Cushman & Wakefield to sell Centuria development site

Real Estate Weekly, May 28, 2008

Cushman & Wakefield's Metropolitan Area Capital Markets Group has been retained to market Centuria at Fort Lee, the high-profile, master-planned mixed-use redevelopment, for sale.

Located on approximately 16 acres at the entrance to the George Washington Bridge, the Centuria site is approved for retail, hotel, residential and office space.

Cushman & Wakefield's Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz, based in the firm's East Rutherford, N.J., office, are heading the assignment. Town & Country Developers is the seller.

"Town & Country has assembled an exciting project, for which site work has been completed and approvals are in place," Merin noted. "The sale will provide an investor the opportunity to get involved in a vital project with extraordinary potential."

The Centuria site, known as the Fort Lee Development Area, is bordered by Lemoine Avenue, Bridge Plaza South, Central Road and Main Street. This redevelopment area is bisected by Martha Washington Way into two roughly equal parcels.

"This is a value-add investment site that ultimately will become a true downtown for Fort Lee, helping to spur the Main Street revitalization and providing a great boost for the city and the larger Bergen County community," Merin added.

The Cushman & Wakefield appointment represents an expansion of the firm's role in Centuria at Fort Lee. The company's retail services team already is serving as leasing agent for the retail component. "Strong demand from upscale retailers and high-end restaurant chains reflects Centuria's appeal," Merin concluded. "With a strong team in place, the entire project will be ideally positioned to move to the development phase."

"Centuria is going to be a wonderful contribution to Fort Lee, and we are proud of our role in the project to date," said John J. Johnson, president of Centuria Corp.

[ILLUSTRATION OMITTED]