Avidan Management Closes 2011 With Strong Leasing Velocity & Significant Milestone Achievements
Year Marked by Nearly 300,000 SF of Leasing Activity; Completion of 4.26-MW Solar Panel System and Numerous Property Upgrades
The past year is one marked by significant achievements for Avidan Management, one of the region’s foremost owners and managers of industrial and commercial real estate, which completed nearly 300,000 square feet of leasing activity in 2011, as well as numerous property upgrades that significantly furthered the company’s sustainability objectives and enhanced the overall strength of its portfolio.
“We are proud to have made some incredible strides as a company in 2011, especially with regard to the ongoing improvement of our portfolio and our success in maintaining and attracting new tenants to our facilities,” said Avi Avidan, Managing Member of Avidan Management.“As we move into 2012, we remain focused on delivering the highest quality service to our tenants through a dedicated focus on delivering best-in-class real estate solutions tailored to their specific requirements.”
Among the many achievements made by Avidan in 2011 is the completion of a 4.26-megawatt solar electric system at the company’s refrigerated distribution facilityat 145 Talmadge Road in Edison, N.J. At 17 acres and 17,745 solar panels, the system was the largest rooftop-mounted solar panel installation to have been completed in the entire country at the time. The system will produce more than 5 million kilowatt hours annually — enough to service about half of the power needs of the building’s multiple tenants, which utilize the facility as office space and for the storage of dry goods and refrigerated and frozen foods. In the first month after installation, the system reduced electrical costs by 70 percent at the building.
In recognition of the significance of the solar panel system, PlanSmart New Jersey recognized Avidan in November with its Environmental Achievement Award for the company’s ongoing commitment to the environment and sustainable development in New Jersey.
Additionally, Avidan signed nearly 300,000 square feet of leasing activity throughout its portfolio of strategically located commercial facilities. Notable transactions from the past year include:
- Cross Docks Solutions, LLC, which signed a lease for 56,627 square feet at 180 Raritan Center in Edison, N.J.
- Arthur Schuman, Inc., which signed an 84,536-square-foot renewal at 145 Talmadge Road in Edison.
- Provide Commerce, Inc., which signed a renewal on 34,400 square feet of space at 115 Melrich Road in Cranbury, N.J.
In addition tothe strong leasing activity in 2011, Avidan made significant improvements to a number of its properties, including $4 million in energy efficiency measures at 145 Talmadge Road that entailed, among other initiatives, a comprehensive retrofit of the building’s lighting to upgrade the system to energy-efficient standards and the incorporation of improved insulation and ventilation in order to maximize the facility’s overall energy efficiency. The installation of automation controls on the refrigeration equipment also greatly contributed to the building’s energy savings.
Avidan also completed major tenant fit outs for two tenants at 55 Carter Drive in Edison and another at 45 Brunswick Avenue, also in Edison. Other improvements include major asphalt repair at 5-61 Bay Avenue in Elizabeth and the addition of a concrete dolly pad in front of the loading areas at 180 Raritan Center in Edison.
For further information on availabilities at Avidan Management-owned properties, please call (908) 527-8000.
About Avidan Management
Avidan Management, based in Elizabeth, N.J., is a family-owned and operated real estate company with deep roots in northern New Jersey. Throughout its 40-year history, the Company has built a strong track record as a premier owner and manager of best-in-class, strategically located industrial and commercial properties, including warehouse and distribution facilities that service the major population centers in the Northeast. The Company’s portfolio is comprised of nine facilities with a combined total of just under 3 million square feet of space. For more information, visit: www.avidanmgmt.com.