Denholtz Properties Closes on Former Warehouse District and District A at Fort Monmouth
The Fort Monmouth Economic Revitalization Authority (FMERA) is pleased to announce that OPort Partners, LLC, a company owned by Denholtz Properties, has closed on what is known as District A in the Oceanport section of Fort Monmouth. District A includes the former Commissary & PX and the Post Office Area, and the Warehouse District along with an adjacent parking lot.
Denholtz Properties, headquartered in Red Bank, NJ, is a privately held, multi-state, fully integrated real estate development, investment, and management company with more than 60 years of commercial real estate experience.
OPort Partners will develop a mix of commercial uses on the combined 26-acre site. Plans call for a complement of flexible office and technology space, with innovative food and/or beverage concepts in the former Commissary building as the centerpiece of the project. The nearly 53,000-square-foot Commissary building will be redeveloped into a mix of food or craft production related uses which may include eateries and a variety of production spaces. Construction is expected to begin in the first quarter of 2021 and to take approximately three years. The first phase, which includes the renovation of the Commissary, is expected to be completed in 12 months.
The existing buildings in the Warehouse District, Post Office Area, and PX, will be demolished by the developer and redeveloped as commercial office, research & development space, and accessory warehouse/flex space. The developer’s plan includes the construction of approximately six new buildings totaling 215,000 square-feet, targeting medical and general office users, innovators requiring makerspace or light fabrication space, and technology companies.
The total development for the combined District A and the Warehouse District site is approximately 269,234 square-feet.
“We are excited about the development program for this site, especially what is planned at the former Commissary, which will fill an important void at the Fort as well in the regional market,” said FMERA Marketing & Development Manager Sarah Giberson. “The mix of uses OPort has planned is especially relevant in today’s market, and further advances our long-term plans to develop a cluster of technology and commercial uses including amenities.”
According to Giberson, OPort’s targeted uses will complement the technology companies already located on the Fort, as well as the growing number of small and large businesses opening Fort-wide.
Under the Purchase and Sale and Redevelopment Agreement with FMERA, OPort paid $4,350,000 for the two properties. OPort will invest over $60 million in the project and is expected to create 750 part-time or full-time jobs.