A high-end apartment community in Somerset County is under new ownership, following the roughly $90 million sale of the property to a Manhattan-based operator.
Urban logistics set to change industrial real estate’s competitive landscape
The rising demand for sites that will support urban logistics centers has driven growth in Northern New Jersey, while also creating competition among developers, as forgotten industrial markets reemerge. Retailers, parcel carriers and food and beverage companies have all increased their demand for industrial space less than ten miles from Manhattan. Formerly obsolete locations throughout New York’s boroughs are reemerging as competitive alternatives to the New Jersey markets.