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.

Deals
Downtown Morristown development site trades for $4.9 million, Marcus says

A local private investor has acquired a development site in downtown Morristown for $4.9 million, brokers with Marcus & Millichap announced Monday.

Industrial
Accordia plans Q3 groundbreaking for 504,000 sq. ft. industrial campus in Roxbury

Accordia is eyeing a third-quarter groundbreaking for more than 500,000 square feet of new industrial space in Roxbury, having secured a key approval for the project from local officials.

Residential & Mixed Use
Jersey City’s NUIC lands unanimous planning board approval for 44-unit rental project

Development firm NUIC plans to redevelop a long-vacant site at 174-178 Martin Luther King Drive in Jersey City as a five-story, 44-unit apartment building known as Harmony House. — Rendering courtesy: NUIC By Joshua Burd The Jersey City planning board…

Professional Services
Corporate relocation expert Foley joins Cresa New Jersey as managing principal

Veteran broker and corporate relocation expert Dan Foley has joined Cresa’s New Jersey team, where he’ll serve large office and industrial clients throughout the Northeast corridor.

Retail
South Jersey, Berks County retail properties trade for $14.7 million in recent deals by CBRE

An institutional investor has acquired three triple-net-leased retail properties in suburban Philadelphia, including two in Voorhees, in a series of deals arranged by CBRE.

Office
Newmark Associates seeking short-term tenants for Florham Park, Livingston office portfolio

The owner of three office buildings in Florham Park and Livingston has appointed Newmark Associates Commercial Real Estate as its leasing team for the properties.

Residential & Mixed Use
East Rutherford rental project moves ahead with key zoning board approval, Taylor says

A developer has taken a key step in a plan to build a new 26-unit apartment building in East Rutherford, according to a project team with Taylor Architecture & Design.

Residential & Mixed Use
Small town, big plans: New development helping to spark revival of downtown Dunellen, as borough eyes additional projects after years of planning

Major redevelopment projects are taking shape in downtown Dunellen after more than two decades of planning by local officials, who are eager to keep the momentum going with a balanced but proactive approach that has brought new attention to the borough.

Finance & Capital Markets
Developers land $22 million construction loan for 140,000 sq. ft. Parsippany warehouse project

A joint venture has closed on a $22 million construction loan to build 140,000 square feet of new industrial space in Parsippany, with plans to break ground in the weeks ahead.

Health Care
Larken signs two medical office leases, filling 20,000 sq. ft. at Warren County property

Larken Associates is welcoming two health care users to a Warren County office building after a set of new leases totaling more than 20,000 square feet.