Cushman & Wakefield Tapped to Market National Amusements Sites
Eisen Heading Assignment for Former Theater Properties in Newark, Sayreville.
- Newark, NJ (1888PressRelease) January 26, 2012 - National Amusements, Inc., the motion picture exhibition industry leader, has retained commercial real estate services firm Cushman & Wakefield, Inc. to market surplus properties in Newark and Sayreville for sale. Donald Eisen, a Cushman & Wakefield executive director based in the firm's East Rutherford, N.J., office, is heading the assignment, along with Christian Politan.
The first, a 19-acre redevelopment parcel at 104-180 Foundry Street in Newark, sits adjacent to Exit 15E of the NJ Turnpike, offering prominent visibility and outstanding access to Port Newark and Elizabeth. The property formerly served as home to All Jersey Multiplex Cinemas.
"Great things are happening in Newark, and this offering is an opportunity for an investor to jump on board there," Eisen said. "Cargo volume continues to climb in the port, and major users, including Panasonic and Wakefern Food Corporation, recently have made long-term commitments to the city. Additionally, multiple incentive programs continue to draw tenants."
Eisen noted that 19 acres is a large parcel for Newark, and that the Foundry Street property includes a high percentage of paved area-more than might be allowed with new development today. "This could be highly advantageous to its next use," he said. "We anticipate that this site will be most interesting to port-related users and industrial developers."
In Sayreville, Eisen is marketing a 21-acre National Amusements site just off the Garden State Parkway, at Highway 9 and Route 35. Formerly the Amboy Multiplex Cinemas, this property sits adjacent to The Point at Sayreville, a master-planned, 8 million-square-foot, mixed use redevelopment. O'Neill Properties is set to launch the project with a Spring 2012 groundbreaking.
"The Point, which is located on the east side of the Garden State Parkway, will redefine its neighborhood, with luxury retail, waterfront dining and entertainment, office and residential components," Eisen said. "The National Amusements parcel, which sits directly across the highway, has extraordinary potential to complement this revitalization. Its next-generation usage could go in many directions. An investor could get creative with multi-use opportunities there."
"This assignment is particularly gratifying because it involves positioning two obsolete properties for reuse," Eisen said. "Their 'new chapters' surely will illustrate the depth and breadth of opportunity that can be found in New Jersey's older commercial real estate inventory. It also involves a new relationship with National Amusements, a world leader in its field."
National Amusements, Inc. operates more than 950 movie screens in the U.S., U.K., and Latin America. The company delivers entertainment experiences in theatres around the world under its Showcase, Multiplex, and Cinema de Lux brands. Based in Norwood, Mass., National Amusements is a closely held company operating under the third generation of leadership by the Redstone family. It is also an equal partner in the online ticketing service, MovieTickets.com, and is the parent company of both Viacom and CBS Corporation.