INTERPARK OFFICE CAMPUS
100 IMS DRIVE, PARSIPPANY, NEW JERSEY
In March 2005, CRG closed on the steel skeleton which had long languished at the northwest quadrant of I-80 and I-287, having recently been dubbed Morris County’s biggest eyesore along with the neglected Bennigan’s Restaurant occupying its Route 46 frontage. CRG leased the restaurant to the Gillespie family in September of 2009, which renovated and opened it as the Blackthorn Restaurant and Irish Pub shortly after. They subsequently purchased the restaurant and leased it to Houlihan’s, which performed another renovation, reopening in October 2014. CRG clad the 83,477 square foot office building in polished and flame treated red granite capped by black glass in clear aluminum mullions adding other amenities such as a café and a fitness center with showers and lockers on the lower level of the building, which also contains 38 covered parking spaces and a loading dock. A four-story atrium with a water wall completed CRG’s transformation of Morris County’s biggest eyesore into a beautiful office building. After marketing the property through the difficult years of the Great Recession, CRG secured a long-term lease with IMS Health Corporation, a global information and technology services company, in a relocation of their corporate headquarters from Danbury, CT. After signing a lease in March of 2014, IMS occupied phase one in May, and was in full occupancy by September. |
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THE ADVANCED MEDICAL CENTER- CEDAR KNOLLS
197 RIDGEDALE AVENUE, CEDAR KNOLLS, NEW JERSEY
In mid-2011 CRG was approached by North Jersey’s preeminent orthopedic surgical group to partner with them to bring their vision of a muscular-skeletal center of excellence into reality. The building selected was the vintage (1946) 80,750 sf building - most recently home to BF Goodrich Aerospace. The building had been partially renovated by the then owner - an institutional real estate investor and contained an ambulatory surgical center as its lone tenant. Substantial renovation was required to connect the two-wing structure internally and provide for multi-tenant occupancy, add a second elevator, convert an un-needed loading dock into a new main building entrance and install a multi-media common conference facility. CRG negotiated and closed thrift acquisition/construction/ permanent financing by December 2011. Completion of the renovations and TI’s for an imaging center, a physical therapy center and other tenants bringing the center to 85% occupancy was celebrated at a Grand Re-opening ceremony in October 2012. Most of the partners’ equity investment was returned in December 2012 with the balance scheduled to be returned by the summer of 2015. |
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CURTISS-WRIGHT REDEVELOPMENT PROJECT
300 FAIRFIELD ROAD, FAIRFIELD, NEW JERSEY
Originally built in 1940 for the manufacture of aircraft components during World
War II, CRG redeveloped the existing 400,000 square foot building and obtained approval
for three (3) new “flex” buildings totaling 175,000 square feet on the 39.5 acres
site. The original manufacturing plant fronting on Fairfield Road
was demolished, leaving an existing two-story office structure, warehouse foundations
and floors. A new, 28’ clear height warehouse building was constructed over the existing infrastructure incorporating
modern loading facilities and state-of-the art mechanical systems.
The new building was pre-leased for 20 years to Middle Atlantic Products
for manufacturing, warehousing and corporate office uses. Three (3) new “flex” buildings were approved on the
New Dutch Lane
frontage. Prior to construction, the
site was subdivided and sold to Frito-Lay Corporation for development of a specialized
distribution facility. Bank construction
financing was replaced by institutional permanent financing three years ahead of
plan.
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11 MT. PLEASANT AVENUE
EAST HANOVER TOWNSHIP, NEW JERSEY
Known as the Varityper facility and containing a 270,000 sq.ft. single story industrial
building and a 90,000 sq.ft. two story office building on 37 acres, the property
was put under control by CRG in 1999. The site had groundwater contamination and
had been foreclosed followed by sale of the note to Archon in a bulk loan sale.
Although primarily a manufacturing facility, Archon attempted a retail approach
to the redevelopment, but never gained approvals. CRG contracted to purchase the
property in the spring of 2000 subject to implementation of the environmental cleanup
plan, and site plan approval for "as of right" uses. Subsequent to receipt of site
plan approval for a "high-tech" office facility, but prior to commencement of construction,
Donaldson Lufkin & Jenrette purchased the property from CRG for the development
of a disaster recovery facility.
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OCTAGON 10 OFFICE CENTER
1719 ROUTE 10, PARSIPPANY, NEW JERSEY
The property was purchased
from Travelers Insurance in March 1995 with an existing environmental problem and
60% vacancy. CRG instituted a 'pump and treat' remediation program and obtained
bank financing, and raised private equity to fund the acquisition and tenant improvements
at a time when very few real estate loans were originated. By 1996, property occupancy
reached 90%, ahead of plan and below budget, and all equity was returned to investors
via permanent financing placed on the property in December 1996.
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MORRIS BUSINESS CAMPUS
1000-1100-1200 THE AMERICAN ROAD, MORRIS PLAINS, NJ
This 330,000 sq.ft., three building office complex, originally
constructed in 1974 and 1983, was purchased essentially vacant by CRG in 1998 utilizing
in-house equity behind an institutional acquisition / construction loan sourced
by CRG affiliate Commercial Finance Group. CRG upgraded the building with the addition
of an atrium entrance featuring exposed glass elevator cabs and increased the project's
leaseable office area through creative utilization of previously unused grade-level
space. Equity was returned in spring 2002. Permanent financing was placed on the
property in late 2002. Now 88% occupied by credit tenants such as Travelers Insurance,
Tetra Tech and Atlantic Health Systems, the project won CRG the 2000 New Jersey
Business and Industry Association "New Good Neighbor Award".
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MERITEX/HILTON LAUNDRY FACILITY
160 CIRCLE DRIVE, PISCATAWAY, NEW JERSEY
Originally occupied by Dow Chemical for the manufacture of household cleaners, the
business and property were purchased by a successor and the business subsequently
closed. In extremely poor condition but located in an area with excess sewer capacity,
CRG purchased the property in 1998 for redevelopment into a state-of-the-art, fully
automated commercial laundry in collaboration with a Hilton Hotels subsidiary. CRG
was responsible for the complete rehabilitation of the shell and site. Every square
inch of the property, inside and out, was re-coated with specialty paints and epoxies.
New utility connections, roof, interior lighting, truck loading doors / courts,
and office space were provided. The property was delivered on a 'fast-track' basis
and continues to service the
New York City, New Jersey
and Atlantic City Casinos owned and operated by Hilton Hotels Corporation. Equity
was repaid to investors in spring 1999 at the time institutional permanent financing
replaced the construction loan.
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WHEELING CORRUGATED SITE
DAYTON (SOUTH BRUNSWICK), NEW JERSEY
CRG contracted to purchase this 14 acre vacant land tract in February 2002. Originally
part of a manufacturing plant with an ongoing environmental cleanup, the land had
been previously subdivided and sold to a local trucking firm. Brokers in the marketplace
considered the site to be environmentally 'dirty' and the owner never built a truck
terminal approved for its own use. The attempted sale to a national trucking firm
resulted in the user's site plan application being denied. CRG contracted to purchase
the property subject to site plan approval. Working with local civil engineers,
CRG designed a 150,000 square foot, three building, light industrial business park
and filed an application for site plan approval in October 2002. Prior to obtaining
approval, Novartis Pharmaceuticals, a contiguous property owner, purchased the entire
tract from CRG for expansion of their existing adjacent facility.
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