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.

Residential & Mixed Use
Russo, Dinallo hit key leasing milestone after debut of Hackettstown rental property

Renters are flocking to the new 275-unit Vermella Hackettstown, marking a strong start for the luxury apartment brand’s expansion to Warren County.

Industrial
AY: Manufacturer takes 84,000 sq. ft. at repositioned South Brunswick industrial building

A maker of aluminum products and systems for the construction industry has leased 84,000 square feet at a South Brunswick industrial property, according to brokers with Avison Young.

Retail
Pickleball coming to Flanders shopping center under 15,000 sq. ft. deal, RIPCO says

A pickleball operator has taken 15,000 square feet at a ShopRite-anchored retail center in Mount Olive, in a newly announced deal by RIPCO Real Estate.

Finance & Capital Markets
CMC: Keasbey-based Landmark scores $43 million loan for newly acquired Southeast property

Landmark Cos. has expanded its holdings outside New Jersey, adding a luxury rental property in North Carolina with the help of a $42.5 million loan arranged by Commercial Mortgage Capital.

Residential & Mixed Use
Woodmont, Canoe Brook venture sells 116-unit Secaucus rental property, CBRE says

The developers of a four-year-old, 116-unit luxury rental community in Secaucus have sold the property for nearly $48 million, brokers with CBRE announced Thursday.

Residential & Mixed Use
Berkadia: Updated 25-unit apartment building in Montclair sells for $7.6 million

An investor has sold a renovated 25-unit apartment building near downtown Montclair for nearly $7.6 million, according to a listing team with Berkadia.

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.