2015 in Review: Eight Purchase and Sale & Redevelopment Agreements Authorized in 12 Months
2015 was a pivotal year, with the Fort Monmouth Economic Revitalization Authority (FMERA) Board entering into eight Purchase and Sale Agreements & Redevelopment Agreements (PSARAs) with corporations and other entities for the redevelopment of the Fort.
“The PSARAs approved this year span a broad spectrum from technology to schools to residential areas,” Director of Real Estate Development Dave Nuse said. “Whether attracting mixed-use developers or promoting opportunities for high-tech companies to set down roots, FMERA continues to showcase Fort Monmouth as an ideal location for growth.”
Furthering its vision of creating a technology cluster on the Fort, the FMERA Board authorized staff to enter into PSARAs that will result in technology companies locating at Fort Monmouth.
- TetherView, a private cloud computing services company signed a PSARA with FMERA in October for the 4.6 acre Russel Hall parcel in Oceanport. Currently located in Staten Island, New York, TetherView plans to renovate the parcel, which features the 42,300-square-foot former Garrison Headquarters, to serve as the company’s headquarters. Under the PSARA, TetherView will renovate the building to also accommodate Monarch Medical, a provider of medical imaging equipment also currently based in Staten Island. Together, TetherView and Monarch will initially occupy approximately 15,000 square feet of space. In the move to Russel Hall, the two companies will bring a total of 30 jobs, with the expected creation of 75 full-time jobs at the property within two years.
- FMERA entered into a PSARA with RADAR Properties, LLC, for the sale of an approximately 12.25-acre parcel of land, which includes Building 2525, an 86,400-square-foot building in Tinton Falls. RADAR plans to lease space in Building 2525 to defense contractor and communications engineering firm Aaski Technology, Inc., which was deemed the seventh-fastest growing company in New Jersey by NJBIZ in 2014.
- FMERA’s vision is to bring a live-work-play balance to the Fort. To further this goal, the FMERA Board approved the Authority’s entrance into a range of PSARAs this year.
- In June, the FMERA Board authorized staff to enter into a PSARA with RPM Development for the Officer Housing parcel in Oceanport, marking the first residential project on the Fort.
- At its September meeting, the FMERA Board approved staff’s entrance into a PSARA with US Home Corporation, a wholly owned subsidiary of Lennar Corporation, a national home building and real estate development company, for Fort Monmouth’s Parcels C & C1 in Tinton Falls. Lennar Corporation intends to create 288 residential units, a mix of townhomes, condominiums and single-family detached homes, as well as a vibrant “town center” area.
- FMERA signed a PSARA with FM Partners in August for the Fitness Center and related 7.75-acre parcel. The company anticipates using the facility as a fitness/wellness center and intends to also develop an 80,000-square-foot indoor soccer/recreational field in an adjacent structure.
- Trinity Hall, a non-profit corporation, entered into a PSARA with FMERA in November for the approximately 7.4-acre former Child Development Center parcel located in the Tinton Falls Reuse Area. In moving to Fort Monmouth from Middletown, Trinity Hall plans to use the property for an all-girls’ private school and intends to relocate all of its students and staff to the Tinton Falls location upon completion of renovations to the property.
- FMERA signed a PSARA with Pinebrook Commerce Center, LLC (PCC) in August for the Pinebrook Road Commerce Center (more commonly referred to as the Fabrication Shops) in Tinton Falls. PCC plans to invest an estimated $2.25 million in the business park, including exterior and interior improvements to all the buildings on the property.
- In November, the FMERA Board authorized staff to enter into a PSARA with Kiely Realty Group, LLC (Kiely) for the sale and renovation of the Pistol Range and the Fire & Police Training Area as well as the adjacent Satellite Road Parcel in Tinton Falls. Kiely anticipates developing the property in two phases. During Phase 1, Kiely plans to develop the existing indoor firearms range into a for-profit, commercial firearms range and to build a 10,000-square-foot addition onto the current structure, expanding the educational and training areas of the range. For Phase 2, Kiely will lease the adjacent 5,000-square-foot structure located in the southwest part of the property to K. Moorea, LLC, doing business as Traffic Plan.
FMERA has entered into seven of the eight PSARAs. The Pistol Range/Satellite Road parcel PSARA is expected to be signed shortly.