Even in the extraordinarily tight industrial market in northern New Jersey, a century-old nonprofit with a good brand and a long-term lease plan can still acquire new warehouse space. Of course, it doesn’t hurt when the nonprofit sees e-commerce as a vital part of its future.
Times are good now for the commercial and industrial real estate industry, and those professionals that comprise NAIOP are an integral component in successful economic development projects. These same industry professionals also are doing great things for our fellow New Jerseyans.
Onyx Equities and DRA Advisors have picked Newmark Knight Frank as their leasing agent for a newly repositioned, two-building office campus in Paramus.
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.
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.
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.
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.
Woodmont Properties has opened the doors to an upscale, 230-unit apartment community in the Morris County township of Roxbury.
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.