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.

Finance & Capital Markets
Rental project at Morristown station advances with $40 million construction loan, CBRE says

A developer has landed a $40 million construction loan for a planned 89-unit luxury apartment building next to NJ Transit’s Morristown station, in a newly announced deal by CBRE.

Industrial
STRO, KRE eye fall delivery for new 65,000 sq. ft. warehouse in Parsippany

STRO and KRE Group are set to begin construction on a new 65,000-square-foot industrial project that will bring new life to what was a vacant office property in Parsippany.

Finance & Capital Markets
JLL: Lightstone snags $13.5 million refi loan for 71,000 sq. ft. Union shopping center

The owner of a more than 71,000-square-foot shopping center in Union Township has closed on a $13.5 million refinancing loan for the property, brokers with JLL announced Wednesday.

Finance & Capital Markets
Kennedy Funding closes $2.5 million land loan for 63-acre St. Thomas portfolio

Kennedy Funding, the Englewood-based direct private lender, has closed a $2.5 million cash-out refinancing loan to the owner of some 63 acres of property on the Caribbean island of Nevis.

Hospitality & Tourism
P3 Properties buys landmark Meadowlands hotel, eyes rebrand with sweeping update

P3 Properties has acquired a well-known hotel in East Rutherford with plans to revitalize the 21-story, 427-room building and reintroduce it under a new brand.

Residential & Mixed Use
Russo sells 111-unit loft-style rental property in Verona for $56 million, CBRE says

Russo Development has sold a 111-unit multifamily property in Verona that it completed as part of an adaptive reuse of a historic factory building, in a deal arranged by CBRE.

Professional Services
Blau & Berg taps Jason Crimmins as CEO, Conte as president with Ken Crimmins remaining as chairman

The Blau & Berg Co. has announced a new leadership team, with Jason Crimmins taking over as CEO and Alessandro Conte as president of the historic real estate services firm.

Retail
Barnes & Noble leases 25,000 sq. ft. for new Livingston store in deal by RIPCO, VanRock

Barnes & Noble has found a new home in Livingston after taking nearly 25,000 square feet at a Route 10 retail center, brokers with RIPCO Real Estate announced Monday.

Retail
Electronics repair, cell phone retailer expands to Jersey City with new lease, Cervelli says

An electronics repair and cell phone business has leased 1,700 square feet of retail space in Jersey City, in a deal arranged by Cervelli Real Estate & Property Management.

Industrial
Deugen, Devli lease Port Newark industrial site to major seafood company, AI Group says

A joint venture has landed a tenant for a nearly seven-acre industrial site in Newark’s port district, in a deal arranged by Advance Industrial Group and The Blau & Berg Co.