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
C&W: Nashville-based buyer enters New Jersey market, inks $40 million medical office deal

The Silverman Group has shed more than 130,000 square feet of medical office space in New Jersey, selling a portfolio in Essex and Union counties for more than $40 million.

Professional Services
Garibaldi Group broker, cancer survivor, completes first deals after joining firm

The Garibaldi Group’s newest broker has inked his first two deals for the firm, completing office leases in May that allowed two clients to find new space in Morris County.

Residential & Mixed Use
Vango debuts 60 units for second phase of Rutherford rental project

Vango Development has launched leasing at 60 new luxury apartments in downtown Rutherford, in the second piece of a project just two blocks from the borough’s train station.

Office
Historic camera maker opens new 12,000 sq. ft. North American headquarters at Glenpointe

A global camera manufacturer has unveiled its new North American headquarters in Teaneck after leasing space last spring at Alfred Sanzari Enterprises’ flagship Glenpointe campus.

Retail
Coffee, waffle shop opens at Walters-owned building in Toms River

A new coffee and waffles eatery has opened its doors at the Jersey Shore, where it’s leasing space at a property owned by Walters.

Industrial
Bathroom products wholesaler moving from Secaucus, takes 70,000 sq. ft. in Pennsylvania

A distributor of luxury bathroom products is relocating from Secaucus after leasing 70,000 square feet of industrial space in Central Pennsylvania, brokers with CBRE said Monday.

Government & Public Policy
‘Indistinguishable from rent control:’ Critics expect legal challenge to Newark law penalizing landlords, warn of development slowdown

The state’s commercial real estate industry is pushing back on a new ordinance in Newark that aims to limit rent increases at new, non-rent-controlled apartment buildings, arguing it will stifle development and the creation of affordable housing — while openly doubting its legality.

From the Publisher
You can’t make it up: Newark’s thinly veiled rent control law is reckless (and illegal)

Newark Mayor Ras Baraka must have snuck into our recent seminar — The Newark Redevelopment Update — and heard the buzz about this proposed resolution because it appears he ran out and got it enacted into law immediately. What is so silly about his maneuver is the fact that it is clearly illegal and will be more than likely overturned rather quickly. So why pass such a resolution in the first place?

Retail
Hair-braiding salon inks lease at Somerset shopping center, Zoltek says

A high-end hair braiding salon has leased space at a nearly 38,000-square-foot shopping center in Somerset County, according to a team with Zoltek Commercial Real Estate Services.

Residential & Mixed Use
Kislak: 100-unit Bridgewater rental complex on the market for sale, listed at $38 million

The owner of a 100-unit townhome complex in Bridgewater is seeking a buyer for the property, in a newly announced offering by The Kislak Co. Inc.