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.

Residential & Mixed Use
Paramus tract slated for 40 townhomes after changing hands, NAI Hanson says

A developer has acquired four acres in Paramus with plans to build more than three dozen townhomes, brokers with NAI James E. Hanson announced Tuesday.

Education
UCNJ kicks off DIGroup-designed update, expansion of Cranford athletics center in $30 million investment in new campus hub

Construction is underway on a major update of an athletics facility at Union College of Union County’s Cranford campus, in a project designed by DIGroup Architecture.

Top News
NJ Transit plans RFP for ‘destination’ anchor for restored Hoboken ferry terminal

NJ Transit is seeking a new anchor tenant for the 117-year-old Lackawanna Ferry Terminal that it’s restoring as part of its sweeping Hoboken Connect redevelopment project with LCOR.

Residential & Mixed Use
Hyperion, Benenson JV buys 314-unit Cliffside Park rental property for $165 million

A newly formed joint venture has made its first deal, acquiring a 314-unit luxury apartment property in Cliffside Park as part of a $165 million transaction announced Monday.

Industrial
Sitex Group, reverse logistics firm ink lease for new-look industrial property near Exit 12

Sitex Group has repositioned a low-coverage industrial site in the Avenel section of Woodbridge, securing a lease with a fast-growing reverse logistics company.

Industrial
BRC: Budd Development scores full-building, 42,000 sq. ft. industrial lease in Dayton

Budd Development Co. has signed a full-building tenant for a 42,000-square-foot industrial property in South Brunswick’s Dayton section, according to a broker with Bussel Realty Corp.

Retail
Investor buys 5,000 sq. ft. Totowa retail center for $2.2 million, Marcus says

A local investor has purchased a nearly 5,000-square-foot strip center in Totowa for more than $2.2 million, in a newly announced deal by Marcus & Millichap.

Retail
McDonald’s takes 4,500 sq. ft. for new store in Oakland, Goldstein Group says

A new McDonalds is coming to a key thoroughfare in Oakland after a 4,500-square-foot lease arranged by The Goldstein Group, the brokerage team announced Monday.

Editor’s Note
High stakes for CRE

Advocacy is central to a four-year strategic plan that NAIOP New Jersey unveiled at the start of 2025, as are other key goals such as creating new value for NAIOP members and improving the perception that public officials, residents and other outside stakeholders have of the commercial real estate sector. The blueprint also calls for elevating the chapter’s position in the industry, enhancing partnerships with academia and expanding its community service programs.

Residential & Mixed Use
Former ASCO headquarters site in Florham Park sold, slated to become senior housing

The site of a vacant office building in Florham Park is now slated for redevelopment, with plans calling for new senior housing after a sale arranged by Cushman & Wakefield and RePropCo.