A building materials company has extended its 50,000-square-foot lease in Elizabeth, in the largest of five newly completed transactions by Elberon Development Group.
Demand for cold storage warehouse space nationwide, and particularly in the Garden State, is on fire, largely because of rising online fresh grocery sales and changing consumer preferences for fresher foods. Meeting that demand could prove challenging — given the cost and complexity of such projects and the need for specialization — but some developers are positioning themselves to be ready when users come calling.
A joint venture has acquired a vacant, 134,500-square-foot warehouse just off the New Jersey Turnpike extension in Jersey City, in a newly announced transaction by HFF.
Elberon Development Group has acquired a 65,000-square-foot warehouse and distribution center in Hillside, the first of what could be several upcoming additions to its portfolio.
As Dave Gibbons wraps up his two-year term as NAIOP New Jersey’s president, he says the organization has made strides with public policy goals such as a new performance bond law and liquor license reform, while growing to nearly 850 members to become the association’s sixth-largest chapter in the country. But he believes there is always more work to be done in both the legislative arena and when it comes to networking and recruitment.
State officials are weighing their options for modernizing the Department of Community Affairs, Lt. Gov. Sheila Oliver said last week, from electronic permitting to the potential to allow municipalities to privatize code enforcement. Far less certain is how they will tackle more high-profile issues such as affordable housing, shared services and the tax credit programs that have fueled development in recent years.