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
Marcus: Morristown property with medical office, residential unit trades for $2.5 million

A buyer has paid $2.5 million for a 6,000-square-foot mixed-use property in downtown Morristown, under a transaction arranged by Marcus & Millichap.

Industrial
Major industrial deals in Gloucester, Burlington counties among latest deals by NAI Mertz

Brokerage firm NAI Mertz is touting the $26 million sale of a nearly 255,000-square-foot industrial building in Logan Township, in one of several newly announced first-half deals.

Industrial
Sitex adds Paramus industrial property, inks lease with Carvana in Perth Amboy

Sitex Group has completed two new industrial transactions in New Jersey, including a lease in Middlesex County with a fast-growing e-commerce auto retailer.

Retail
JLL: Investor buys Newark retail property, would-be redevelopment site for $9 million

A private investor has acquired a retail property in downtown Newark, brokers with JLL announced, touting a potential redevelopment opportunity in a growing section of the city.

Residential & Mixed Use
Closter: Longtime business park owner eyes redevelopment with senior housing

A development team has unveiled plans for a new 195-unit senior housing community in Closter, where it will look to replace a business park that dates back to the end of World War II.

Retail
Bergen County bank branch trades for $4.8 million, Marcus says

A net-leased Bank of America branch in Fair Lawn has changed hands for nearly $5 million, in a newly announced transaction by Marcus & Millichap.

Residential & Mixed Use
Larken acquires, plans upgrade of 102-unit rental property in Pennsylvania

Larken Associates has added to its out-of-state multifamily portfolio with the acquisition of a 102-unit property in southeastern Pennsylvania.

Government & Public Policy
Transit village project, Gateway tunnel in focus in Buttigieg visit to Somerville

A new mixed-use transit village in downtown Somerville took center stage during a recent visit by U.S. Transportation Secretary Pete Buttigieg, highlighting the importance of infrastructure investment as Congress debates a $1 trillion spending package.

Industrial
Investment firm enters New Jersey, adding 69,000 sq. ft. industrial building in Garfield

An investment firm has made its first acquisition in New Jersey with the purchase of a mixed-use property in Bergen County, under a newly announced transaction by CBRE.

Editor’s Note
Outside the box

By and large, it’s been a decade of good news for New Jersey industrial’s sector. I’m certainly thankful for the steady stream of updates on deals and developments up and down the state, especially in a pandemic that has threatened other asset classes. That can also present a challenge as we look to keep our content fresh, nuanced and informative in an area that has been so consistent.