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.

Editor’s Note
Jumping in

Call me provincial, but I’m always fascinated these days when I hear that an established investor, developer or retailer that operates nationally is only now finding its way into the New Jersey market. With our labor pool, our consumer base and the all-important draw of being a discount from New York City, one can’t help but wonder what took them so long in the first place — especially in an expansion that goes back more than a decade.

Retail
Fast-food, health care users vying for ex-bank locations with drive-thrus

Former bank buildings with drive-thru lanes have drawn interest from fast-food chains, medical office tenants and investors during the pandemic, thanks in large part to their structural features and prime locations.

Office
Prism acquires 40,000 sq. ft. ex-bank headquarters in Rutherford, C&W says

Prism Capital Partners is set to reposition a former bank headquarters in downtown Rutherford after acquiring the 40,000-square-foot building, in a deal arranged by Cushman & Wakefield.

Residential & Mixed Use
Gebroe-Hammer cracks $2 billion in 2021 with sale of nearly 12,800 apartments

Gebroe-Hammer Associates is eyeing continued momentum in 2022 after a year in which it brokered the sale of nearly 13,000 apartments, inking some $2 billion in transaction volume.

Retail
LMC marks 1.2 million sq. ft. of deal activity in 2021, expects continued growth

Levin Management Corp. is marking a record year in which it closed 1.2 million square feet in transaction activity, in a hopeful sign for the health of brick-and-mortar retail.

Professional Services
Avison Young acquires workplace design firm Studio Eagle, adding 30-plus N.J. team members

Avison Young has acquired Studio Eagle, a Springfield-based design and workplace planning firm, marking a major addition to its New Jersey project management platform.

Cover Story
How Devco does it: Inside $1.5 billion pipeline — and decades of high-profile New Jersey projects

New Brunswick Development Corp. is forging ahead after a year in which it broke ground on more than $1.5 billion worth of projects — a milestone that’s all the more notable for a team that never does the same project twice.

Industrial
Redevelopment underway for Meadowlands industrial project, Premier Design + Build says

A project that will bring nearly 60,000 square feet of new industrial space to Moonachie is now underway, according to a team with Premier Design + Build Group.

Finance & Capital Markets
JLL: Joint venture refinances two-building, 335-unit apartment portfolio in Rahway

A partnership has refinanced a two-building, 335-unit luxury apartment portfolio in Rahway, in a deal arranged by JLL’s New Jersey capital markets team.

Industrial
Connors inks 25,000 sq. ft. warehouse lease in North Bergen

An industrial user has leased nearly 25,000 square feet at a warehouse in North Bergen, the William F. Connors Agency announced recently.