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.

Mondelēz unveils new $50 million R&D center at 150,000 sq. ft. Whippany building

Mondelēz International Inc. has opened a new $50 million research and development facility in Morris County, where it will look to enhance production, processing and packaging for popular snacks such as Oreos and Ritz crackers.

Professional Services

REDCOM names new CEO, eyeing continued expansion

REDCOM has named a new CEO as part of a larger plan to expand the Westfield-based design-build engineering, architecture and contracting firm.

Industrial

Ridgecut, Marcus Partners acquire low-coverage industrial service property in South Plainfield

A partnership has acquired a South Plainfield industrial property that it’s now marketing to tenants, seeking to leverage the site’s low coverage and proximity to Interstate 287.

Office

Connell debuts prepared, healthy meal service for tenants at The Park in Berkeley Heights

The Connell Co. has launched a new prepared meal service for office workers at The Park, its 185-acre business and hospitality campus along Interstate 78 in Berkeley Heights.

Photos

IOREBA, MAREJ conference details CRE opportunities and challenges in cannabis market

New Jersey’s fast-growing cannabis market and its impact on commercial real estate took center stage last month as part of an event hosted by the Industrial & Office Real Estate Brokers Association and the Mid Atlantic Real Estate Journal.

Residential & Mixed Use

Klein to develop 272 apartments in Metuchen, bringing new life to ex-factory site

A developer is expanding its portfolio in the state with plans for a new 272-unit multifamily property in Metuchen, where it’s repurposing a former industrial site.

Retail

S.Hekemian Group adds furniture, restaurant chains to fill retail space at North Market

The S.Hekemian Group has added three prominent retailers to the mixed-use development that has helped revitalize the former Mercedes-Benz USA campus in Montvale.

Office

NAI Hanson: Mental health organization buys 23,000 sq. ft. Parsippany office building

A community organization has found a new headquarters after acquiring a nearly 23,000-square-foot office building in Parsippany, a broker with NAI James E. Hanson said Thursday.

Deals

Outgoing owner of printing business sells Burlington facility, Vantage Commercial says

The retiring owner of a printing business has sold a 3,000-square-foot facility along Route 130 in Burlington, in a newly announced deal by Vantage Commercial.

Industrial

Terreno sells North Bergen industrial building for $26 million, nearly doubling investment

Terreno Realty Corp. has sold a 127,000-square-foot industrial building in North Bergen for some $25.5 million, nearly double the price it paid for the property in 2017.