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.

Retail
Prism, UPS Store ink 1,100 sq. ft. lease at new Woodbridge rental property

The UPS Store is coming to the base of a luxury apartment complex in downtown Woodbridge, marking the second retailer at the newly completed property by Prism Capital Partners.

Retail
Silbert to lead retail leasing for Sanzari medical arts building in Hackensack

Alfred Sanzari Enterprises has tapped Silbert Realty & Management Co. as its retail leasing agent for a prominent, 85,000-square-foot medical office property in Hackensack.

Residential & Mixed Use
Kearny apartment complex fetches $36 million amid town’s ongoing revival

A longtime apartment owner in Kearny has reaped more than $36 million from its recent sale of a seven-building, 171-unit complex in the town, according to Gebroe-Hammer Associates.

Editor’s Note
A winning team

Commercial real estate truly is a people business, which explains why our stories highlighting new hires, promotions and other personnel moves are among the most popular. We’re fortunate to see a steady diet of these updates from all corners of the industry, including the types of announcements that have come from DMR Architects just about every year since we launched Real Estate NJ — five hires here, three new additions there — all to support a growing pipeline and portfolio that includes everything from apartments and hospitals to government buildings.

Industrial
Elberon, Fidelco join FreezPak to open new freezer warehouse at Newark-Elizabeth border

A cold storage provider has opened a new 140,000-square-foot facility at the border of Elizabeth and Newark, in a project that brought together two well-known New Jersey developers.

Professional Services
MSB adds two real estate, land use attorneys

McManimon, Scotland & Baumann LLC has made two additions to its team of commercial real estate and land use attorneys.

Professional Services
BLS adds tax credit expert to manage compliance for incentives recipients

Biggins Lacy Shapiro & Co. LLC, the Princeton-based site selection and advisory firm, has hired a new senior manager focused on compliance for recipients of government tax incentives.

Finance & Capital Markets
Fairfield apartment developer inks $10.5 million refi, JLL says

A developer has secured $10.5 million to refinance a newly built, 36-unit apartment property in Fairfield, in a newly announced deal by JLL.

Office
NAI Hanson: Legal services firm relocating, taking 13,000 sq. ft. at Paterson office tower

A law practice is on the move in Paterson after leasing nearly 13,000 square feet at a prominent office building in the city, in a transaction arranged by NAI James E. Hanson.

Government & Public Policy
Murphy vetoes bill to allow third-party code inspections, calls for two-year study by DCA

A bill that would streamline construction code inspections in New Jersey using third-party, private-sector consultants is all but dead for now, following a conditional veto by Gov. Phil Murphy that shelved the proposal in favor of a two-year study by state officials.