MONTCLAIR, N.J.—A joint venture between Deugen Development LLC and Greenwood Development has acquired a 17,500 square foot industrial/warehouse property in downtown Montclair, N.J.
The joint-venture partnership plans an adaptive reuse of the building and will convert it to 5,000 square feet of retail space and 15,000 square feet of creative office use in the area’s West Essex County business district.
“The 6-8 Gates Avenue former warehouse property is a natural fit for Deugen Development’s investment and redevelopment focus, which includes a commitment to preserving north Jersey’s historic-building charm while breathing new life and purpose into the region’s storied architectural skyline,” Deugen director of acquisitions Kristian Cichon said in a statement.
The warehouse property was originally built in 1926 and served as a moving and storage facility since the 1970s. The four-storey redevelopment has been granted Montclair Planning Board approvals. Plans include a 1,953 square foot addition and rehabilitation of the existing facility to deliver ground-floor retail, second-floor co-working space and third- and fourth-floor creative loft office spaces.
“The retail, with open ceilings and a private outdoor space, is designed to attract the kind of unique tenants, such as fitness studios, restaurants and art galleries, we’ve come to love in Montclair, while floors two through four will feature modern loft offices with 11’ to 14’ ceiling heights and an array of amenities, such as lounges, print areas, outdoor spaces, conference space and parking,” Greenwood founder David Genova added.
The project is slated for completion in Q4 2022 and Deugen and Greenwood are currently marketing 4,850 square feet of retail and 750 to 4,000 square feet of office space across the upper floors.
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