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
Mack-Cali agrees to sell Parsippany, Madison portfolio for $289 million

Mack-Cali Realty Corp. has agreed to sell 2.4 million square feet of office space in Parsippany and Madison to a joint venture led by Onyx Equities LLC, in a $288.5 million deal that sets up a plan to shed its entire suburban office portfolio.

Industrial
Matrix inks new industrial leases with Modell’s, Walmart for nearly 500,000 sq. ft.

Matrix Development Group has signed new leases at industrial projects in Burlington and Salem counties, where two of retail’s biggest names will take a combined 489,000 square feet.

Office
Columbia, BNY subsidiary ink 400,000 sq. ft. renewal in Jersey City

The Bank of New York Mellon is staying in place on the Jersey City waterfront, where it has signed a roughly 400,000-square-foot renewal with Columbia Property Trust Inc.

Office
West Orange medical office building fetches $9.5 million, Newmark says

A buyer has paid $9.5 million for a 50,400-square-foot medical and professional office building in West Orange, with plans to bring a surgery center to a portion of the property.

Health Care & Education
Embroidery, screen printing business buys vacant Phillipsburg school building

The Phillipsburg Board of Education has sold a vacant 8,500-square-foot school building in the Warren County town, under a newly completed transaction by NAI James E. Hanson.

Industrial
Crow Holdings, LG Electronics ink 925,000 sq. ft. lease at Franklin industrial project

Crow Holdings Industrial has inked a 925,000-square-foot lease in Franklin Township with LG Electronics USA, landing a high-profile tenant at its first New Jersey warehouse project.

Residential & Mixed Use
Woodmont debuts 230-unit project in Roxbury, its latest luxury rental development

Woodmont Properties has opened the doors to an upscale, 230-unit apartment community in the Morris County township of Roxbury.

Industrial
CBRE: Pricing gap for investors narrows between cold storage, traditional warehouses

Investors increasingly are warming up to the cold storage warehousing sector in New Jersey and other major markets — despite ongoing challenges in the asset class — pushing cap rates for Class A facilities closer to those of traditional high-quality warehouses.

Residential & Mixed Use
Jersey City rental tower by Ironstate, KRE hits 80 percent leased milestone

Renters have leased more than 440 units in six months at a recently opened luxury apartment building in Jersey City, say co-developers Ironstate Development Co. and KRE Group.

Retail
New eateries coming to South Jersey mixed-use development by Atkins, Woodmont

A café and an Italian restaurant have committed to new locations in Gloucester County, the latest additions to a sprawling mixed-use development by Atkins Cos. and Woodmont Properties.