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.

Retail
Investor pays $8.5 million for Millburn medical office building

A two-story medical office building in Millburn has changed hands for $8.5 million, following a sale arranged by Marcus & Millichap.

Top News
Building boom, condo tower put Jersey City on the map in skyscraper study

The development boom along the Hudson waterfront has put Jersey City in rare company, making it one of only 18 U.S. cities with at least five skyscrapers. That’s according to a recent study of high-rise architecture by Yardi Matrix, a commercial real estate research and data platform, which also found that Jersey City currently has the fourth-tallest building under construction in the U.S. That project, 99 Hudson, is a 79-story luxury condominium tower that is slated to rise 889 feet when it opens next year.

Office
Morristown medical office complex sold for $140 million

A three-building, 538,000-square-foot medical office complex in Morristown has changed hands, in what HFF says is the state’s largest medical office sale this year.

Finance & Capital Markets
Developers land $64 million loan for Hoboken ‘Wonder Lofts’ project

A joint venture has closed on a $64 million loan for its plans to convert a historic Wonder Bread factory in Hoboken into an 89-unit luxury residential building.

Residential & Mixed Use
Kislak inks $17 million apartment sale in Montclair

An investor has paid more than $17 million for a 68-unit apartment building and a nearby property in downtown Montclair, in a deal brokered by The Kislak Co. Inc.

Office
Matawan office building trades for $19.75 million, CBRE says

A partnership led by Denholtz Associates has sold a nearly 134,000-square-foot office building in Matawan for $19.75 million, according to brokers with CBRE who completed the deal.

Office
C&W: Upgraded Morristown building inks five leases

A nearly 85,000-square-foot lease by a global pharmaceutical firm is among several recent deals at a Morristown office building, where ownership has unveiled $7 million in upgrades.

Finance & Capital Markets
Progress closes $4.2 million loan for South Bronx project

Progress Capital Advisors has brokered more than $4 million in financing for the developer of a seven-unit luxury residential complex in the South Bronx, the Tinton Falls-based firm said.

Office
Rudin, former Mack-Cali CEO, to join Savills Studley as president

Former Mack-Cali Realty Corp. CEO Mitchell E. Rudin is returning to New York City, joining Savills Studley as its next president.

Health Care & Education
Builders, architects debut $150 million technical school in Hudson County

With the new academic year underway, Hudson County and a team of design and construction firms have unveiled a new state-of-the-art, $150 million technical school in Secaucus.