Experts say Newark is enjoying not only a surge of new private-sector investment, but also a level of interest that is helping to break the stigma that has plagued it for decades.
A joint venture led by SJP Properties has formally unveiled its second 47-story apartment tower in Fort Lee, where local officials are hailing the project as a milestone decades in the making.
SJP Properties, Northwestern Mutual Life Insurance Co. and PGIM Real Estate recently hosted a ribbon-cutting ceremony at phase two of The Modern, a 900-unit luxury residential project at the base of the George Washington Bridge in Fort Lee.
Brokers with JLL have secured a $32.5 million loan for SJP Properties and PGIM Real Estate to refinance a 325,000-square-foot office building in Bridgewater, the real estate services firm said.
SJP Properties is set to open its second 47-story residential tower at the foot of the George Washington Bridge, as it nears the completion of a high-profile redevelopment project in Fort Lee.
SJP Properties and Aetna Realty have unveiled plans for a project in Newark that could deliver up to 2 million square feet of commercial and residential space at the city’s Broad Street station.
A joint venture will set out to connect two pieces of the Morris Corporate Center property in Parsippany, creating what it says is a campus that can support a tenant requirement of more than 500,000 square feet.
With an in-house, full-service construction team — an asset that is increasingly rare among developers — SJP Properties is being both aggressive and creative in keeping its pipeline full in New Jersey. That means everything from third-party development work to joint ventures and acquisitions that could pave the way for new projects.
Commercial real estate firms in recent years have grappled with finding young talent to help fortify their ranks for years to come. But Steve Pozycki believes the long-term stability of SJP Properties has helped it attract the next generation of executives.