One Wall Partners, a Newark-based owner of transit-oriented workforce housing, has expanded its portfolio with the acquisition of nearly 1,000 apartments in eastern Pennsylvania.
Rockefeller Group has named a new leader of its development team in New Jersey and Pennsylvania, tapping a former Prologis market officer to fill the role.
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.
As you’ll find out in this month’s cover story, developers and brokers that have long focused on New Jersey are now stretching beyond the traditional boundaries of the state’s industrial market. And they are stretching them in every direction — for different reasons — in their quest to keep pace with tenants that are adopting a more regional approach.
Bridge Development Partners is planning a three-building, 1.7 million-square-foot industrial complex in Somerset County after acquiring parcels from two separate sellers, part of an effort to refill its pipeline in New Jersey after a blockbuster portfolio sale last year.