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.

Industrial
BRC inks sale of 10,000 sq. ft. Elizabeth industrial building

A nearly 10,000-square-foot industrial building in Elizabeth has traded for $2.2 million, in a newly announced transaction by Bussel Realty Corp.

Government & Public Policy
Dunellen officials, DMR seeking public feedback for borough’s new master plan

Officials in Dunellen have set out to update the borough’s master plan, working alongside DMR Architects in a process that includes collecting feedback from local residents.

Industrial
NAI Hanson: U.K.-based dental lab inks lease in Lodi for first U.S. location

A dental laboratory has secured its first U.S. location with a newly signed lease at a Bergen County industrial building, according to brokers with NAI James E. Hanson.

Office
Buyer wanted for 49,000 sq. ft. office, medical building in Monmouth County

The owner of a nearly 50,000-square-foot office and medical building in Monmouth County is seeking a buyer for the property.

Editor’s Note
Bolstering the ranks

As you’ll read in this month’s cover story, Prologis’ growing team is supporting a portfolio that now spans 44 million square feet across 200 properties in New Jersey and New York. Growing that footprint will come in a number of ways, Harty said, including the types of creative, value-add projects that involve redeveloping former office campuses. That, in turn, requires additional development and construction personnel like the kind that Prologis has added in recent months. And it comes as the company also hires for what’s known as its Essentials platform, which provides services to tenants such as helping them source materials for their building fit-outs, in a bid to engage them “beyond the four walls and the real estate.”

Finance & Capital Markets
JLL: Buyer inks $32 million loan for purchase, renovation of Hackensack rentals

The new owner of a 198-unit garden apartment complex in Hackensack has landed nearly $32 million in financing for the acquisition and for its plans to renovate the property.

Retail
Adoni sells 42,000 sq. ft. Somerset retail center for $13 million, C&W says

Adoni Property Group has sold a retail center in the Somerset section of Franklin for nearly $13 million, brokers with Cushman & Wakefield announced Tuesday.

Industrial
NAI DiLeo-Bram: Flooring contactor expands with 7,000 sq. ft. Kenilworth industrial building

A flooring contactor has purchased a 7,000-square-foot industrial building in Kenilworth, in a newly announced transaction by NAI DiLeo-Bram & Co.

Industrial
Blau & Berg: Family sells Plainfield commercial lot after nearly 100 years

The longtime owner of a commercial lot in Plainfield has sold the property, according to a brokerage team with The Blau & Berg Co.

Residential & Mixed Use
Denholtz adds 384-unit luxury rental property outside Nashville, in latest Southeast deal

Denholtz Properties has continued its out-of-state expansion with the acquisition of a newly built, 384-unit apartment property outside Nashville, the Red Bank-based firm announced.