A private investor has purchased a single-tenant, 10,000-square-foot medical office building in East Windsor, brokers with Fennelly Associates announced Wednesday.
Redevelopment is coming to some of New Jersey’s largest malls, as owners and local officials weigh plans to add apartments, health care facilities and vibrant public spaces meant to infuse them with new foot traffic. Proponents say the projects are essential to the long-term health of even the most successful assets. In other cases, they’re a potential lifeline to once-dominant shopping hubs that have become obsolete and seen their values plummet in recent years.
As you’ll read in this month’s cover story, redevelopment is coming to some of New Jersey’s largest malls — from the mecca of Paramus to Burlington County — as owners and local officials mull the future of their cherished shopping centers. Increasingly, those plans call for bringing new apartments, health care facilities and vibrant public spaces meant to create new foot traffic. Many of these projects are now moving forward in the Garden State, with more to follow, despite pockets of opposition and the challenge of repurposing a sprawling property with longstanding anchor tenants.
Watch the full presentation from our June 7 seminar, where the developers and insiders behind Newark’s most important commercial real estate projects debated the long-held opportunities and challenges in New Jersey’s largest city.
A global biotech company is coming to New Jersey, with plans to open a new manufacturing plant near Princeton for its first location outside its home country of India.
The S. Hekemian Group has secured financing for a project that will bring more than 84,000 square feet of medical and retail space to a sweeping redevelopment site in Montvale.
Optimism is nothing new in Newark, with its rich transportation network, cultural institutions and key anchors in business, health care and academia. But the city still struggles with poverty, education challenges and other barriers that have kept it from blossoming alongside places such as Jersey City, Hoboken and other urban markets, despite billions of dollars in new investment. Panelists said as much last week during Real Estate NJ’s Newark Redevelopment Update, as they debated those challenges and how to unlock the city’s long-held potential.
A developer has opened the doors to a new 87-unit assisted living and memory care facility in the Marlton section of Evesham Township, according to architects with Meyer.
A medical practice has purchased a nearly 9,000-square-foot office building in Union Township for $1.625 million, according to a broker with Newmark Associates CRE.