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.

Industrial
Sitex taps NAI Hanson as leasing team for 623,000 sq. ft. industrial park in Saddle Brook

Sitex Group has picked NAI James E. Hanson as its leasing team for the 50-building, 623,000-square-foot Zuckerberg’s Industrial Park in Saddle Brook.

Retail
Ethan Allen opens at new Route 22 location in Watchung, Goldstein Group says

Ethan Allen has opened a new location on Route 22 in Watchung, where it occupies more than 4,200 square feet after relocating from a nearby site.

Editor’s Note
Busy times ahead

As you’ll read in this month’s cover story, the 1.1-square-mile community is benefiting from a flurry of activity in recent years, including the completion of three projects with a combined 450 housing units and new retail space as part of a coordinated plan to revitalize its downtown. That effort is more than two decades in the making, meaning officials there are eager to continue that momentum with the balanced but collaborative strategy that has attracted new investment and outside recognition.

Government & Public Policy
EDA approves $64 million Aspire award for 210-unit Bayfront project in Jersey City

The first piece of the highly touted Bayfront housing project in Jersey City is moving ahead with the help of a newly approved, $64 million tax credit award under the state’s Aspire program.

Government & Public Policy
CRE leaders hopeful after Murphy signs law to boost viability, eligibility of Aspire projects

Gov. Phil Murphy has signed a law to expand the Aspire tax credit program for developers, in part by allowing projects in New Brunswick, Camden and East Orange to secure larger awards, while taking steps meant to help applicants secure construction financing.

Industrial
Camber, Invesco buy 384,000 sq. ft. industrial portfolio in Burlington County

Camber Real Estate Partners and Invesco Real Estate have added more than 384,000 square feet of industrial space as part of a five-building portfolio deal in northern Burlington County.

Industrial
Stonemont delivers new 296,000 sq. ft. spec warehouse project in Passaic

Atlanta-based Stonemont Financial Group has completed construction on nearly 296,000 square feet of new industrial space off Route 21 in Passaic.

Finance & Capital Markets
Owner of Hampton Inn near Newark Airport refis with new senior loan, Cronheim says

The owner of a newly updated hotel near Newark Liberty International Airport has refinanced the property, in a deal arranged by Cronheim Hotel Capital.

Retail
Universal Lacrosse opens 3,200 sq. ft. shop at Larken’s Raritan Crossing property

A lacrosse shop has opened a new location in Raritan Borough, where it occupies more than 3,200 square feet under a lease with Larken Associates.

Office
WCRE: Private tenant takes 1,200 sq. ft. at Cherry Hill office building

The owner of a boutique office building in Cherry Hill has secured a new tenant for the property, according to a broker with Wolf Commercial Real Estate.