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.

Office
SJP Properties leases 115K sq. ft. to telecom solutions firm

SJP Properties has inked a new 115,000-square-foot lease with iconectiv, a data infrastructure and messaging solutions firm, at the developer’s Somerset Corporate Center in Bridgewater.

Deals
San Francisco REIT acquires Franklin industrial building

Terreno Realty Corp. has acquired a small industrial property in Franklin for $9.1 million.

Finance & Capital Markets
HFF brokers $147M sale of N.Y. multifamily property

A brokerage team from HFF’s New Jersey office has closed the $147 million sale of a 504-unit apartment community in nearby Rockland County, New York.

Industrial
Tulfra hires NAI Hanson to manage 11 buildings

NAI James E. Hanson has added to its property management division with an 11-building, 670,000-square-foot portfolio owned by Tulfra Real Estate.

Retail
R.J. Brunelli named broker at four central N.J. properties

Retail broker R.J. Brunelli & Co. LLC has landed four new assignments in central New Jersey, including new retail sites in Middlesex and Somerset counties and an existing shopping center in Freehold.

The Rundown
Atlantic City real estate values plunge amid resort’s struggles

THE RUNDOWN: Like its gaming revenue, property values in Atlantic City have plummeted over much of the past decade. That’s according to a new story by The Press Atlantic City, which found that total property assessments in the city have fallen from more than $20 million in 2008 to roughly $7 million today.

Finance & Capital Markets
Upgrades planned for historic Union City artist lofts complex

An investment and development firm has acquired the historic Silk Mill Lofts property in Union City, with plans to spend millions on upgrades in order to boost occupancy at the artist-work complex.

Retail
Macy’s to ID stores slated for closure in early 2017

The list of which Macy’s stores will be closed in the latest round of cost-cutting by the retailer will be unveiled soon after the holiday shopping season.

Professional Services
DMR Architects grows production staff by three

DMR Architects has bolstered its production team with three new hires.

Residential & Mixed Use
Thousands of units still to come in Gold Coast building boom

If you thought the luxury building boom along New Jersey’s Hudson waterfront was on the verge of slowing down, think again