Market Sectors

New Jersey has an unmatched location and a population that developers dream about. It’s no wonder the commercial real estate industry is flourishing and evolving across all segments of the market.

Joe Morris, big-box developer and giant of New Jersey commercial real estate, dies at age 81

Joe Morris, the co-founder of the Morris Cos. who was known for his commanding presence and leadership in New Jersey’s commercial real estate sector, died this week. He was 81.

Residential & Mixed Use

Developer nears completion, eyes debut of 622-unit Journal Square rental tower

A major addition to the Jersey City skyline is nearing completion in the form of a 29-story, 622-unit luxury apartment tower that’s slated to hit the market in the coming months.

Finance & Capital Markets

JLL sources $62 million Freddie Mac loan for 541-unit Tower Management rental portfolio

Tower Management Service has secured $62 million in financing for a multistate, 541-unit apartment portfolio that includes four New Jersey properties, in a deal arranged by JLL.

Retail

LMC: West Orange Plaza adds three tenants as major expansion, update continues

Three additional tenants are coming to a West Orange retail center amid an ongoing, multiphase expansion and renovation that has sparked new demand at the grocery-anchored property.

Finance & Capital Markets

C&W: Saxum, Penwood ink $19.6 million construction loan for Parsippany warehouse project

A joint venture has scored a $19.6 million construction loan for a more than 128,000-square-foot industrial project in Parsippany, brokers with Cushman & Wakefield said Thursday.

Featured

Landmark launches leasing at 85-unit rental property, its latest in downtown Union

Landmark has unveiled the latest piece of its sweeping Centurion project in Union Township, delivering another 85 luxury apartments and new amenities to a key downtown area.

Industrial

IDI buys vacant office site in Somerset, plans 213,000 sq. ft. warehouse project

IDI Logistics has revealed plans to build more than 200,000 square feet of new industrial space along Interstate 287 after acquiring a vacant office park in the Somerset section of Franklin.

Office

JLL seeking buyer for 42,000 sq. ft. Summit office building, touting strong value-add potential

The owner of a boutique office building in Summit has tapped JLL to sell the property, providing what the listing team says is “significant value-add potential” in a top-tier market.

People

Cushman adds Manfro as managing director, Northeast retail investment sales

Cushman & Wakefield has bolstered its capital markets team in the region with the addition of Joanna Manfro, a veteran broker in the retail space.

Industrial

Velocity leases 36,000 sq. ft. in three new deals at Gloucester County industrial property

Velocity Venture Partners has added three tenants at a Gloucester County industrial building, leaving just one space available at the roughly 68,000-square-foot facility.