LEE & ASSOCIATES, NEW JERSEY HANDLES MAJOR LEASE TRANSACTION FOR WENNER BREAD PRODUCTS MOVE TO NEW JERSEY
ELMWOOD PARK, NJ -- September 2014 – The New Jersey division of Lee & Associates, one of the largest commercial real estate firms in the nation, recently negotiated a long term lease for Wenner Bread Products, a 58-year old Long Island, New York company in its historic move to a 301,626-square foot manufacturing facility at 571 Jersey Avenue in New Brunswick.
The move, which includes maximum state incentives including $30 million in tax credits over 10 years, will ultimately secure more than 250 jobs for New Jersey. This new large space for the national bread company is much needed, as they have grown significantly in the last few years and more space is needed to expand their capacity. Wenner Bread Products has been a mainstay in the Long Island community since 1961 and will continue to support operations on Long Island, along with the New Brunswick facility.
Wenner Bread Products is expected to occupy the facility over the coming months and is currently in the process of retrofitting the building into a first class food production, baking, freezing and distribution facility. A significant component of the overall construction project will be to realign and revive an inactive railroad spur leading onto the property with the goal of eliminating approximately 600 trucks annually off the New Jersey highway systems.
Richard Marchisio, president of Lee & Associates, New Jersey, and Crista Bartolomeo, associate, represented the bread manufacturer in this high-profile negotiation. “On a myriad of levels, this is a very significant deal for New Jersey, especially from an economic standpoint and we are excited that Lee & Associates played a role. It is not often that large companies like Wenner Bread Products make a big move to New Jersey. This deal has propelled great interest from other New York companies and we anticipate it will open the door for future activity in New Jersey. We see this as a huge stimulus for business growth in our state,” observes Richard Marchisio.
At this time, details of the transaction amount are not available. In addition to Lee & Associates, other key players in this transaction include: TA Associates, the landlord (represented by Cushman & Wakefield) and Kwarter Associates (property manager.) “We are so impressed with TA Associates handling of this complex transaction. They were very flexible and a pleasure to work with and the skills they brought to this deal was immeasurable,” adds Marchisio.
Wenner Bread Products retained Ted Zangari, Esq. of Sills Cummis and Gross as legal counsel for lease negotiations as well as incentives negotiations with the State of New Jersey.
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About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers. Lee & Associates provides a wide range of specialized commercial real estate services.
New Jersey Division: As part of a unique and dynamic commercial real estate firm, Lee & Associates, New Jersey LLC, was developed to supply New Jersey and the New York City metropolitan area with highly qualified professionals delivering local expertise, a national reach and world-class results. They are a “one-stop shop” – a single point of contact operation which provides all of a client’s real estate needs in-house. From brokerage services, asset and property management, architecture, design and construction, they focus on clients’ specific requirements to achieve maximum results.
Additional information is available at www.lee-associates.com.