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.

Office
Wellington Co. inks sale of 75,000 sq. ft. office building in Upper Saddle River

A private investor has acquired a 75,000-square-foot office building at the northern edge of Bergen County, in a newly announced transaction by The Wellington Co. LLC.

Industrial
Russo, Onyx plan 827,000 sq. ft. industrial campus at Novartis site in East Hanover

Russo Development and Onyx Equities have acquired 62 acres at the well-known Novartis campus in East Hanover, with plans to build more than 800,000 square feet of new industrial space in place of what’s now a cluster of vacant office buildings.

Industrial
Woodmont sells 92,000 sq. ft. industrial, flex portfolio for $22 million

Woodmont Properties has sold more than 90,000 square feet of industrial flex space along Route 46, fetching just over $22 million for the two-building portfolio.

Finance & Capital Markets
JLL: Joint venture inks $54 million loan for newly acquired Montclair apartments

The recent buyers of a 163-unit multifamily property in Montclair have landed a $54 million acquisition loan for the property, according to a debt placement team with JLL.

Government & Public Policy
EDA: Buyer wanted for 26 acres along Route 1 R&D, education corridor in North Brunswick

The state is seeking a buyer for 26 acres along Route 1 in North Brunswick, touting the parcels’ location in the heart of New Jersey’s research and development corridor.

Professional Spotlight
Avison Young taps property management veteran as principal

Avison Young has named Eric Stone as a principal and regional director of real estate management services, the firm announced.

Industrial
Logistics firm leases 33,000 sq. ft. in Edison, BRC says

A freight shipping and trucking company is taking nearly 33,000 square feet of industrial space in Edison, brokers with Bussel Realty Corp. announced Monday.

Industrial
NAI Hanson: Hackensack warehouse sold, becomes showroom for luxury cars

The operators of a showroom for luxury cars have purchased a 4,000-square-foot industrial building in Hackensack, in a newly announced deal by NAI James E. Hanson.

Finance & Capital Markets
C&W: Developers ink $235 million permanent loan for Linden logistics campus

Advance Realty Investors and Greek Development have secured $235 million in permanent financing for the first phase of a massive logistics campus under construction in Linden.

Office
‘Green’ refrigerant business leases 7,100 sq. ft. in Woodcliff Lake, Arlington Group says

A provider of sustainable refrigerant products has leased more than 7,000 square feet of office space in Woodcliff Lake, in a newly announced deal by The Arlington Group.