Industrial

Owning or leasing industrial space in New Jersey means you’re within one day’s drive of one-third of the nation’s population. That means the state continues to be a hotbed of warehouse and logistics activity.

Finance & Capital Markets
STRO lands $13.5 million loan to refi 78,000 sq. ft. Fairfield industrial building

The STRO Cos. has refinanced a 78,000-square-foot industrial building in Fairfield with a $13.5 million loan from City National Bank, the Ridgewood-based firm said Monday.

Finance & Capital Markets
JLL sources $250 million credit facility on behalf of Hampshire retail, self-storage REIT

Affiliates of The Hampshire Cos. have secured a $250 million credit facility for a real estate investment trust focused on retail and self-storage properties, brokers with JLL announced.

Industrial
Shearer, NAIOP New Jersey ready for more proactive approach to anti-warehouse sentiment

Rockefeller Group’s Mark Shearer has kicked off a two-year term as NAIOP New Jersey’s chapter president, with plans to expand outreach to highlight the value of warehouse projects amid increasingly fierce resistance to development in the state.

Industrial
Stonemont closes on Passaic parcel, plans 296,000 sq. ft. spec industrial development

Stonemont Financial Group has acquired some 20 acres in Passaic where it plans to build nearly 300,000 square feet of new high-end industrial space just off Route 21.

Events
Cushman’s Donnelly among honorees slated for NAIOP New Jersey’s 36th annual gala

Veteran office broker Robert Donnelly will receive NAIOP New Jersey’s lifetime achievement award later this year, one of several honorees unveiled Thursday by the commercial real estate association.

Industrial
Logistics firm leases 253,000 sq. ft. at Gloucester County industrial building

A warehouse and trucking company has taken more than 250,000 square feet of modern industrial space in Gloucester County, brokers with CBRE announced Wednesday.

Editor’s Note
Taking the lead

Industrial space may well be the new darling of commercial real estate. Yet, as we’ve seen recently in New Jersey, it’s also now the biggest target for the type of fierce local opposition that was long reserved for apartment builders.

Industrial
Diversified begins construction on 495-unit self-storage project in Orange County

Diversified Properties has started construction on a seven-building, 495-unit self-storage facility in New York’s Orange County, about 35 miles north of the New Jersey border.

Industrial
CBRE: Industrial demand, occupancy gains still strong despite slowdown from historic highs

Demand for industrial space is still robust in New Jersey despite concerns about the economy, as rents and occupancy grew in 2022 even amid a slowdown from prior years.

Deals
BRC: Investor completes 1031 exchange after $37 million industrial sale in Bridgewater

A firm that recently sold a five-building industrial complex in Bridgewater has acquired a retail center in the Southeast as part of a Section 1031 like-kind exchange.