The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, is pleased to announce the closing of a ±38.2-AC land purchase on Cutters Dock and Pennval Roads in Woodbridge, NJ. The master plan is known as the “CUTTERS DOCK REDEVELOPMENT PLAN”, and the PENNVAL REDEVELOPMENT PLAN”, in reference to the portion of the land that sits on adjacent Pennval Road. There is additional acreage nearby that may become part of the ongoing project.
The groundwork for the project began 5 years ago, when Brad Jacobs, Senior Director of The Blau & Berg Company, began working with the owners of 3 adjacent properties totaling ±26 AC. After many stops and starts, Jacobs worked with both the property owners and Stalwart Equities. At the same time, Tamara Blau, Senior Director of The Blau & Berg Company represented the purchaser and Brian DiPinto, Executive Director of The Blau & Berg Company represented the seller.
The subsequent ±12.2 AC on Pennval Road was secured for Stalwart in an off-market purchase, with Jacobs and Blau representing the seller and buyer. The master plan currently calls for a ±397,000-SF Warehouse on Cutters Dock Road, and an additional ±350,000-SF structure earmarked for Pennval Road.
“This project has taken many years to achieve, with so many obstacles between the Township, multiple owners, environmental concerns, and wetland issues”, said Brad Jacobs. “Once completed, it will be a sizable industrial development for the NJ market and is perfectly situated in the middle of the state between exits 11 and 12 on the NJ Turnpike, with access to all major highways as well as New York City and Philadelphia. This will additionally serve as a big win for the township of Woodbridge, finally bringing a quality industrial hub to an area that was long overdue and in need of redevelopment.”
