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
CBRE: Investors sell revamped 80,000 sq. ft. office building in Parsippany for $10.2 million

An investment group has sold a nearly 80,000-square-foot office building in Parsippany for $10.2 million, in a newly announced deal by CBRE.

Education
Montclair State picks JLL to find executive director for real estate, economic development

Montclair State University has tapped JLL to lead its search for a new executive director of real estate and economic development.

Industrial
SL Industrial Partners adds 294,000 sq. ft. industrial facility in North Carolina

SL Industrial Partners has acquired a nearly 294,000-square-foot distribution facility in Greensboro, North Carolina, adding to its holdings outside its home state of New Jersey.

Industrial
Brookfield lands 104,000 sq. ft. tenant for new Elizabeth industrial campus, Blau & Berg says

Brookfield Properties has found its first tenant for a new industrial campus in Elizabeth, securing a full-building lease for nearly 104,000 square feet in the highly valued port submarket.

Government & Public Policy
NJBA launches legal challenges against towns seeking to lower affordable housing obligations

The New Jersey Builders Association is suing nearly 160 municipalities that have sought to reduce their affordable housing obligations under a law adopted last year, setting up a new round of legal battles as state officials roll out the closely watched program.

Finance & Capital Markets
Alpine snags $143 million construction loan, equity for 500-unit ‘Scholars Village’ project near Liberty Science Center, JLL says

Alpine Residential has landed a nearly $143 million construction loan and equity for a plan to build 500 apartments on the doorstep of the Liberty Science Center in Jersey City.

Office
C&W: New amenity space helps draw two tenants to waterfront office tower in Jersey City

The owner of a 600,000-square-foot office tower in Jersey City has attracted two new tenants after the debut of a revamped amenity space, according to brokers with Cushman & Wakefield.

Editor’s Note
What’s old is new

As you’ll read in this month’s cover story, The Connell Co. is entering a new phase of its decade-long, $500 million update of its 185-acre campus along Interstate 78, with construction underway on new residential, dining and entertainment spaces that will create a town square for workers and residents alike. Connell has already taken steps toward opening the corporate park to the public — offering gym memberships and nighttime social events inside its renovated office space — all with a level of branding and merchandising that is unlike anything seen at other commercial properties in the state.

Top News
Judge dismisses state racketeering charges against Norcross, allies in case tied to redevelopment of Camden waterfront

A judge has dismissed the state’s racketeering case against political power broker George Norcross and other key figures in South Jersey, one that stemmed largely from a series of land deals and well-known development projects along Camden’s waterfront.

Industrial
BRC: Diesel engine provider buys 55,000 sq. ft. Somerset facility for $14 million

A company that sells diesel engines and power generation products has acquired a 55,000-square-foot industrial property in the Somerset section of Franklin.