CYPRESS EQUITIES BREAKS GROUND ON LEGACY SQUARE
DALLAS (May 31, 2018) – Cypress Equities* (“Cypress”) announced today that, in conjunction with Stockbridge Capital Group (“Stockbridge”), it will develop a shopping center named Legacy Square. The nearly 47-acre site is situated at the intersection of US Route 1/9 (West Edgar Road) and Pleasant Street along the primary retail corridor in Linden, New Jersey.
A groundbreaking ceremony featuring representatives from Cypress, Stockbridge and the City of Linden was conducted earlier today on the grounds of the site.
The initial phase of the development – approximately 21 acres – will feature a prominent big-box retailer, up to six pad sites fronting W. Edgar Road and a potential hotel site. Cypress has already begun the on-site and environmental work at Legacy Square for the big-box pad and is slated to have construction of the building underway within the next six months.
“Cypress is pleased to work with Stockbridge Capital Group to develop Legacy Square,” stated Chris Maguire, chief executive officer for Cypress Equities. “It is a great partnership as Cypress and Stockbridge both have extensive experience in retail-focused ground-up developments throughout the United States.”
“We knew this site had great potential for retailing when we first acquired it,’’ said Stephen Pilch, Managing Director of Stockbridge. “This is our first partnership with Cypress and we are thrilled that, together, we’re bringing the vision to reality.”
In terms of the remaining components of the first phase, Hugh Kelly and Brian Von Schmid of SRS Real Estate Partners, Cypress’ sister company, have already begun marketing the premium pad sites to prospective tenants.
Legacy Square rests in the middle of Union County, the most densely populated county in New Jersey, and features a population of more than 1.7 million residents in a ten-mile radius.
Plus, it is a mere 13 miles southwest of Manhattan, bordering Staten Island. The shopping center will showcase three traffic-light intersections and will boast superior access and visibility along US Route 1/9, with its more than 125,000 vehicle-count per day.
About Cypress Equities
Cypress Equities* (Cypress) was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the United States. Historically, Cypress has developed and acquired more than 20 million square feet and currently is developing and managing a portfolio primarily focused on retail and mixed-use properties. Today, there are three Cypress Equities offices in the U.S., including Dallas (headquarters), New York and Atlanta. Visit www.cypressequities.com for more information.
* The Cypress Equities name, logo and other marks are trademarks and service marks being licensed to independent operating companies by CE Brands, LLC. Any particular obligation, service or product is the sole responsibility of the specific entity that incurs such obligation or supplies such service or product.
Stockbridge is a real estate investment management firm that represents many of the largest public and private pension funds in the U.S. and numerous internationally-based investors including major sovereign wealth funds. Stockbridge invests in all major property types using core, value-added and opportunistic risk strategies. Led by a team of industry professionals with decades of experience, Stockbridge and its affiliates have approximately $12.0 billion of assets under management throughout the United States. Stockbridge is headquartered in San Francisco with offices in Atlanta, Chicago and New York.