that he is retiring. Chambers Street Properties is a real estate investment trust in Downtown Princeton and was founded in 2004. The company is currently seeking a replacement. Njbiz.com has a full write-up on this announcement.

New Jersey construction predicted to increase by 20%

Written by caitie on . Posted in News.

From nj.com story Construction boom coming to N.J. over next two years, business leaders predict:

Business and industry leaders are predicting a construction boom over the next two years in New Jersey.

Construction across the Garden State is forecast to rocket by 20 percent, according to agencies comparing their predictions at the New Jersey Alliance for Action’s 30th annual construction forecast seminar, held this morning at the Edison Hotel and Conference Center.

Read the full story on nj.com here.

156,000 sf of retail plans to come to Lawrence

Written by caitie on . Posted in News.

4100 Quakerbridge Road, a 17 acre site south of the Quakerbridge Mall was sold to Costco for $9.4 million this week. Costco’s plans for the site are 156,000 sf worth of retail space including: a liquor store, pharmacy, optical services section, tire sales & installation and a 16 pump gas station- all of which should provide employment to 200 people.

The town became aware of Costco’s interest in the site when the then owner, United States Land Resources of Morristown requested a zoning change for the piece of property, over two years ago. Originally it was zoned for senior housing, but the argument was made that highway commercial would mix well in the area and the planning board approved the change.

This store will be the only Costco in Mercer County.

Read the full story on nj.com.

Marketour: The Easiest Way to Find Your New Office

Written by caitie on . Posted in Announcements, MOR.

You may have noticed a new feature on our website- Marketour. Have you checked it out yet?

Marketour is a tool for any company interested in learning more about office space in the Princeton Market.

“Marketour started out as an in-house presentation tool years ago. Working with our tenant representation clients, we realized just how useful having an unbiased, birds eye view of the entire Princeton market is. We eat, breath and sleep this market, so we are constantly aware of what is and isn’t available. Our clients are too busy running their own businesses to pay attention to that.” explains CEO, Aubrey Haines. “With Marketour, companies can browse the market, get a sense of what’s out there and then give us a call to discuss their options. Marketour helps our clients leverage their valuable time and allows us to focus on the most important aspect of a commercial real estate transaction- the art of the deal.”

President, Sab Russo says, “Marketour is dynamic and we plan to continue to make changes and additions to create a better tool for companies searching for office space.”

Currently, the public version is available on the website. A version with significantly more information is available to Mercer Oak clients provided with a dedicated login.

Whether you’re looking to move in the next 6 months or just want to get a better idea of whats out there for future plans- Marketour is the easiest way to find your new office.

Check it out: www.marketour.info

Buyers & plan remain a unknown, but Congoleum factory in Hamilton, NJ sells

Written by caitie on . Posted in News.

On Wednesday, Hamilton township officials announced that the 1-million square foot Congoleum plant on Sloan Avenue in Hamilton, NJ was sold.

The plant’s location makes it an interesting opportunity to develop. It is situated very close to major highways, creating easy access and also extremely close to the Hamilton Train Station, leading some to wonder if the plan will include attempts to created a mixed-use, rail oriented space.

Read the full story on the Congoleum factory sale at nj.com, here.

Industry Thought Leaders Discuss the Princeton Commercial Real Estate Market

Written by caitie on . Posted in Events, MOR.

This morning’s MIDJersey Chamber Breakfast Forum had a great turnout, despite the cold rainy start to the day.

Attendees sipped coffee and snacked on pastries as Jerry Fennelly (NAI Fennelly), Sab Russo (Mercer Oak Realty) and David Lodato (Credit Union of New Jersey) took turns speaking about various important aspects of the current Princeton Commercial Real Estate Market. The gentlemen fielded questions from the audience after all three presentations had been given.

Sab Russo covered drivers of the market- what we’ve seen in the past during upturns and down swings, and distilled that information to help us understand what markers may present themselves to help us anticipate the next down swing. He also spoke about some changes that have been seen recently in regards to how companies are actually using their space, and how their needs have changed.

“No one can predict the future, but what we can do is study what has happened in the past, understand why it happened and use that new knowledge to help guide our clients and ourselves to more informed decisions for tomorrow.” explained Sab. “We’ve been tracking market statistics and trends since the mid 80’s- you shouldn’t live in the past, but it’s quite helpful to visit from time to time.”

Jerry Fennelly spoke at length about detailed market transactions and possible future trends in the commercial real estate market. David Lodato spent time sharing what the Credit Union has seen happening with their clients and also touched on Crowdsourcing, and how some new laws may change the game.

Mercer Oak Realty would like to extend a big thank you to the MIDJersey Chamber of Commerce for inviting us to be a part of this great event- as well as the Credit Union of NJ & V.J. Scozzari & Sons, for sponsoring and helping to organize the breakfast.

Sab’s presentation: Princeton Area Commercial Real Estate Market Drivers: Then & Now is available for download, through this link.

Urban Renewal Without an Urban Center

Written by caitie on . Posted in News.

Urban crawl: After many years, the time is right for towns to create urban pockets where none exists

Urban renewal has worked in Montclair. It has worked in Morristown.

But what can developers and local officials do when they have no urban center to renew?

They can create one.

Read the full story on njbiz.com