A ground-floor retail lease at new Class A office center at 378 Millburn Ave. in Millburn is among several recent transactions announced by Resource Realty of Northern New Jersey. — Courtesy RRNNJ
By Joshua Burd
A packaging company has sold a nearly 35,000-square-foot industrial building in Paterson for some $5 million, part of a flurry of recent deals by Resource Realty of Northern New Jersey.
The brokerage team said it arranged the transaction at 34 East 25th St. on behalf of Bacon and Graham. RRNNJ Principals Greg Sabato and Tom Consiglio completed the assignment at the 34,500-square-foot facility, which has rooftop solar, noting that the buyer was a computer refurbishment company.
The sale was among RRNNJ’s final transactions of the third quarter, as was the $4 million trade of a single-story warehouse on 5.5 acres at 146 Airport Road East in East Stroudsburg, Pennsylvania. Consiglio and Vice President Bill Pastuszak represented Electrum in the acquisition.
“Thanks to relative stability and a level of economic resiliency that has carried over from the first half of 2024, there is sustained demand among a diverse user and investor pool craving these assets,” said Consiglio, founder of RRNNJ. “Among these are institutional entities, private equity, family offices, high-net-worth individuals, as well as locally and regionally based private distribution companies, materials and goods manufacturers, lifestyle service providers, health/wellness entities and professional services firms.”
All told, the firm detailed nine commercial transactions as part of summer’s last push, following a strong first half of the year. To close out Q3, the Parsippany-based brokerage firm also completed a series of office, industrial and retail leases across Bergen, Essex and Morris counties.
Consiglio noted that the industrial real estate market in northern New Jersey and New York’s Orange and Rockland counties remains robust, citing strong demand from ecommerce giants, logistics companies and manufacturers. That has fueled steady leasing activity and building sales, from existing Class B and C assets to newly constructed and under-development spec facilities.
“The ongoing ecommerce boom, fed by exponential growth in recent years, has led to a persistent need for storing and distributing products efficiently as well as managing inventory to minimize delivery times and costs,” he said, while also citing the importance of the area’s favorable geographic position and transportation infrastructure.
RRNNJ also completed nearly 30,000 square feet in office leases, including a new 20,000-square-foot headquarters location in Parsippany on behalf of a high-profile professional services firm, and finalized a ground-floor retail lease in a newly developed Class A office center in downtown Millburn. For the latter, at 378 Millburn Ave., firm Principal Brian Wilson also is currently marketing second-floor office availabilities of 5,150 square feet, which are divisible to 1,700 square feet.
“While traditional brick-and-mortar stores continue to face competition from online retailers, demand is sustained for unique retail spaces that offer immersive experiences and a sense of community,” Wilson said. “This trend is evident in the increasing popularity of adaptive and mixed-use developments like 378 Millburn Ave. that combine ground-floor retail with residential and/or small-office components.”
Consiglio added: “In this season of change and as we approach the final months of the year, the commercial real estate market across northern New Jersey and New York State is poised for strong and steady performance. The market continues to demonstrate a dynamic nature, reflecting the benefits of the region’s diverse economic and demographic trends.”
