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.

Education
Embracing the future: NJIT’s Profeta Real Estate Center launches, with a focus on cross-disciplinary education for a changing industry

New Jersey Institute of Technology marked the official launch of the Profeta Real Estate Center, a program that will combine finance, engineering, architecture and environmental skills in one graduate degree to provide training in all aspects of development and management.

Residential & Mixed Use
Harbor Group sells 384-unit Somerset rental property to Los Angeles-based TruAmerica

Harbor Group International has sold a 384-unit luxury apartment community in Franklin Township, in a transaction arranged by CBRE.

Retail
LMC: Blue Star Shopping Center sees 40 percent surge in visits as redevelopment draws new restaurants, entertainment

Patrons are flocking to the new-look Blue Star Shopping Center in Watchung, fueling a surge in foot traffic that’s poised to continue with a growing slate of dining and experiential tenants.

Professional Services
HLW taps Townsend, Vasold as co-studio directors in New Jersey

Global architecture and design firm HLW has appointed Christopher Townsend and Erin Vasold as co-studio directors of its New Jersey office.

Industrial
Terreno inks 92,000 sq. ft. lease in Kearny with undisclosed 3PL firm

Terreno Realty Corp. has filled 92,000 square feet of industrial space in Kearny after securing a lease with a third-party logistics provider, the company announced this week.

Residential & Mixed Use
Bloomfield property with 14 apartments, retail spaces trades for $2.4 million, Kislak says

A local investor has acquired an apartment and retail building in Bloomfield for $2.35 million, brokers with The Kislak Co. Inc. announced Wednesday.

Finance & Capital Markets
W&D: Nasser Freres scores $375 million construction loan, eyes 2029 delivery for 840-unit Journal Square tower

Nasser Freres has closed on a $375 million construction loan for a project that will add 840 apartments and a well-known grocer to Jersey City’s booming Journal Square neighborhood.

Retail
Urban Edge, Iron Revolution ink 28,000 sq. ft. deal at Middletown shopping center

Urban Edge Properties has filled a key space while expanding the fitness lineup at a Middletown retail center, leasing more than 28,000 square feet to a concept known as Iron Revolution.

Community
Count Basie debuts new education, support spaces after 46,000 sq. ft. renovation by JRM

JRM Construction Management has completed a more than 46,000-square-foot renovation of the Count Basie Center for the Arts, a century-old landmark in the heart of Red Bank.

Office
BRC: Electrical equipment firm secures 11,000 sq. ft. office space in Woodbridge

An electrical equipment company has taken more than 11,000 square feet of office space in Woodbridge, according to a brokerage team with Bussel Realty Corp.