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.

Government & Public Policy
Superior Court sets key date for arguments on new N.J. affordable housing obligations

A state Superior Court judge has set a date for oral arguments on whether to halt adoption of new affordable housing obligations for New Jersey’s 564 municipalities, following a legal challenge by more than 20 towns to recent guidelines from the Department of Community Affairs.

Residential & Mixed Use
KRE, National unveil third tower at Journal Squared to conclude pioneering, 1,840-unit project in historic Jersey City neighborhood

Kushner Real Estate Group has debuted the third and final piece of Journal Squared, the collection of more than 1,800 luxury apartments that’s widely seen as a main catalyst for the decade-long development boom in Jersey City’s historic commercial district.

Industrial
Silverman affiliate, US Pharma Lab ink 163,000 sq. ft. lease for new North Brunswick facility

The Silverman Group has landed a tenant for a major redevelopment project in North Brunswick, where it’s building nearly 163,000 square feet of manufacturing and distribution space for a dietary supplements company.

Professional Services
IPRG debuts new office in downtown Jersey City for growing North Jersey team

Commercial real estate advisory firm IPRG has opened a new office in downtown Jersey City as it looks to expand its foothold in the northern New Jersey investment sales market.

Office
Sanzari completes 2,800 sq. ft. lease renewal with law firm at Court Plaza in Hackensack

Alfred Sanzari Enterprises has signed another lease renewal with one of the many law firms at its Court Plaza complex in downtown Hackensack, the landlord announced Tuesday.

Office
Larken touts 2,700 sq. ft. lease to bring Montgomery Professional Center to full occupancy

Larken Associates has welcomed a new tenant to a Somerset County office park after leasing nearly 2,700 square feet to a mental health care provider.

Editor’s Note
Transition time

I’ve come to learn that stories in our People on the Move section are among our most popular online and in print. I understand why — relationships in commercial real estate go back years or decades in many cases, meaning there’s no shortage of interest when a friend or business partner earns a promotion or a position at a new firm. That’s especially true when it comes to developers and owners, as I was reminded earlier this year when we covered two major moves by Accordia.

Industrial
Federal Business Centers, 3PL firm ink 158,000 sq. ft. lease in Edison’s Raritan Center

Federal Business Centers has leased more than 158,000 square feet of industrial space in Edison to a third-party logistics firm, brokers with Bussel Realty Corp. announced Monday.

Office
JLL: Buyer wanted for high-end Parsippany office building, would-be redevelopment site

An office building in Parsippany is on the market for sale with more than 100,000 square feet of high-end, soon-to-be-vacant space or what brokers say is a redevelopment opportunity.

Retail
Net-leased Wawa store, gas station in Wayne trades for $6.7 million

A private investor has purchased the site of a new Wawa store and gas station in Wayne for nearly $6.7 million, according to a brokerage team with Marcus & Millichap.