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.

Retail
Paramount debuts 7-Eleven at historic bank property in Newark

Paramount Assets has completed its adaptive reuse of a historic bank building in Newark’s Ironbound section, welcoming 7-Eleven as the last of its two tenants.

Finance & Capital Markets
Progress inks $26 million construction loan for Manhattan condo project

Progress Capital has secured more than $26 million in financing for the construction of a luxury condominium complex on Manhattan’s Upper East Side.

Residential & Mixed Use
Marcus: Investors testing new markets amid competition for northern N.J. multifamily deals

Investor appetite for northern New Jersey’s multifamily sector showed few signs of slowing down in 2018, causing buyers to explore new frontiers in the market, move more aggressively and expand into other asset classes. That’s according to brokers with Marcus & Millichap, who say that out-of-market buyers from New York City and elsewhere have begun to pivot in recent months in order to find new deals.

Editor’s Note
Policy watch

I’ll admit it: The prospect of writing about technical, complex environmental policy can be daunting and frustrating. Especially when it’s not your everyday beat. But there’s no getting around the importance of one policy in particular, at least when it comes to the future of New Jersey commercial real estate. If you polled a group of developers and service providers, many would tell you that the state’s Licensed Site Remediation Professional program has been critical, helping to unlock new opportunities at formerly contaminated sites and adding to the momentum of red-hot product types like industrial and multifamily. Some might find it hard to believe that next May will mark a decade since the program was born under the landmark Site Remediation Reform Act. But with that milestone fast approaching, the LSRP system is getting a fresh look from policymakers and stakeholders.

Residential & Mixed Use
Prism details plans for redevelopment at Dunellen train station

Prism Capital Partners has unveiled its plans for a new 382-unit residential project alongside the Dunellen train station, where it expects to begin construction by next summer.

Industrial
Brooklyn electrical contractor buys Paterson building for $7.8 million

An electrical contractor is expanding into New Jersey with its purchase of a Paterson industrial building, under a $7.8 million deal arranged by Team Resources Inc.

Residential & Mixed Use
HMFA, developer unveil renovated housing complex in Irvington

A developer has completed a major renovation of a 152-unit affordable rental complex in Irvington, thanks in large part to a state financing package.

Retail
Goldstein Group: Salad chain joins New Providence shopping center

A fast casual salad chain has taken 3,200 square feet at a New Providence shopping center, brokers with The Goldstein Group announced this week.

Retail
Net-leased bank property in Bordentown fetches $1.7 million

A private investor has sold a 2,760-square-foot, net-leased bank property in Bordentown, in a nearly $1.7 million deal arranged by Marcus & Millichap.

Office
New York-based marketing firm eyes HQ move to Paramus, 25,000 sq. ft. lease

A marketing firm based in Rockland County, New York, is weighing a move to Bergen County, where it would lease nearly 25,000 square feet in connection with an incentive package approved by the state Economic Development Authority.