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.

Residential & Mixed Use
JLL seeking buyer for 351-unit luxury apartment complex in Fort Lee

A seven-building, 351-unit apartment complex in Fort Lee is on the market for sale, with the potential to draw offers in the range of $170 million.

Office
Medical device firm takes 48,000 sq. ft. of life science, office space near Princeton

A medical device maker has leased some 48,000 square feet in Plainsboro, with plans to use the space for research and development, product assembly and its administrative offices.

Professional Services
Dresdner Robin details remediation, infrastructure work in Jersey City redevelopment

Land use consultancy Dresdner Robin has completed the first phase of environmental remediation at the site of what will be a mixed-use, two-tower development in Jersey City.

Industrial
NAI Hanson: Auto parts company takes 28,000 sq. ft. in South Hackensack

An auto parts distributor has leased nearly 28,000 square feet of industrial space in South Hackensack, under a newly announced transaction by NAI James E. Hanson.

Office
Auctioneer relocating from New York, inks lease at Sanzari campus in Teaneck

An auctioneer is moving its headquarters from Manhattan to Teaneck, having leased more than 2,500 square feet at Alfred Sanzari Enterprises’ flagship Glenpointe campus.

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.