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.

Government & Public Policy
Recreational cannabis sales in New Jersey jump 46 percent, top $116 million in Q3

Sales of recreational cannabis in New Jersey rose to more than $100 million in the third quarter, showing the potential of a market that launched less than eight months ago.

Government & Public Policy
State completes sale of 36-acre Fort Monmouth parcel slated for RWJBarnabas campus

The state has completed its sale of a 36-acre parcel at Fort Monmouth — the onetime home of a Cold War-era research complex — where plans call for a long-awaited, sprawling health care campus to be operated by Monmouth Medical Center.

Retail
Federal Realty buys ex-bank property in downtown Hoboken, Pierson says

The site of a former bank branch in downtown Hoboken has traded for $9 million, in a newly announced deal by Pierson Commercial.

Residential & Mixed Use
New 337-unit rental complex rising in Jersey City’s West Side neighborhood, JRM says

Construction is progressing on a new 337-unit luxury apartment building in Jersey City’s fast-changing West Side neighborhood, the project’s general contractor said Monday.

Office
WCRE: Conrail takes 32,000 sq. ft. at Mount Laurel office building

Conrail has leased more than 32,000 square feet at a recently updated office building in Mount Laurel, according to a brokerage team with Wolf Commercial Real Estate.

Industrial
Brookfield buys site of Kearny freight transfer facility for $67 million

Brookfield Asset Management has acquired the site of a nearly 57,000-square-foot industrial building in Kearny, in a deal reportedly valued at $67.25 million.

Deals
CPN: Plumbing, heating business buys Princeton building for new headquarters

A local plumbing and heating business has purchased a 5,000-square-foot building in Princeton, securing a space that will become the company’s home starting in 2023.

Deals
Gloucester Twp. sells ex-elementary school building, WCRE says

A school district in Camden County has sold a former elementary school building near Route 42, in a recent transaction by Wolf Commercial Real Estate.

Retail
Playa Bowls franchisee opens in Hunterdon for fourth location, Kraft Development says

Playa Bowls has continued its growth in the state with a franchisee’s new location in the Whitehouse Station section of Readington, according to Kraft Development II LLC.

Industrial
Mahwah industrial building fetches $20 million, trading for second time in two years

Sitex Group has purchased a nearly 85,000-square-foot industrial property in Mahwah for $20 million, in a recent transaction by Kassin Sabbagh Realty.