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.

Office
Newmark: Fairfield office building hits 85 percent occupancy after new 18,000 sq. ft. lease

A new tenant is coming to a Fairfield office building after inking a lease for some 18,000 square feet, marking the latest deal at the property by brokers with Newmark Associates.

Residential & Mixed Use
Randolph tract approved for 35 homes, retail space fetches $4.5 million, C&W says

A developer has acquired a parcel in Randolph with plans in place for 35 housing units and more than 4,000 square feet of retail space, in a transaction arranged by Cushman & Wakefield.

Industrial
NFI, Penwood detail Exit 5 logistics project with joint venture, financing arranged by JLL

A joint venture has landed a $54 million construction loan to build more than 528,000 square feet of new industrial space in Burlington County, in a set of deals arranged by JLL.

Editor’s Note
On the horizon

Two key asset classes in New Jersey have become inextricably linked in the last two to three years, as local governments increasingly turn to their aging office stock to fill the state’s housing deficit. Some have done so proactively, but others are acting out of necessity as they race to comply with New Jersey’s updated affordable housing law. That’s causing some market leaders to wonder if municipalities will face “multifamily fatigue” after the latest round of mandates and the corresponding land use planning, which has played out across the state over the past 12 months.

Event Coverage
A changing landscape: Development leaders expect office-to-residential conversions to slow, be reimagined

Some veteran real estate experts are predicting “multifamily fatigue” in the Garden State as towns deal with the latest round of state-mandated affordable housing obligations, potentially reshaping the state’s development scene and the pipeline of residential projects.

Residential & Mixed Use
Donnelly completes 60-unit rental project along NJ Transit rail line in Denville

Donnelly Industries has unveiled a new 60-unit apartment building in Denville, touting a location directly next to a train station and minutes from the town’s popular business district.

Hospitality & Tourism
With World Cup looming, P3 charges ahead with $100 million update of Meadowlands hotel

A developer’s full-scale update of a landmark hotel in East Rutherford is quickly moving ahead with just months to go until MetLife Stadium welcomes the FIFA Men’s World Cup.

Industrial
RRNNJ: Audio tech company leases 17,000 sq. ft. in Mount Olive industrial deal

An audio company has secured 17,000 square feet of industrial space in Morris County, in the largest of two newly announced deals by Resource Realty of Northern New Jersey.

Residential & Mixed Use
Kislak pairs longtime clients, inks sale of Poughkeepsie apartments for $8.4 million

An investor has purchased a 58-unit apartment complex in New York’s Dutchess County for nearly $8.4 million, according to a listing team with The Kislak Co. Inc.

Professional Services
Glussky named assistant vice president in expanded role with Sheldon Gross Realty

Sheldon Gross Realty has promoted Josh Glussky to assistant vice president, expanding his role with the West Orange-based firm after his arrival nearly three years ago.