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Deugen Development Acquires Industrial Property

Deugen Development Acquires Industrial Property

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A joint venture between Deugen Development, LLC (Deugen) and Greenwood Development has acquired a 17,500 SF industrial/warehouse property located at 6-8 Gates Ave. in Downtown Montclair, N.J. The joint venture partnership plans an adaptive reuse of the building and will deliver 5,000 SF of Class-A retail and 15,000 SF of creative office uses to the dynamic West Essex County business district.

Located at the corner of Gates and Bloomfield Avenues at the historic Lackawanna Plaza intersection, the redevelopment is an important extension of one of North Jersey’s most in-demand, walkable residential and commercial corridors.

“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,” said Kristian Cichon, Deugen’s director of acquisitions.

Originally constructed in 1926, the former warehouse property served as a moving and storage facility since the 1970s. Centrally situated in the C-1 Central Business zoning district, the four-story redevelopment has been granted Montclair Planning Board approvals. Plans include a 1,953 SF addition and complete rehab of the existing facility to deliver first-class ground-floor retail, second-floor co-working/pod uses 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,” said David Genova, Greenwood’s founder.

Occupying just 6.25 square miles, Montclair has 12 vibrant neighborhoods that are distinct in character and history. Located in Northwestern Essex County, the township has continually reinvented itself by leveraging its six separate business districts and seven NJ Transit rail stations. Montclair also offers highway connectivity to the Garden State Parkway, I-280, U.S. Route 46, NJ-3 and Bloomfield Avenue (County Road 506).

Slated for completion in Q4 2022, Deugen and Greenwood are currently marketing 4,850 SF of retail and 750 to 4,000 SF of office space across the upper floors.

Established in 2011, Deugen Development is a fully integrated, privately held commercial real estate development and construction firm offering a full scope of design-build, planning, construction and in-house brokerage services. The company’s portfolio includes acquisition and value-add projects in the retail, multifamily, commercial and industrial sectors across New Jersey. Subscribing to a hands-on, client-centered approach to development, Deugen Development is committed to enhancing the communities in which its development and redevelopment projects are located with innovative design, historical preservation and economic development.

Founded in 2013, Greenwood Development’s managing partner is David Genova. Mr. Genova oversees development projects from conceptual design and municipal, state and federal land approvals through to construction. He has managed the planning, design and construction of various retail, residential and office development projects throughout New Jersey and is responsible for the development of more than a dozen downtown mixed-use buildings in Montclair, New Jersey, including the historic restoration of the Wellmont Theater. Mr. Genova believes in the downtown revitalization occurring in communities throughout New Jersey and has vast experience planning and positioning these types of developments.

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