As an advocate for the commercial and industrial real estate industry in New Jersey, I am impressed with the progress that has occurred over the last few years in the operation of our Port of New York and New Jersey. Serving on the Council on Port Performance has given me an opportunity to weigh in on and observe numerous programs and initiatives to improve efficiency and service reliability at the port, which benefits our transportation, distribution and logistics industry. This collaborative effort has and continues to tackle various issues related to operational efficiency, including increasing vessel size, labor shortages, shortage of chassis, operating system failures and disruptions — such as Superstorm Sandy, blizzards and construction. With a shared goal of enhanced port operations, the diverse council members deliberate, share information and advocate for reforms that have impact.
Russo Development has started construction on its second apartment community in Kearny, adding to its growing pipeline of residential development in northern New Jersey.
The brokerage team that has sold many of New Jersey’s most high-profile pharmaceutical campuses has its latest assignment — the 1.14 million-square-foot Bristol-Myers Squibb research and development complex in Hopewell.
A formerly vacant, dilapidated industrial building in Somerset County has found new life after more than 15 years, following a renovation and environmental cleanup by Denholtz Associates.
Alfred Sanzari Enterprises is on track to complete a new 350-room, dual-branded hotel in Teaneck by next year, the firm said recently as it marked the completion of vertical construction.
Two new tenants have committed at Highpoint Corporate Center in Fairfield, leasing a combined 21,500 square feet at the 162,000-square-foot office complex on Route 46.
A developer is offering the first opportunity to lease an apartment at a new 377-unit complex in Jersey City, marking the next step in a major redevelopment near the Hoboken border.
Office buildings within the state’s transit hub market continue to command higher rents compared to their suburban peers, according to JLL’s annual research report. Proximity to mass transportation within walking distance of amenity-rich areas has expanded the millennial demographic across these markets. The resulting demand for high-end Class A office space—that helps companies attract and retain the talent settling into these neighborhoods—drives rent premiums beyond that achieved in suburban markets.
Kushner Cos. has acquired a 1,032-unit garden apartment community near Princeton for $190 million, bringing the property back under its control more than a decade after selling it.
Mack-Cali Realty Corp. has unveiled new renderings of its planned $75 million redevelopment of the Harborside complex in Jersey City, where it’s slated to modernize more than 4 million square feet of office space and create a new public retail plaza.