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
Financial services firm leases 4,100 sq. ft. in Westmont, WCRE says

An office building in Camden County has reached full occupancy, following a 4,123-square-foot lease arranged by Wolf Commercial Real Estate.

Retail
Howell restaurant fetches $3.1 million in 1031 exchange, Marcus says

An investor has acquired a 7,100-square-foot, net leased restaurant property in Howell for $3.1 million, brokers with Marcus & Millichap announced Friday.

Health Care & Education
Newark medical office building sells for $4.25 million

A newly renovated, 37,500-square-foot medical office building in Newark’s Ironbound section has changed hands for $4.25 million, in a deal arranged by The Kislak Co. Inc.

Residential & Mixed Use
Planned Cos. wins NJAA maintenance competition, represents state at national event

A maintenance technician with Planned Cos. took home the gold at a recent competition hosted by the New Jersey Apartment Association, earning him a visit to a national event in San Diego.

Residential & Mixed Use
SLIDESHOW: SJP unveils The Modern phase two

SJP Properties, Northwestern Mutual Life Insurance Co. and PGIM Real Estate recently hosted a ribbon-cutting ceremony at phase two of The Modern, a 900-unit luxury residential project at the base of the George Washington Bridge in Fort Lee.

Hospitality & Tourism
Hard Rock CEO Allen hopes new hotel, casino will strike a different tone in Atlantic City

The new Hard Rock Hotel & Casino will open June 28, with a model that aims to set a new standard in Atlantic City. For one thing, the resort will have an added emphasis on entertainment, leveraging Hard Rock’s own vast network of performers to help program the venue and bolster other nongaming revenue streams such as meeting business and hotel stays. But its owners have sought to be different from past generations of New Jersey casinos in another way, focusing on community outreach that they say will continue well past the grand opening.

Current Issue
From the publisher: The strength of a few, a missed opportunity for many

Aside from a handful of top players who dominate the business, there is a noticeable lack of commercial mortgage brokers and mortgage banking firms that are based here in the Garden State. How can that be, in a state that has billions of dollars in mortgages to originate and billions more to refinance?

Industrial
Denholtz sells Fairfield flex park for $30 million, C&W says

A seven-building industrial and flex complex in Fairfield has changed hands for $30 million, in a transaction arranged by brokers with Cushman & Wakefield.

Government & Public Policy
Supreme Court closes online sales tax loophole for retail sector, state governments

The U.S. Supreme Court has ruled that online retailers must collect sales tax from customers even in states where they don’t have a physical presence, effectively closing a loophole that has long been seen as a major disadvantage to brick-and-mortar retailers.

Industrial
Seagis touts purchase of Secaucus industrial building

Seagis Property Group has acquired a fully leased, 80,000-square-foot warehouse and distribution facility in Secaucus, the firm announced Thursday.