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.

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What drives the strong demand from multifamily investors?

At first glance, one might assume that new, luxury apartments are receiving the most interest from investors. While a steady pace of construction can be seen in Northern New Jersey with an average of 5,900 apartments delivered annually, this product is trading infrequently. The majority of investors focused on new construction are institutions that prefer a “build-to-core” strategy over asset acquisition and non-institutional players are unwilling to pay the premium for new development. Thus, the majority of new luxury construction is being held long term.

Industrial
Camber, Advance sell 529,000 sq. ft. light industrial portfolio, JLL says

A joint venture has sold more than 500,000 square feet of light industrial space in Morris County, closing the deal less than two years after acquiring the four-building portfolio.

Professional Services
Hollister grows footprint, acquires South Jersey construction firm

Hollister Construction Services has acquired a Marlton-based builder and general contractor, expanding its reach into southern New Jersey and Philadelphia.

Office
Colliers: Piscataway office building fetches $11.5 million

An investor has acquired a nearly 200,000-square-foot office building in Piscataway, under a newly announced transaction by Colliers International.

Office
NAI Hanson touts Parsippany leases totaling 8,600 sq. ft.

Three tenants have leased a combined 8,600 square feet at a renovated boutique office building in Parsippany, brokers with NAI James E. Hanson said Thursday.

Industrial
Holiday decorating business takes 6,000 sq. ft. in Middlesex Borough

A holiday decorating company is expanding into 6,000 square feet of warehouse space in Middlesex Borough, The Boniakowski Commercial Real Estate Group said Thursday.

Industrial
Rockefeller, PCCP sell Piscataway logistics building for $65.7 million

Rockefeller Group and PCCP LLC have sold a Piscataway distribution center for $65.7 million, their latest sale of a building within a 2.2 million-square-foot industrial development.

Office
Flight to quality continues in N.J. office market, with looming uncertainty about incentives

Office tenants in New Jersey are still flocking to new or upgraded buildings, but the ability for landlords to deliver Class A space could be slowed by the loss of state business incentives.

Finance & Capital Markets
JLL: Buyer of high-end West Windsor office building lands acquisition financing

The buyer of a nearly 330,000-square-foot office building near Princeton has secured acquisition financing for the deal, brokers with JLL announced Wednesday.

Office
NKF tapped to lease, market Journal Square office building amid $11 million upgrade

The owner of a well-known office building in Jersey City has hired Newmark Knight Frank as its leasing agent, as it continues a sweeping overhaul of the 300,000-square-foot property.