A logistics provider’s 126,000-square-foot lease at 400 Corporate Drive in Mahwah was among several major transactions completed in 2024 by Resource Realty of Northern New Jersey. — Courtesy: RRNNJ
By Joshua Burd
Resource Realty of Northern New Jersey is gearing up for a strong 2025, following a year in which it recorded nearly $155 million in leasing and sales activity in the region.
The Parsippany-based firm announced that it completed 75 leases and 10 sales in 2024, working on behalf of commercial real estate clients across New Jersey and Southern New York. They include major industrial deals such as a national firm’s 312,500-square-foot industrial lease at Maybrook Logistics Center in New York’s Orange County and a logistics provider’s 126,000-square-foot commitment at 400 Corporate Drive in Mahwah, along with a 20,000-square-foot office lease in Parsippany by a professional services firm.
The transactions come despite what RRNNJ described as fluctuating conditions over the past 12 to 18 months.
“The past year highlighted the resilience and stabilization of the northern New Jersey/Lower Hudson Valley commercial real estate submarkets and property categories across the entire region,” said Tom Consiglio, principal and founder of RRNNJ. “Our depth of experience, derived from navigating various market cycles since 1990, enabled us to guide clients through the shifting market dynamics of 2024 and achieve strong results that extend to 2025 and beyond.”
The newly developed Maybrook Logistics Center at 134 Neelytown Road in Montgomery, New York, has 36-foot clear ceiling heights, 74 loading doors, two drive-in doors and parking for 98 cars and 129 trailers. — Rendering courtesy: Resource Realty of Northern New Jersey
According to a news release, the firm’s 2024 transactions had a combined value of more than $154.69 million and spanned the industrial, office and retail sectors, as well as land parcels. Logistics providers, ecommerce companies and manufacturers were a key driver for its leasing and sales activity in the region, which also included a 34,000-square-foot lease in Bergen County and an 82,000-square-foot deal in western New Jersey.
The latter was among several RRNNJ deals in the greater Lehigh Valley and western New Jersey market, where it said competitive pricing and strong transportation connections continue to attract tenants and investors.
“In our 35th year, RRNNJ consistently demonstrates agility associated with adapting to changing market conditions and investor and tenant requirements,” said Greg Sabato, a principal at RRNNJ, who also earned his broker’s license in 2024.
Brian Wilson, also a principal with the firm, added: “Demand for modern, functional industrial space, particularly in the 75,000- to 175,000-square-foot range, remains robust. These Class A and B+ properties are ideally suited for businesses seeking to optimize and fortify their supply chains.”
RRNNJ’s clients in 2024 included Prologis Inc., Brookfield Properties, Mapletree, Cohen Asset Management, Morgan Stanley, First Industrial, Hampshire, TA Realty, Longpoint Partners and Link Logistics.
Looking ahead, RRNNJ said it anticipates continued demand across the industrial and specialized sectors, stemming from interest rate reductions and a more favorable lending market. The firm also expects to see a continued rebound in the office market, fueled by the medical and health care sectors as well as adaptive reuse initiatives.
Meantime, Principal Scott Peck touted the continued appeal of new industrial developments, particularly in New York’s Orange and Rockland counties. RRNNJ is now marketing a new 416,000-square-foot speculative warehouse in Newburgh, New York, along with two 240,000-square-foot, fully approved land sites in Wawayanda and Montgomery.
“The availability of land primed for development, offering highway connectivity and access to key markets and transport hubs, will continue to draw investors and tenants with small- to large-scale operations to the region,” Peck said.
