Fort Monmouth Redevelopment: "2016 Will Prove to Be a Busy Year": Cushman & Wakefield Announces New Transactions
Eatontown, NJ, April 26, 2016 (Newswire.com) - CommVault's headquarters relocation to the former Fort Monmouth in 2014 was a clear signal that the redevelopment of the sprawling base, shuttered by the U.S. Army in 2011, was well underway. Activity there has since moved into high gear, with a number of major transactions completed and many more on the way.
“2016 will prove to be a busy year at Fort Monmouth,” said Les Smith, who heads a Cushman & Wakefield team that includes Christopher Kinum, Paul Giannone, Kevin Carton and David Bernhaut with the assignment to market the property. The team represents the Fort Monmouth Economic Revitalization Authority (FMERA), the state agency overseeing the Fort’s redevelopment.
“We have had two closings so far this year, and I anticipate six more before year’s end,” said Smith. “In addition, we will be issuing six new Requests for Offers to Purchase [RFOTP].”
The former Fort Monmouth occupies a total of 1,127 acres in the Monmouth County communities of Eatontown, Oceanport and Tinton Falls, with more than one million square feet of existing buildings. Development sites ranging from 1.5 to 177 acres are available for purchase.
Among the recent activity completed:
• AASKI Technology, through its affiliate RADAR Properties, has purchased the Fort’s 86,719-square-foot Building 2525. The company, which provides technology services for the military and commercial sectors, will combine its existing Eatontown and Ocean Township operations on-site.
• Trinity School has closed on the $2 million acquisition of the 20,000-square-foot former Child Development Center situated on a 7.4-acre site near the CommVault headquarters in Tinton Falls. An all-girls private high school founded in 2013 and currently leasing a township-owned facility in Leonardo, N.J., Trinity is slated to open its new location at the start of the 2016-2017 school year after an estimated $500,000 in renovations.
• The Monmouth County Park System has taken an additional 3.5-acre site adjacent to its current facility in the Tinton Falls section of the Fort, which includes a recreation center, gymnasium and pool. Plans call for a new maintenance and support building, as well as a new wetland preservation park.
• The Marina Bar and Grill in the Fort’s Oceanport section has reopened for business.
All these deals are in addition to the officer housing, fitness center, pistol range and fab shops transactions previously announced and still moving forward.
Among the RFOTPs being issued: Barker Circle, a 20-acre property with 180,000 square feet of buildings targeted for adaptive re-use; the 76,000-square-foot Squier Hall in Oceanport; the Fort’s former fire station in Tinton Falls; 15 acres in the Fort’s lodging area slated for redevelopment; and the 12-acre Allison Hall parcel in Oceanport, targeted for redevelopment with a boutique hotel and retail.
“We anticipate a great deal of interest in these properties in the weeks and months ahead,” said Smith.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Source: Cushman & Wakefield