{"id":1004226345,"date":"2018-05-02T02:19:52","date_gmt":"2018-05-02T10:19:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004226345"},"modified":"2022-12-08T16:21:00","modified_gmt":"2022-12-09T00:21:00","slug":"sjp-aetna-form-jv-for-2-msf-nj-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\/","title":{"rendered":"SJP, Aetna Form JV for 2 MSF NJ Redevelopment"},"content":{"rendered":"<p><em>By Barbra Murray<\/em><\/p>\n<div id=\"attachment_1004226354\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004226354\" data-attachment-id=\"1004226354\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\/westinghouse-site-newark-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Westinghouse Site, Newark, N.J.\" data-image-description=\"&lt;p&gt;Westinghouse Site, Newark, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Westinghouse Site, Newark, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg?w=800\" class=\"wp-image-1004226354 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg\" alt=\"Westinghouse Site, Newark, N.J.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004226354\" class=\"wp-caption-text\">Westinghouse Site, Newark, N.J.<\/p><\/div>\n<p>SJP Properties and Aetna Realty have established a joint venture to redevelop a site that had been home to a Westinghouse electrical equipment manufacturing plant in downtown Newark, N.J. The partners will transform the 3.7-acre property into a mixed-use destination as large as 2 million square feet.<\/p>\n<p>Spanning a full city block along Orange Street, the Westinghouse property sits just across from the Newark Broad Street Station in the North Broad Street District, an area that is evolving into a technology and business hub. <em>\u201cThis\u00a0property\u2019s exceptional transit-oriented location positions it as one of the best development opportunities in a city currently experiencing an unprecedented revitalization,\u201d<\/em> David Braka, vice president with Aetna Realty, said in a prepared statement.<\/p>\n<p>SJP and Aetna\u2019s plans for the pedestrian-friendly, Gensler-designed project have not been written in stone; however, retail, lodging and residential accommodations are on the list of possible offerings. Office space will certainly be part of the mix. <em>\u201cNewark has definitively established itself as a city on the rise, with a growing number of corporations realizing that Newark offers exceptional access to a highly skilled workforce, and accessibility via a robust public transit network and direct access to the I-280 corridor,\u201d<\/em> Steven Pozycki, CEO of SJP\u00a0Properties, noted in prepared remarks.<\/p>\n<h2><strong>A winning trend<\/strong><\/h2>\n<p>The Westinghouse project fits with a trend in the Newark real estate market: construction, construction, construction. As Braka remarked, the city is in <a href=\"https:\/\/www.commercialsearch.com\/news\/newark-dreams-to-join-ranks-of-destination-cities\/\">revitalization mode<\/a>, and the evidence is in the form of new and redeveloped properties, particularly in the downtown area. Wyndham Hotel Group opened TRYP by Wyndham, a 101-key hotel, in April 2018. Edison Properties is planning to transform a former warehouse into the 465,000-square-foot Ironside Newark, which will feature the <a href=\"https:\/\/www.commercialsearch.com\/news\/newark-lands-first-spec-office-project-since-the-80s\/\">first speculative office space<\/a> to hit the market in the city in three decades. Lotus Equity Group will build a $1.7 billion mixed-use development on the site of the former Newark Bears and Eagles Stadium. And the list goes on.<\/p>\n<p><em>Image courtesy of SJP Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The project entails the transformation of a 3.7-acre site that had been home to a Westinghouse plant in downtown Newark. <\/p>\n","protected":false},"author":969,"featured_media":1004226354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742,10],"tags":[33012,33112,40131],"class_list":["post-1004226345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest","category-northeast","tag-gensler","tag-sjp-properties","tag-steven-pozycki"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SJP, Aetna Form JV for 2 MSF NJ Redevelopment - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SJP, Aetna Form JV for 2 MSF NJ Redevelopment\" \/>\n<meta property=\"og:description\" content=\"The project entails the transformation of a 3.7-acre site that had been home to a Westinghouse plant in downtown Newark.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-02T10:19:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:21:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Westinghouse-Site-Newark-N.J..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"SJP, Aetna Form JV for 2 MSF NJ Redevelopment\",\"datePublished\":\"2018-05-02T10:19:52+00:00\",\"dateModified\":\"2022-12-09T00:21:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\\\/\"},\"wordCount\":352,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/05\\\/Westinghouse-Site-Newark-N.J..jpg\",\"keywords\":[\"Gensler\",\"SJP Properties\",\"Steven Pozycki\"],\"articleSection\":[\"Development\",\"Featured\",\"Mixed Use\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sjp-aetna-form-jv-for-2-msf-nj-redevelopment\\\/\",\"name\":\"SJP, Aetna Form JV for 2 MSF NJ Redevelopment - 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