An institutional owner has acquired a seven-building, 315,800-square-foot portfolio in Fairfield for more than $30 million, under a newly completed transaction by Sheldon Gross Realty.
Office
New Jersey’s office market is evolving by the day, but this fact remains: The state’s location and educated workforce make it a highly desirable place for tenants of all shapes and sizes.
Breaking through
As you’ll read in this month’s cover story, Stanbery Development Co. has spent more than four years navigating local politics and state regulations in its quest to redevelop a vacant office complex in Parsippany. But the firm is now on a path toward fulfilling its vision, which calls for a mixed-use, downtown-style development anchored by high-end restaurants and retail.
Newark Broad Street’s time to shine
Having started my commercial real estate career in Newark, New Jersey in the late 1980s, I’ve had a front row seat to the evolution of The Brick City, and specifically the strides taken by the community toward enhancing the soul of the downtown area. What was once a city centered largely around Newark Penn station, the region has experienced new growth, particularly northward and westward toward the Broad Street corridor. Additionally, while improvements over the past two decades were slow, but steady, the past five years have seen a more intense ramp up in activity.
