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.

Trend Watch
Big-box demand struggles with limited supply

The proliferation of e-commerce spiked leasing velocity in 2016 and 2017 due to significant demand for big-box and mega-box spaces.
Limited supply of big-box space across the state has stalled leasing velocity for YTD 2018.
There are only five (5) availabilities in excess of 500,000 square feet in the state.
Tenants have expanded the geographic scope of requirements into Southern New Jersey and Lehigh Valley to accommodate immediate needs.

Industrial
Stro touts lease-up of newly added warehouse in Elmwood Park

Three tenants have combined to lease 45,000 square feet at an industrial building in Elmwood Park, The Stro Cos. announced, bringing the recently acquired property to full occupancy.

Government & Public Policy
Brownfields, historic tax credits in focus as Murphy addresses housing conference

New Jersey has “everything we need for our future success,” Gov. Phil Murphy said Tuesday, as he highlighted new proposals for tax credits tied to brownfield cleanups, historic rehabilitations and other policies meant to spur new affordable housing and economic growth.

Government & Public Policy
Murphy details plans to revamp Grow New Jersey, ERG programs

Amid his sweeping plan to spur a new wave of innovation in the state’s economy, Gov. Phil Murphy has offered a glimpse at what could come of the incentive programs that have helped bolster New Jersey’s commercial real estate market in recent years.

Industrial
Building service firm relocates, leases 22,000 sq. ft. in Fairfield

A service contractor is moving its operations to a new 22,000-square-foot building in Fairfield, following a deal arranged by Charity Realty International.

Professional Services
Garibaldi plans rebrand, expanded focus as it marks its centennial

As The Garibaldi Group prepares for its 100-year anniversary, the firm is making a push to recast itself and expand the services it provides to the commercial real estate industry — including a major rebrand that it will unveil this fall, new strategic hires and a continued push into the tech sector, one that was largely sparked by its experience at Bell Works.

Professional Services
Transwestern moving, expanding New Jersey office in Morris County

Transwestern is on the move in New Jersey, announcing plans to grow its footprint and shift its operations from Parsippany to Florham Park.

Finance & Capital Markets
HFF sources $13 million loan to refinance, expand Gloucester Co. industrial site

A joint venture has secured $13 million to refinance and expand a 113,000-square-foot industrial building in West Deptford, in a transaction arranged by HFF.

Industrial
NAI Hanson: Fashion company acquires 73,000 sq. ft. warehouse in Lodi

A fashion company has acquired a nearly 75,000-square-foot industrial building in Lodi, which it plans to use to both fulfill its e-commerce business and support a retail location in Manhattan.

Industrial
Three tenants renew at Denholtz flex park in Toms River

Denholtz Associates has completed three renewals at a 95,000-square-foot business park in Toms River, the developer and investment firm announced Tuesday.