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
Morristown’s Mayo PAC poised for $65 million expansion, update with new state tax credit

The acclaimed Mayo Performing Arts Center in Morristown is set to begin a major expansion and renovation after securing a $65 million tax credit award under a new state program.

Industrial
CBRE: Genesis buys South Brunswick industrial outdoor storage parcel for $5.7 million

Investment group Genesis has picked up another industrial outdoor storage property in New Jersey, buying a five-acre site in South Brunswick’s Dayton section for $5.7 million.

Professional Services
Veteran medical office, health care brokers Lizzack and Horning join The Clinical Group

The Clinical Group, the growing medical real estate and health care advisory firm, has bolstered its team in a significant way with the addition of two prominent brokers in the space.

Office
Owner-occupier buys 16,000 sq. ft. Denville office building, C&W says

A private occupier has purchased a nearly 16,000-square-foot office building in downtown Denville, brokers with Cushman & Wakefield announced Thursday.

Industrial
Larken inks expansion, new lease in latest deals at Hillsborough industrial park

A contractor has expanded at Larken Associates’ Hillsborough Business Center, where it now occupies more than 6,100 square feet to support its growing operations in the region.

Retail
Azarian: Fitness user takes 2,400 sq. ft. at Ringwood shopping center

A gym with bootcamp-themed classes has leased more than 2,400 square feet at a retail property in northern Passaic County, in a newly announced deal by Azarian Realty Co.

Residential & Mixed Use
Invel Capital buys 70-unit West Orange rental building in $41 million deal by JLL

A joint venture led by Invel Capital has acquired a 70-unit luxury apartment building in West Orange for nearly $41 million, in a transaction arranged and financed by JLL.

Government & Public Policy
EDA approves $359 million Aspire award for new residential, commercial tower at New Brunswick’s HELIX campus

A new project that would bring 265 apartments, office and laboratory space and housing for medical students to the emerging HELIX campus in New Brunswick is moving ahead with a newly approved, $359 million tax credit award under the state’s Aspire program.

Industrial
RRNNJ inks two leases totaling 173,000 sq. ft. to bolster East Hanover industrial park

Saxum Real Estate has filled more than 173,000 square feet with two new leases at an East Hanover industrial park, brokers with Resource Realty of Northern New Jersey said Thursday.

Residential & Mixed Use
Sage: 32-unit Dumont apartment complex trades after 65 years of original ownership

The developer of a 32-unit garden apartment complex in Dumont has sold the property after 65 years, according to a listing team with Sage Investment Real Estate Advisors.