Top News

Residential & Mixed Use
Making a market: Developers, city officials look ahead as renters arrive in downtown Newark

A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.

Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.

Sponsored Content
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.

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.

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.

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.

Industrial
Transwestern named leasing agent at 146,000 sq. ft. flex complex in Morris County

A landlord has tapped Transwestern Commercial Services as its broker for a nearly 150,000-square-foot flex industrial building in Cedar Knolls.

Residential & Mixed Use
Jersey City: Developers partner with Lyft at new 260-unit apartment complex

The developers of a new luxury apartment building in Jersey City have inked a partnership with Lyft, adding the ridesharing service to a host of other transportation options.

Professional Services
Riding the wave: Booming multifamily sector has fueled the latest growth spurt for Planned Cos.

With roots that date back more than 100 years, a Parsippany-based firm that provides janitorial, security, concierge and other services has seen its business spike in recent years amid the wave of new construction and new ownership within the multifamily space.

Residential & Mixed Use
Walters debuts 64-unit project at ex-factory site in Burlington

Walters has completed its redevelopment of a former pipe factory in Burlington County, delivering a 64-unit income-restricted community steps from NJ Transit rail service.