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.

Editor’s Note

A growth industry in the making

Insiders say that now is the time to discern which municipalities will be receptive to the prospect of legalized recreational cannabis, if and when it becomes a legal industry in New Jersey. That prospect is likely many months from being a reality, if not more, but the concept has the support of Gov. Phil Murphy and several well-known lawmakers.

Mack-Cali sells 236,000 sq. ft. Hamilton portfolio to Denholtz

Mack-Cali Realty Corp. has sold a six-building office portfolio in Hamilton to Denholtz Associates, in a deal arranged by brokers with Newmark Knight Frank.

Engineering firm inks 57,000 sq. ft. lease in Woodcliff Lake

An engineering firm is expanding into New Jersey with a newly announced, 57,000-square-foot lease at a Woodcliff Lake office building.

Developer breaks ground on second piece of Edison industrial complex

Construction is underway for a new 100,250-square-foot industrial building in Edison, the latest piece of a 14-acre complex being developed by Wick Cos. LLC.

Residential & Mixed Use

Camden rental building among $445 million portfolio sale by Dranoff

Dranoff Properties is selling a well-known luxury apartment building in Camden as part of a six-building, $445 million portfolio sale announced Tuesday.

Finance & Capital Markets

Progress Capital brokers $5.3 million loan for Newark multifamily deal

An area property owner has acquired a two-building, 70-unit apartment complex in Newark with more than $5 million in financing arranged by Progress Capital Advisors.

Medical device maker weighs 167,000 sq. ft. lease in Plainsboro

A global medical technology maker has proposed relocating within Plainsboro to a nearly 167,000-square-foot building once occupied by Novo Nordisk, thanks in part to a 10-year, $17.8 million tax credit approved last week by state officials.

Gerber leaving Florham Park for northern Virginia

Gerber Products Co. will exit New Jersey next year as it moves its U.S. corporate headquarters from Florham Park to northern Virginia, the baby food company announced Monday.

Residential & Mixed Use

Redevelopment brings first phase of Woodbridge affordable housing project

Builders have delivered 84 apartments as part of a $23 million affordable housing development in Woodbridge, the first of a three-phase project that is replacing a defunct public housing complex.

Hospitality & Tourism

Icahn selling Tropicana casinos in $1.85 billion deal

Hedge fund manager Carl Icahn has sold the Tropicana Casino & Resort in Atlantic City as part of a seven-property, $1.85 billion deal announced Monday.