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
Joint venture acquires luxury rental building in Parsippany for $68 million

The developer of a two-year-old, 212-unit apartment building in Parsippany has sold the property, reportedly for nearly $70 million.

Residential & Mixed Use
Jersey City rental projects secure $22.5 million under EB-5 program

A federal agency has approved a $22.5 million loan under the EB-5 visa program that will support part of a plan to bring new apartments and retail space to Jersey City’s west side.

Finance & Capital Markets
Perth Amboy self-storage project lands $11.5 million loan, Eastern Union says

The developer of a new 1,115-unit self-storage facility in Perth Amboy has secured $15.5 million in financing for the project, under a transaction arranged by Eastern Union.

Retail
Burlington County retail center trades for $1 million, Marcus says

A private buyer has acquired a nearly 12,000-square-foot retail property in Burlington County, under a newly announced transaction by Marcus & Millichap.

Residential & Mixed Use
KRE launches leasing (virtually) at 200-unit rental project in Bayonne (SLIDESHOW)

Kushner Real Estate Group is taking the wraps off its first residential project in Bayonne, a collection of 200 apartments just steps from a Hudson-Bergen Light Rail station.

Industrial
Developer sells 10,400 sq. ft. industrial building in Sparta, NAI Hanson says

A developer has sold a 10,400-square-foot speculative industrial building in Sparta, under a newly announced transaction by NAI James E. Hanson.

People
Builders, contractors association names new president for New Jersey chapter

The Associated Builders and Contractors’ New Jersey chapter has tapped a veteran business owner and public official in South Jersey as its newest leader.

Finance & Capital Markets
Kennedy Funding closes $1 million loan for Long Island waterfront property

Kennedy Funding, an Englewood Cliffs-based direct private lender, has closed a $1 million loan for a nearly four-acre waterfront property in New York’s Nassau County.

Retail
Landlords brace for fallout, search for solutions with retailers battered by COVID-19 shutdown

New Jersey shopping centers that once buzzed with a steady hum of activity have been quiet since late March, with most retail businesses shut down to contain the spread of COVID-19. Retail landlords are now scrambling to figure out how to deal with tenants who say they can’t pay rent because their revenue streams have stopped cold — even though property owners still have their own financial obligations.

Finance & Capital Markets
Northmarq inks $16.5 million refi for Bergen County retail center

The owner of a grocery-anchored shopping center in Bergen County has refinanced the property for $16.5 million, under a newly announced transaction by Northmarq.