Master Broker Hired For Fort Monmouth Redevelopment

On Wednesday redevelopers awarded a contract for a master broker to market the properties of  the former Fort Monmouth. Board members of the Fort Monmouth Economic Revitalization Authority (FMERA) voted to approve Cushman and Wakefield and Continental Realty as the primary brokers. The New York City based firm, Jones Lang and LaSalle, was chosen as the alternate firm in case of conflict of interest.

The board said that firms were chosen for their ability to market both residential and commercial properties. According to FMERA Executive Director Bruce Steadman, the staff from Cushman and Wakefield assigned to the project are local residents. Continental, Steadman said, is an Ohio based company chosen for its experience with large scale projects.

The contract dictates that the firms will receive no more than a six percent commission on sales and leases.

Caren Franzini, CEO of the state's Economic Development Authority, which oversees FMERA, said this award is the key which will allow the redevelopment to move forward. "It's a national broker who will bring national attention to the base."

Steadman, who along with his staff has been handling all the marketing of the property so far, said meeting with the representatives from the company was "refreshing and exciting."

In the past Steadman has told Patch that the master broker, which is required by the Army, is important because of its resources to reach a variety of vertical markets such as the high tech sector.

"There was an abundance of energy and passion," he said about the broker meetings. "We want to bottle it and take it with us on every sale call."