Database will expedite lease process for fort

Cushman & Wakefield to begin marketing campaign for Fort Monmouth properties

BY KENNY WALTER Staff Writer

TINTON FALLS — The master broker in charge of marketing Fort Monmouth properties is preparing a systematic approach to attracting investors and developers.

“As you know before we go to the market, the Army and FMERA [Fort Monmouth Economic Revitalization Authority] have to complete their appraisal process,” said Gil Medina, executive managing director of Cushman and Wakefield (C&W), during the Aug. 15 FMERA meeting.

“We are using this time to implement a database of documents that will be used extensively in our marketing campaign,” he added. “The idea is to streamline information to the potential investors, developers and employers who would receive useful data without being overwhelmed.”

New York-based commercial realty firm Cushman and Wakefield will create a website where potential developers can register and receive information on fort properties. The firm was named master broker to market fort parcels on behalf of FMERA.

Medina also said the brokerage firm will soon begin a marketing campaign for those interested in fort properties

“We will then engage in an aggressive awareness campaign that will reach out to employers, developers and investors that may have an interest,” he said. “We will also engage in an occupiers campaign, where we will reach out to corporate real estate companies that we believe can be potential tenant candidates.

“Through the aggressive awareness we are conducting we will have a good core of interested investors and occupiers even before the [requests for offers to purchase] are issued,” he added.

FMERA voted during the June 20 meeting to name C&W along with Ohio-based real estate brokerage firm, Continental Realty, to market parcels for the redevelopment of the former U.S. Army base.

Medina explained the importance of working with FMERA and the three host towns: Tinton Falls, Eatontown and Oceanport.

“An important lesson we learned in all our public sector engagements is diligence in maximizing revenue and meeting project requirements is a priority for public bodies,” he said. “Of equal importance is creating a process that is efficient, transparent and documented.”

Medina said a dedicated brokerage team is meeting with FMERA to develop a schedule to market housing parcels C and C-1, the Suneagles golf course, Howard Commons and the marina.

Earlier this year, the authority entered into a purchase-lease agreement with data software company CommVault for a 55-acre tract in Tinton Falls designated parcel E, and with health services company Acute Care for the former Paterson Health Clinic building in Oceanport.

Bruce Steadman, FMERA executive director, said the authority is planning a meeting schedule with C&W that will help expedite the development process on the fort.

“These regular meetings help to establish a collaborative working relationship with Cushman and Wakefield that will result in the sale and lease of the fort property and the creation of jobs,” he said.

“They hit the ground running hard, they’ve already been a part of two tours and I think another one is next week,” he added. “Good things are happening even if we are in the part before the game actually starts.”

Medina said he has a long history in New Jersey government, including serving as secretary of commerce for almost seven years, as a councilman in Camden and as a board member for the New Jersey Chamber of Commerce.

He also previously was with the U.S. Department of Housing and Urban Development and said he has a connection to the educational world, which may be a component of the development.

“I am very engaged in the academic community because education is critical for economic development,” Medina said.

One of the potential developments that have been mentioned in the past is a joint technology-based college campus, which has been pushed for by Oceanport Councilman Joseph Irace.

Cushman and Wakefield has 235 offices in 60 different countries, including three offices in New Jersey.

“In 2011 we completed more than 540 lease and sale transactions in New Jersey,” Medina said.

The contract terms with C&W extend up to 60 months and the global firm will receive no more than 6 percent of the sales price or gross rent of each parcel sold or leased.

Contact Kenny Walter at [email protected]