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EDITOR’S NOTE
REALESTATENJTM 3
BRIGHTER DAYS AHEAD
Many of us have joked over the past year about
losing track
of time, not knowing what month it was or feeling stuck in a time loop. Whatever you’ve said to help lighten
the mood, there’s no denying that it’s been one long year for all of us.
Anyone who works, services or invests in brick-and-mortar retail is certainly no exception. The good news is that there are encouraging signs for both landlords and tenants. As you’ll read in this month’s cover story, retail industry leaders say the path to stability has become clearer
The good news is that there are
in recent months. While there is still incredible uncertainty for malls and many large chains, the outlook has brightened for properties that were fundamentally stronger before the pandemic and better-equipped to weather the storm. Those properties are now drawing the attention of tenants that are in the market and looking to make deals, providing
an opportunity for owners who can provide the right space and location.
George Jacobs, a veteran New Jersey developer and retail owner, summed it up well: “If you have good real estate, people are finding it.”
Our April issue also features an interview with Baye Adofo-Wilson, the former Newark economic development official who is taking his experience to another historic New Jersey city. Namely, the BAW Development CEO is spearheading the revival of Paterson’s iconic
Hinchliffe Stadium, one of two remaining former Negro League baseball stadiums in the country, in a project that is years in the making but long-delayed. Adofo-Wilson, who grew up in the city, is poised to get the project off the ground in tandem with RPM Development, with plans calling for restoring and reopening the 89-year-old venue, along with
a museum, a restaurant and event space and affordable senior housing, among other uses.
Elsewhere in this edition, we highlight a brokerage team led by Marcus & Millichap’s Fahri Ozturk and Rich Gatto, who posted a banner year in 2020 despite the challenges of COVID-19. Based in Saddle
Brook, the investment sales team closed $205 million in transaction volume last year, including the $92.5 million sale of a 24-building, 702-unit portfolio in Essex County, setting
up what they feel will be continued momentum in 2021.
You can find all that and more
in the latest issue of Real Estate NJ, including an interview with Commercial Real Estate Women of New Jersey President Ivette Alvarado. Each of our stories this
month should bring you a healthy dose of optimism, which is only fitting as we move through spring and look ahead to the summer. That’s not to say that New Jersey’s commercial real estate sector is out of the woods, but there is much to be encouraged about as we look beyond the difficulties of this past year. Either way, we will work to keep you posted on everything going on in the industry, both in our monthly magazine and online at RE-NJ.com. Thanks for reading and enjoy the issue!
Joshua Burd
Editor
[email protected]
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encouraging signs for both landlords and tenants.