Top News

Industrial
New owner will convert Totowa pharma building after $11M sale

A buyer has paid $11 million to acquire a pharmaceutical manufacturing building in Totowa, where it now plans to retrofit the space into a warehouse and storage facility.

Office
Normandy sells Zoetis HQ building in Parsippany for $44M

A group led by Normandy Real Estate Partners has sold a Parsippany office building for $44 million, following a gut rehabilitation project that attracted a blue-chip pharmaceutical tenant.

Residential & Mixed Use
Developer opens new senior housing complex in Barnegat

The Walters Group has opened the doors to a new 70-unit age-restricted community in Barnegat, touting a project that was completed less than a year after it closed on the property.

The Rundown
Developer gets OK for ShopRite, apartments in New Milford

A narrow vote in New Milford has cleared the way for a developer to proceed with plans for a new shopping center and apartment complex in the borough, published reports said.

Retail
Report: Barnes & Noble, Rutgers bookstore coming to rehabbed Newark building

With the opening of Newark’s first Whole Foods on the horizon, the developers of the building that will house the grocery store have announced the addition of another national brand.

The Rundown
Lawmakers OK bill to impose casino license suspension

A bill that is headed to Gov. Chris Christie’s desk would impose a five-year casino license suspension on billionaire investor Carl Icahn, who owns the shuttered Trump Taj Mahal in Atlantic City.

The Rundown
Funding set to run dry for Atlantic City development agency

A state authority that redirects casino tax revenue into Atlantic City development projects is set to lose what has been a lucrative funding source for more than 30 years, raising questions about what its mission will be going forward.

Residential & Mixed Use
‘Uber does have a part to play’ in CRE, company official tells NAIOP members

Uber may have unveiled a new partnership with a New Jersey developer earlier this week, but it’s just one of the steps that the ridesharing service has taken — and is planning for the future — to work hand in hand with the real estate industry and other business sectors.

A company official detailed some of those other affiliations last week, speaking directly to a crowd of NAIOP New Jersey members and professionals in Elizabeth.

Retail
Demolition begins for contested Wyckoff supermarket

The operator of a long-planned ShopRite in Wyckoff has started demolition of an existing structure at the site, even as it awaits a decision from a state appeals court in a three-year-old legal battle over the project.

Industrial
Bussel brokers 10,000 sq. ft. lease in South Plainfield

A communications firm has leased a 10,000-square-foot industrial building in South Plainfield, Bussel Realty Corp. announced Wednesday.