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.

Top News
Parking at multifamily properties is overbuilt, Rutgers study finds, highlighting need for new state guidelines

Demand for parking at multifamily properties in New Jersey is well below what state guidelines require, according to a newly released study by the Rutgers Center for Real Estate, highlighting the potential to reduce construction costs, improve housing affordability and soften the environmental impact of new development by easing state mandates.

Government & Public Policy
City, state officials break ground on highly touted pedestrian bridge to link Newark’s downtown, Ironbound section

Construction is set to begin on a long-awaited pedestrian bridge that will connect downtown Newark to the city’s acclaimed Ironbound neighborhood, helping to spark new development and create additional access to both Newark Penn Station and the Prudential Center.

Industrial
CrownPoint, Lamar detail plans for 1,200-unit self-storage facility in Newark’s Ironbound

CrownPoint Group and Lamar Cos. are set to build a new 135,000-square-foot self-storage facility in Newark after acquiring a one-acre parcel in the city’s Ironbound section.

Retail
Halal smokehouse, H&R Block sign leases at North Brunswick shopping center, LMC says

Two new tenants are coming to a North Brunswick shopping center after leasing a combined 4,750 square feet at the property, agents with Levin Management Corp. announced Tuesday.

Office
Joint venture picks C&W as leasing team for 228,000 sq. ft. Florham Park office building

Vision Properties and The Birch Group have tapped Cushman & Wakefield as their leasing agent for nearly 230,000 square feet of office space at The Green at Florham Park.

Office
Developer acquires 240,000 sq. ft. Trenton office tower, eyes conversion to multifamily

The buyer of a 240,000-square-foot office building in downtown Trenton has secured a $4.5 million acquisition loan, in a deal arranged by Maverick Commercial Mortgage Inc.

Government & Public Policy
City agency OKs pact to bring 471,000 sq. ft. warehouse, open space to key Perth Amboy site

A large piece of Perth Amboy’s waterfront is slated to become more than 470,000 square feet of modern warehouse space, recreation space and pad-ready development sites near the city’s downtown, under a plan to clean up and revitalize the long-vacant industrial parcel.

Industrial
Sitex Group acquires 640,000 sq. ft. Zuckerberg’s Industrial Park in Saddle Brook

Sitex Group has acquired a 50-building, 640,000-square-foot industrial park in Saddle Brook, marking the first sale of the campus since its development began nearly a century ago.

Finance & Capital Markets
Wilentz attorney Erhardt-Wojie joins Amboy Bank board of directors

A veteran attorney in the banking and real estate space has joined Amboy Bank’s board of directors, the Old Bridge-based lender announced.

Retail
Onyx launches online ordering at The Junction at Gateway Center

Onyx Equities has launched online ordering at The Junction at Gateway Center, the new 100,000-square-foot dining corridor inside the downtown Newark office complex.