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
Space and pace

You may have heard by now about the rush for life sciences space in the wake of last year’s COVID-19 outbreak, which could still continue even after the virus is under control. New Jersey, of course, should stand to benefit with a deep pool of intellectual talent that rose to the occasion in the nation’s fight against the pandemic. That’s the good news, but tapping into that demand remains somewhat complicated.

Office
Mack-Cali sells 946,000 sq. ft. Metropark office portfolio for $254 million

Mack-Cali Realty Corp. has sold four office buildings in the Metropark submarket for $254 million, as it sheds another key piece of its once-sprawling suburban portfolio.

Industrial
Stro, KRE detail plans for 205,000 sq. ft. industrial project in Woodland Park

Kushner Real Estate Group and The Stro Cos. have closed on a 16-acre development site in Woodland Park, with plans to build 205,000 square feet of new industrial space.

Professional Services
Cresa New Jersey announces new principals among latest additions

Tenant advisory firm Cresa has made four additions to its New Jersey brokerage team.

Government & Public Policy
State completes sale of Fort Monmouth marina, restaurant property

The operator of a marina and restaurant property at Fort Monmouth has acquired the parcel, following approval by the agency leading the redevelopment of the former U.S. Army post.

Industrial
BRC inks 40,000 sq. ft. industrial lease in New Brunswick

An industrial user has taken 40,000 square feet in New Brunswick, under a newly announced transaction by Bussel Realty Corp.

Residential & Mixed Use
PCD hits 50 percent leased milestone at Morristown rental building

A developer is more than half-leased at a new boutique apartment building in Morristown, touting its proximity to the downtown and its large outdoor amenity spaces.

Residential & Mixed Use
Investor sells Asbury Park apartments for $2.3 million, Kislak says

An investor has sold a 13-unit apartment building in Asbury Park for $2.3 million, in a deal that comes less than three years after it purchased the property.

Finance & Capital Markets
Institutional buyers, able to see past short-term uncertainty, still finding value in New Jersey

After treading lightly for much of the past year, institutional investors appear poised to accelerate their commercial real estate spending in 2021. New Jersey and other suburban markets could benefit in the near term as buyers await the return of New York City — especially in an apartment sector that is regaining its footing after stumbling during the pandemic.

Industrial
New 76,000 sq. ft. industrial building coming to Morris County, Resource Realty says

Construction is underway for more than 75,000 square feet of new industrial space in Morris County, according to brokers with Resource Realty of Northern New Jersey.