Industrial
BRC: Food distributor expands again in Somerset, leasing 52,000 sq. ft.

A food distributor has leased more than 52,000 square feet of industrial space in Franklin’s Somerset section, in the latest expansion of its footprint in recent years.

Government & Public Policy
Industrial builders flock to Franklin after zoning change, bringing new life to aging office sites

Franklin Township has more than 4 million square feet of industrial space in its development pipeline — most of it in the town’s well-known Somerset section — with a growing list of projects that call for razing and repurposing the sites of outdated office buildings.

Industrial
BRC named leasing agent at 207,000 sq. ft. Somerset industrial building

The owner of nearly 210,000 square feet of industrial space in Franklin Township has tapped Bussel Realty Corp. as its leasing agent.

Industrial
Developer plans new industrial space after buying Somerset office building, CBRE says

Another aging New Jersey office property could soon become industrial space, following a developer’s purchase of a 15-acre site in Franklin Township for nearly $31 million.

Industrial
Developers plan 426,000 sq. ft. industrial campus after buying Somerset office property

A joint venture has acquired an office building and adjacent land in Franklin Township, with plans to redevelop the site as a two-building, 426,000-square-foot industrial campus.

Residential & Mixed Use
Marcus: Apartments in Franklin, New Brunswick trade for $5.3 million

A private investor has acquired a 39-unit apartment portfolio in central New Jersey for more than $5.3 million, under a deal arranged by Marcus & Millichap.

Retail
LMC inks four renewals with Dollar Tree at New Jersey, Pennsylvania centers

Levin Management Corp. has completed four lease renewals with Dollar Tree, accounting for more than 40,000 square feet of activity in New Jersey and Pennsylvania.

Industrial
Crow Holdings expands Northeast team with former Rockefeller exec

Crow Holdings Industrial has bolstered its Northeast team with the addition of a veteran development executive in the region.

Office
CBRE tapped as leasing agent at 125,000 sq. ft. office building in Somerset

The owner of a four-story office building in Franklin Township has picked CBRE as its leasing agent, having launched a series of upgrades to lure new tenants to the property.

Policy Page
Taking the temperature of New Jersey’s economy and commercial real estate sector

We are now more than six months into the pandemic that shut down much of New Jersey’s economy in early March. I thought it would be a good time to pause to look at where we are in terms of recovering from the staggering unemployment and economic losses caused by the health crisis. There is some surprisingly good news, but it must be taken with a strong dose of caution.