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.

Professional Services
Veteran finance exec rejoins FirstService Residential on east region team

FirstService Residential has named a new executive vice president of finance for its east region, tapping a former member of its team who is returning after two years.

Sponsored Content
Conditions on PILOT agreements: What developers, municipalities need to consider

As the Long Term Tax Exemption Law has become more widely used, local and state legislatures have increasingly sought to impose additional conditions on developers for receiving payment in lieu of taxes agreements, or PILOTs. But it is important for municipalities and developers to remember that these conditions are not without limit.

Retail
Developers kick off Morris Twp. project with 140,000 sq. ft. retail center, community space

A joint venture has started construction on a new retail center and community space in Morris Township, part of a plan to redevelop a 64-acre former Colgate-Palmolive campus.

Office
JLL: Makeup brand, financial adviser ink leases at new Montvale office building

A new boutique office building in Montvale has attracted two more tenants, marking the latest additions to a mixed-use development by The S. Hekemian Group.

People
Prism names vice president of construction amid growing pipeline

Prism Capital Partners has added a vice president of construction to support its growing pipeline of ground-up projects.

Office
Rutgers buys 3,700 sq. ft. office building in downtown Newark, NAI Hanson says

Rutgers University has acquired a 3,700-square-foot office building in downtown Newark, under a newly announced transaction by NAI James E. Hanson.

Residential & Mixed Use
Developers break ground on housing, nonprofit space at Paterson mill property

A joint venture has broken ground in Paterson on a $26 million project that will bring affordable housing and space for a local nonprofit to the site of a historic mill building.

Government & Public Policy
Insiders see growing (but measured) demand for new, more targeted state incentive program

With the recent approval of the first awards under Emerge, the state’s new jobs-based tax incentive program, officials and other insiders expect to see a measured pace of applications for a subsidy that was designed to be more discerning and targeted than its predecessor.

Residential & Mixed Use
KRE marks expansion of Bayonne project with launch of 213-unit rental property

Kushner Real Estate Group is set to unveil more than 200 new upscale apartments in Bayonne, marking the second leg of a three-phase project in the city’s waterfront redevelopment area.

People
Casiello joins ACDevco board of directors

A local resident and well-known commercial real estate professional has joined the board of ACDevco, the nonprofit developer focused on key projects in Atlantic City.