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.

The Rundown
Developers plan $35 million mixed-use project in Burlington City, report says

A joint venture is one step closer toward redeveloping a parking lot in Burlington City into 184 apartments and nearly 8,000 square feet of retail space along the Delaware River.

Hospitality & Tourism
Atlantic City’s $138 million ‘PolerCoaster’ set for 2019 debut after EDA approval

A towering “PolerCoaster” rising 350 feet is on track to become one of Atlantic City’s newest attractions, following state approval Thursday of a $38.4 million tax incentive for the project.

Residential & Mixed Use
Officials, developers break ground on $24M affordable housing project in Woodbridge

Construction is underway at what will be a new low- and moderate-income residential community in Woodbridge, replacing a former 1950s-era public housing complex.

Health Care & Education
NJIT, public officials celebrate $86M renovation project at Newark campus

A former high school in Newark has found new life as a New Jersey Institute of Technology academic and research building, following an $86 million renovation that the university unveiled Thursday.

Deals
Totowa properties are latest industrial acquisitions for Sitex

Sitex Group has acquired two industrial properties totaling 180,000 square feet in Totowa, adding to its portfolio of infill warehouses and distribution centers in North Jersey.

Finance & Capital Markets
Procida lends $7.65 million for townhome project

Procida Funding LLC has closed a $7.65 million construction loan for a planned 12-unit townhome project in Brooklyn, the Englewood Cliffs-based firm announced.

Residential & Mixed Use
NAIOP announces winner of student competition for Trenton redevelopment site

A team from Villanova University took the top honors and a $5,000 prize in a recent competition held by NAIOP New Jersey, where students from area schools offered their vision for redeveloping a historic manufacturing site in Trenton.

Office
JLL: Office space continues to tighten in South Jersey

A new market report by JLL found that office vacancy in southern New Jersey is at an all-time low, following a first quarter that saw the region outperform greater Philadelphia as a whole.

Professional Services
Colleagues remember Arthur Greenbaum, a dean of New Jersey real estate law

Arthur M. Greenbaum, a beloved figure and fixture in New Jersey’s real estate and legal communities for more than 60 years, died Tuesday. He was 91.

Retail
Marcus & Millichap brokers retail sale in Elizabeth

A private investor has acquired a 16,208-square-foot retail property in Elizabeth, in a $2.65 million deal brokered by Marcus & Millichap.