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Amazon to NEWARK?

NEWARK, NJ — Amazon representatives met with local community leaders in Newark on Tuesday to "fine-tune" the city's pitch to land the retail giant's new headquarters, dubbed HQ2. Aisha Glover, president and CEO of the Newark Community Economic Development Corporation, told Patch that New Jersey and Newark officials met with the Amazon HQ2 selection team to "fine-tune elements included in our pitch" and give the company a first-hand look at the city. "Suffice it to say, we hope the same compelling case that earned Newark recognition as one of 20 candidate cities from more than 200-plus proposals will help bring this home to New Jersey at the end of the day," Glover said. She declined to comment further on the views and reactions of the Amazon team in order to "respect the integrity of their selection process." Sources told NJ Advance Media that attendees at the meeting included Gov. Phil Murphy, Mayor Ras Baraka and local businessman/philanthropist Ray Chambers. See related article: Newark A Finalist For Amazon HQ2, Company Announces See related article: SNL Lampoons Newark's Odds Of Landing Amazon HQ (Video) Amazon has stated that the new facility will be a "full equal to its current campus in Seattle." The company said that it expects to invest over $5 billion in construction into the new headquarters and that it may bring as many as 50,000 "high-paying jobs" to the area. The project could generate an estimated $10 billion in direct and indirect economic activity, according to a company news release. Amazon listed some criteria for the new location. It needs to be in a metropolitan area, in a stable and business-friendly environment, close to world-class universities and to transportation infrastructure, and with optimal connectivity to the internet. The race to land the new facility has inspired proposals from more than 238 communities. According to Amazon, the other locations that are among the final 20 candidates are: Austin, TX, Chicago, IL, Columbus, OH, Dallas, TX, Denver, CO, Indianapolis, IN, Los Angeles, CA, Montgomery County, MD, Nashville, TN, New York City, NY, Northern Virginia, VA, Philadelphia, PA, Pittsburgh, PA, Raleigh, NC, Toronto, ON, and Washington D.C. See related article: Amazon HQ2: Shortlist Of Candidates Announced The proposal to bring Amazon's new headquarters to Newark has lined up supporters on both sides of the political spectrum, including former governor and Republican Chris Christie and Democrat U.S. Senator Cory Booker. "This deal would amount to one of the most successful endeavors in the history of New Jersey and Amazon," Christie said last year. "For New Jerseyans, HQ2 means 50,000 new jobs and the creation of a larger consumer base and direct opportunities for local small businesses and vendors to grow and thrive. Adding tens of thousands of dedicated and community-oriented Amazon employees and their families will also further enrich our area neighborhoods and schools." See related article: 'Bring Amazon HQ To Newark': Christie, Democrats Agree However, some critics have questioned the plan to offer the corporation a tax break through the state Economic Development Authority (NJEA) that could reach $5 billion over 10 years. Newark city officials are also offering the company a municipal property tax abatement that could be worth $1 billion, as well as a city wage tax waiver worth an estimated $1 billion over 20 years. The headquarters project would be required to create at least 30,000 new full-time jobs and represent a capital investment of at least $3 billion to earn the tax credits. The project would also be required to yield a net benefit to the state of at least 115 percent of the tax credits the company receives, according to a release from the state Senate. State Assemblyman John Wisniewksi, a Democrat from District 19, said that the Amazon "bidding war" will only put New Jersey on a downward spiral. "While the proposal would provide good jobs in the region, it also robs the state of the very revenue needed to address the consequences of such growth and development," Wisniewksi said. "If we add 50,000 employees to downtown Newark, where's the money to maintain and expand the system?" Wisniewksi questioned. "Who would pay for the additional wear and tear on roads or the additional police and firefighters needed to ensure public safety?"

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Kushner new buy

HACKENSACK, NJ—Kushner Companies has acquired Prospect Place, a 360-unit, two-building multi-housing property in Hackensack, NJ. Industry observers familiar with the property say the purchase price was around $100 million. Holliday Fenoglio Fowler marketed the property exclusively on behalf of the property owner, who was not identified. However, Real Capital Analytics, a proprietary transaction database, indicates that the property’s most recent owner was a joint venture of Goldman Sachs, Greystar, and Ivanhoe Cambridge, which acquired the asset in January 2013 for nearly $99.2 million as part of a 27-property Equity Residential Apartment Portfolio. HFF says Kushner purchased the property free and clear of existing debt. The HFF investment advisory team representing the seller included senior managing director José Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval. “Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” Cruz says. “Its Bergen County location with direct access to New York City attracts a wide array of tenants.” Prospect Place, 300 and 310 Prospect Avenue, offers convenient access to the New York City metropolitan area via the nearby NJ Transit Anderson Street station and Interstates 80 and 95. The two-phase property consists of an 18-story high-rise comprising 157 units averaging 1,331 square feet and a four-story mid-rise building comprising 203 units averaging 1,077 square feet. Community amenities include an outdoor lap pool with sundeck, landscaped courtyard, grilling stations, fitness centers, billiards room, resident lounges, concierge service and 653 covered parking spaces. Prospect Place is 96-percent occupied.

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Sold Properties South NJ

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of three industrial buildings in Southern New Jersey for a combined $7.5 million. The three properties located in Pennsauken include: 9240 Commerce Highway, a 67,600-square-foot warehouse acquired by a private investor for $3.2 million; 6995 Airport Highway Lane, a 60,800-square-foot manufacturing facility purchased by Heat Makers Sense for $2.7 million; and 9265 Commerce Highway, a 33,500-square-foot warehouse acquired by Draco Broadcast for $1.6 million. The seller was the Bloom Organization. Ian Richman and Marc Isdaner of Colliers arranged the sale of the three properties. FacebookTwitterEmailLinkedInShare

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CYBER COMPANY EXPANDING

AIRFIELD, NEW JERSEY, USA, March 12, 2018 /EINPresswire.com/ -- Local business technology solutions leader, Quikteks, is growing as more New Jersey businesses recognize the importance of computer network security. As a result, Quikteks is expanding its office space. According to Quikteks owner and CEO Andrew Rich, "We need to expand our resources to accommodate the growing demand for better technology security." Quikteks specializes in helping local businesses prevent and reduce cyber threats with enterprise firewalls, front-end email security, anti-virus solutions, and more. Rich explained that these threats, which include computer viruses, spyware, hackers, and ransomware, are growing and becoming more ominous. "Not only can these threats affect network performance, they compromise a business's data security, financial resources, and reputation," he said. Quikteks has been listed in Inc.'s Top 5000 Fastest Growing Companies list for the last two years. "We're humbled by the continued loyalty of our customers and committed to serving them exceptionally," Rich said. "If that means we have to tear out a few walls to make more space, so be it." With increasing demand for local expertise, network security, and managed services, Quikteks is doing just that -- expanding its office space and tearing down a few walls to make space for more technicians. "We need more room to better serve our clients," Rich said. "We're thankful for their continued support and look forward to serving our community in our expanded office." Rich suggests scheduling a free computer Internet security assessment from Quikteks. Visit Quikteks.com or call 973-882-4644.

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Ridgefield Warehouse Sold

Marcus & Millichap Facilitates $9M Sale of Industrial Building in Ridgefield, New Jersey POSTED ON FEBRUARY 12, 2018 BY AMY WORKS IN INDUSTRIAL, NEW JERSEY, NORTHEAST RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of an industrial building located at 730 Grand Ave. in Ridgefield. A private investor acquired the property from a limited liability company for $9 million. Renovated in 2015, the 81,870-square-foot property was 93 percent occupied at the time of sale. Steve Lim of Marcus & Millichap represented the seller and buyer in the deal.

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State Committee Approves Controversial Trenton Project

State Committee Approves Controversial Trenton Project

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Weiss Realty Acquires 48,492 SF Office Building in Neptune, New Jersey, for $8.6M

Weiss Realty Acquires 48,492 SF Office Building in Neptune, New Jersey, for $8.6M

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NJ Warehouse Market at Historic Levels

NJ Warehouse Market at Historic Levels

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Reputed Mobster Sells Land to NJ Transit

Reputed Mobster Sells Land to NJ Transit

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How New Tax Bill affects Real Estate

How New Tax Bill affects Real Estate

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