444 Route 46 in Fairfield — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
Resource Realty of Northern New Jersey has announced a flurry of recent deals, completing eight lease and sale transactions spanning nearly 400,000 square feet of commercial space.
The Parsippany-based firm said the activity, which took place over the last six weeks, includes commitments by three industrial tenants and two office users. The deals across northern and central Jersey and New York’s Orange County also encompass sales involving one office, one mixed-use and one retail property.
“Our latest transaction volume is a direct reflection of the state of the market,” said Tom Consiglio, principal and founder of Resource Realty of Northern New Jersey. “Today’s industrial users are now able to compete for prime warehouse (and) logistics space along the most in-demand corridors throughout New Jersey and southern New York State, general (and) medical-office occupiers are seeking well-located, easily accessible suburban office space and for-sale neighborhood retail centers with a strong lifestyle tenant base are garnering ongoing investment interest.”
One example is the sale of 444 Route 46 in Fairfield, where Principal Greg Sabato and Consiglio sold a retail, warehouse and showroom building for more than $4 million to a local investor, according to a news release. Resource Realty’s latest leasing and sales activity also included a 3,000-square-foot retail building sale in Middlesex County, office leases in the Basking Ridge section Bernards and Wayne and three industrial leases across Morris and Bergen counties and Orange County.
“Industrial product continues to record the lion’s share of leasing and sales activity, even though demand has slowed over the past two years,” Consiglio added. “Not to be overlooked are the suburban office and retail sectors, which have strengthened their footing and will continue to do so as both fill a need within the community, particularly when it comes to medical, health (and) wellness tenancy.”
