Office
JLL inks $33.5 million sale of Somerset office park

A three-building, 679,000-square-foot office park in Somerset County has changed hands for $33.5 million, following a sale arranged by JLL.

Retail
Barbershop chain takes 1,800 sq. ft. in Madison, its third New Jersey store

A barbershop chain has leased nearly 1,800 square feet at a mixed-use property in downtown Madison, brokers with JLL announced this week.

Office
SJP rebrands Jersey City office building, targets science and tech users

SJP Properties has rebranded an office building in downtown Jersey City with an eye toward emerging and specialized industries, tapping JLL as the property’s leasing agent.

Industrial
Food distributor takes 125,000 sq. ft. at Duke project in Wood-Ridge

Duke Realty Corp. has preleased two-thirds of a new warehouse in Wood-Ridge, inking a nearly 125,000-square-foot lease with a specialty food distributor.

Trend Watch
Rising interest rates threaten further cap-rate compression

Incredible fundamentals surrounding the New Jersey industrial real estate market has resulted in record investor demand, resulting in Class A cap rates steadily dropping since the end of the great recession to cycle lows, with some buildings trading with cap rates below 4.0 percent.

Trend Watch
Office leasing velocity gains traction

More than 2.3 million square feet leased during Q3 compared to a lagging 1.4 million square feet in Q1 2018. A 33.0 percent increase in active tenant requirements from one year ago represents nearly 6.0 million square feet. Accelerated leasing velocity is expected to continue in Northern and Central New Jersey through year-end 2018 and into 2019.

Sponsored Content
Logistics users scramble for quality space

A drought in modern space options is rippling through the New Jersey Industrial market, creating challenges for logistics users while providing opportunities for developers. Class A availability has fallen to cycle lows of 5.5 percent, a far cry from last cycle’s peak when Class A availability reached 27.5 percent.

Office
JLL touts 65,000 sq. ft. in leasing at 3 Gateway in Newark

Four tenants have leased a combined 65,000 square feet at a well-known building in downtown Newark, where ownership is reaping the benefits of a multimillion-dollar renovation.

Office
Fintech firm debuts Newark office after move from Manhattan

A financial technology firm has opened its new office in downtown Newark, thanks in large part to a $6.5 million state incentive that helped lure the company from Midtown Manhattan.

Office
With upgrades underway, JLL named leasing agent at Hoboken office building

The owner of a 120,000-square-foot office building near the Hoboken waterfront has tapped JLL as its leasing agent.