Octagon 10 Office Center
111 Littleton Road
Advanced Medical Center
350 Clark Drive
Mt Olive, NJ
Advanced Medical Center
Cedar Knolls, NJ
Mountain Ridge Business Park
300 Roundhill Dr
65 Madison Avenue
111 Canfield Ave
7 Eastmans Road
11 Aspen Drive
Randolph, New Jersey
East Dewey Avenue
111 Littleton road
Parsippany, NeW JERSEY
In late December 2015, CRG purchased the 35,657 sf, three story, Class “C” office building on 2.06 acres, built in 1971 by Paul Profeta, from the tenant/owner of the building. 111 was to become the new home office for the CRG operating companies Commercial Property Managers, Inc., Corporate Contracting, Inc. and Commercial Electrical Contracting, Inc. First Bank provided $2,950,000 in acquisition and construction financing.
CRG obtained site plan approval to expand parking on the site and make other modifications. The common areas of the building were completely renovated including installation of a dramatic, open ceiling, two story entrance atrium, renovation and expansion of all restrooms, cutting in new, full height, reflective glass windows and installation of elegant landscaping with brick paver walks, tables and seating areas. Along the way earning CRG its fifth New Good Neighbor award from the New Jersey Business and Industry Association.
In December 2020 CRG had completed its redevelopment strategy, achieved 86% occupancy and a $653,000 annual rent roll from virtually nothing. This enabled CRG to refinance the property with long term, non-recourse, permanent financing in the amount of $4,600,000 with Genworth Life Insurance Company. Proceeds from the refinancing paid off the First Bank acquisition and construction loan and returned most of the partner invested equity.
350 Clark Drive
Mount Olive, NeW JERSEY
In May of 2016, CRG purchased the 441,363 sf former Calvin Klein Cosmetics headquarters on 40.4 acres in the 670 acre New Jersey Foreign Trade Zone in a tax free exchange following its sale of its 100 InterPark Drive office building. 350 Clark contains a Class “A” office component of 87,000 sf +/- and a Class “A” Warehouse/Industrial component of 354,400 sf +/-. Provident bank provided $22,400,000 in acquisition and repositioning financing. CRG performed extensive renovations to the common areas of the building installing a fitness center with showers and lockers, a common conference facility with A/V capabilities and a Café area with an outdoor patio and seating.
By May 2018 CRG had completed its repositioning strategy, procured new tenants, extended and/or expanded several existing leases thereby increasing the annual rent roll from $2,978,000 to $4,451,000. This enabled CRG to refinance the property with long term, non-recourse, permanent financing in the amount of $28,500,000 with John Hancock Life Insurance Company proceeds from which paid off the Provident Bank acquisition and repositioning loan and returned all partner invested equity.
7 Eastmans Road
Parsippany, NEW JERSEY
In February 2015, CRG purchased the 142,600 sf former Automatic Switch
Company industrial building on 9.5 acres for $5,356,000. The Provident Bank
provided $8,840,000 in acquisition and construction financing. The building was built in stages beginning in 1964 and had been vacant since 2012. CRG obtained site plan approval to raze the older, lower ceiling portion of the building where it built a 4.32 acre, 88 space, empty trailer staging facility, and re-develop the remaining 68,121sf, 20’ clear, industrial building with 300 passenger car parking spaces, 7 loading docks and two drive-in doors.
By March 2017 CRG had completed the redevelopment of the property to a first class industrial property, leased the trailer staging facility, on a long term basis, to UPS and had fully leased the industrial building to three tenants: InterAmerican Motor Corp. (AutoZone), Glotel, Inc., and Uhlmann Packaging Systems, L.P.
In February of 2017 CRG closed a $11,250,000 non-recourse permanent mortgage with Malvern Federal Savings Bank proceeds from which paid off the Provident Bank acquisition and construction loan and returned all partner invested equity.
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.
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 of 2012 with the balance returned by the summer of 2015.
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.
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.
OCTAGON 10 OFFICE CENTER
1719 ROUTE 10, PARSIPPANY, NEW JERSEY
Located in Morris County’s Fortune 500 District, this U-shaped building with an outdoor courtyard and fountain features exceptionally convenient access from Interstates 80 and 287. * Easy access from Routes 202, 280, 24, 46, 53, 78 and 10 * Newark and Morristown airports are nearby; helicopter and limousine services are readily available* Unique octagonal design* Internet fiber optic SONET rings,* Full service cafeteria * Basement storage* Fine business hotels (Hilton and Marriott) and restaurants abound in the area* Interior court with fountain* Located directly across from the Mack-Cali Business Campus* Ceilings 9′ finished, 13′ slab-to-slab* Column spacing 25′ x 25′ typical Parsippany-Troy Hills Twp
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”.
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.
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.