G.S. Wilcox & Co. is touting $170 million in recent loan activity with one of its correspondent lenders, including $100 million for two northern New Jersey apartment developers.
As tenants adopt a more regional approach to industrial space, New Jersey brokers must do the same and expand their focus to the Lehigh Valley and other neighboring markets. Brokers now have an opportunity to provide their clients with additional options beyond the core submarkets of northern and central New Jersey, developers say, noting that many regional tenants have already grown comfortable with casting a wider net.
With a limited supply and an increasingly savvy approach to logistics, tenants are pushing the historical boundaries of the New Jersey industrial market and expanding not only westward, but to the southernmost parts of the state and to the east to New York City. As occupiers explore these new frontiers, developers and brokers in New Jersey are following suit with a more regional approach to the warehouse and distribution sector.
J.G. Petrucci Co. Inc. is set to develop a speculative 187,500-square-foot industrial facility in Somerset County after recently acquiring an 18-acre site, the firm said Monday.
A developer is moving forward with the next piece of a luxury multifamily complex in the Meadowlands, HFF announced, after securing a $40 million construction loan for the project.