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.

People
Sack Business Alliance names new executive director

The Main Street Business Alliance in Hackensack has tapped a veteran entrepreneur and executive as the new head of the special improvement district.

Office
AEP sells renovated 121,000 sq. ft. office building in Warren, in C&W-brokered deal

American Equity Partners has sold a nearly 121,000-square-foot office building in Warren, following its 2016 purchase and subsequent upgrade of the property off Interstate 78.

Government & Public Policy
Westfield council greenlights HBC redevelopment of Lord & Taylor site, nearby lots

Local officials in Westfield have cleared the way for the Hudson’s Bay Co. to redevelop a vacant Lord & Taylor site and several adjacent blocks downtown, with plans calling for more than 300,000 square feet of office space and some 200 residential units.

Finance & Capital Markets
Developers ink $58 million refi of 240-unit Journal Square rental building, JLL says

The owners of a six-year-old, 240-unit luxury apartment building in Jersey City have closed on $58 million in financing for the property, according to a debt placement team with JLL.

Industrial
Marcus Partners acquires 89,000 sq. ft. Piscataway industrial building

Marcus Partners has added nearly 90,000 square feet to its New Jersey industrial portfolio with its purchase of a newly renovated property in Piscataway.

Health Care & Education
Azarian touts new health care leases at North Brunswick, Woodbridge shopping centers

A new physical therapy practice has leased nearly 1,200 square feet at The Shoppes at North Brunswick, in one of two newly announced deals by Azarian Realty Co.

Office
Exchange Place Alliance opens new office in downtown Jersey City

The influential Exchange Place Alliance has unveiled its new 900-square-foot office at the border of two key neighborhoods in downtown Jersey City.

Industrial
Rockefeller: New 655,000 sq. ft. logistics center rising at ex-paper mill site in Spotswood

The transformation of a historic industrial site in Spotswood is taking shape, in a project that will bring some 650,000 square feet of new logistics space to the small Middlesex County borough.

Finance & Capital Markets
BLT lands $257 million Greystone loan for The Beacon in Jersey City, C&W says

The owner of the nearly 1,200-unit apartment complex known as The Beacon in Jersey City has snagged more than $257 million in financing, brokers with Cushman & Wakefield announced.

Hospitality & Tourism
Borgata’s Water Club to become MGM Tower under $55 million redesign, rebrand

Borgata Hotel Casino & Spa has kicked off a $55 million redesign and rebranding of the tower long known as The Water Club, with plans to deliver more than 700 renovated guestrooms and a new collection of high-end suites with wraparound views of Atlantic City.