New Jersey

Bergman Real Estate JV Takes 90,000 SF Office Property in New Jersey

by Amy Works October 6, 2014

EAST HANOVER, N.J. — Bergman Real Estate Group, in a joint venture with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corp., has acquired 100 Eagle Rock Avenue, an office building in East Hanover. The partnership purchased the 90,000-square-foot property for $6.4 million or $71 per square foot. Current tenants at the property include Friedman LLP, Burns & McDonnell and Hartford Fire Insurance Company. Michael DiFede and Michael Brody of Garden State Office Properties represented the buyer, while Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, TA Associates, in the transaction.

October 6, 2014

Industrial Loans New Jersey Northeast Office

HFF Secures $15.5M Loan for Two Denholtz-Owned Properties

by Amy Works October 3, 2014

EDISON AND PISCATAWAY, N.J. — HFF has secured $15.5 million in financing for the Business Centre at Edison, a 12-building office park located in Edison, and 140 Ethel Road West, an industrial building in Piscataway. HFF placed the seven-year, fixed-rate loan with Investor Banks for the borrower, Denholtz Associates. The loan will be used to retire existing debt. Located at 1090 King Georges Post Road in Edison, the 125,981-square-foot Business Centre at Edison is currently 96.9 percent leased. Situated on 6.24 acres in Piscataway, the 108,875-square-foot 140 Ethel Road West is currently 90 percent leased. Jon Mikula, Michael Klein and Michael Lachs of HFF negotiated the financing for the borrower.

October 3, 2014

Mixed-Use New Jersey Northeast

NAI Hanson Brokers Sale of 2,000 SF Mixed-Used Building

by Amy Works October 1, 2014

RIDGEFIELD PARK, N.J. — New Jersey-based NAI Hanson has brokered the sale of a mixed-use building located in Ridgefield Park. Korean District of the Christian and Missionary Alliance purchased the 2,000-square-foot property, which is located at 169 Main St., for an undisclosed price. The buyer plans to use the property to expand its ministry. The property features 1,000 square feet of ground-floor retail space and two second-floor residential apartments. Anthony Cassano of NAI Hanson represented the seller, Carol Avlon, in the transaction.

October 1, 2014

New Jersey Northeast Retail

Two Tenants Sign Leases Totaling 49,480 SF At Pochatcong Plaza

by Jaime Lackey September 30, 2014

PHILLIPSBURG, N.J. — National Realty & Development Corp. has signed two new tenants, totaling 49,480 square feet, at Pohatcong Plaza in Phillipsburg. Marshalls/HomeGoods and Quaker Steak & Lube have joined the 562,000-square-foot shopping center, which is located at the intersection of Route 22 and Greenwich Road. Marshalls/HomeGoods held its grand openings on September 18 and occupy 42,430 square feet of a redesigned building, which was formerly occupied by Walmart. Quaker Steak & Lube, a motor sports-themed casual dining concept, opened a 7,048-square-foot restaurant at Pohatcong Plaza II in late August.

September 30, 2014

Market Reports New Jersey Northeast Northeast Market Reports

The Garden State's Record-Breaking Industrial Recovery

by admin May 2, 2014

New Jersey’s industrial market took a positive turn in the past 18 months, and now the lack of new development during the downturn has market conditions comparable with any boom period. Occupiers are paying record rents as high as $8 per square foot for new, Class A product, while submarkets such as Port/Airport and Exits 10 and 12 report vacancy below 5 percent. Investor demand for industrial property with credit tenants and decent lease term remaining is literally insatiable. Central New Jersey closed 2013 with 1.2 million square feet of fourth quarter net absorption and a vacancy rate of 6.6 percent, which is a 170–basis-point decrease compared to the end of 2012. Northern New Jersey’s largest -submarket, Meadowlands, has 78.2 million square feet and the submarket posted 1.7 million square feet of net absorption to finish the year with 6.2 percent vacancy. To the south, where average asking rents are $4.87 NNN per square foot, several Central New Jersey submarkets are at sub-6-percent vacancy, including Exit 8A, the region’s largest industrial submarket, which ended 2013 at 5.1 percent vacancy. Mom & Pop, Meet Amazon New Jersey’s traditionally strong base of small- to medium-sized, mom-and-pop end users certainly plays a role …

May 2, 2014

Market Reports New Jersey Northeast Northeast Market Reports

Low Rents, Good Demographics Set Stage For Retail Rebound in New Jersey

by admin April 24, 2014

The New Jersey retail marketplace is finally showing signs of modest recovery for the first time since the recession. Retail is on somewhat stable ground, but not as solid as we would hope. We expect continued bumps caused by the harsh winter we have experienced, the closing of stores by some major national and regional retailers nationwide, and the fact that consumer confidence is still not in a fully stable position. Retail closings and bankruptcy filings continue to remind us that nothing is certain. For example, RadioShack recently announced it will close 1,100 stores nationwide; Pathmark and A&P supermarkets continue to close underperforming stores; and some other retailers such as Loehmann’s, and more recently, Dots women’s apparel chain have filed Chapter 11. But all is not so bleak. There are some new trends in retail that show how the sector continues to reinvent itself in an effort to thrive in this new economy. We saw the economy start to come out its doldrums, especially this past year, with many furniture and home furnishing stores opening in New Jersey for the first time. Paramus — which is one of the strongest retail markets in the U.S. — had several out-of-state furniture …

April 24, 2014

Market Reports New Jersey Northeast Market Reports

A Look At Exit 8A Industrial, Northern New Jersey's Largest Market

by admin February 3, 2014

Located along the New Jersey Turnpike (I-95) in the geographic center of the Boston-Washington, D.C., corridor, the Exit 8A industrial market is situated 45 miles southwest of Manhattan and 60 miles northeast of Philadelphia. This location enables distributors to reach more than 130 million consumers, one-third of the northern American population, within a one-day drive. With currently 67.48 million square feet, it is the largest submarket in Northern New Jersey. The vacancy is currently dramatically down from the double digits of the recession to 8.4 percent. Asking rents are inching up to the mid-$4 range, NNN, due to the tightening of the market and a shortage of attractive development sites at 8A. National and international tenants are drawn to the submarket’s superior highway access and proximity to the New York/New Jersey ports and Newark Liberty International Airport. The Exit 8A submarket is home to national and international distributors, manufacturers, and logistics firms. Companies with a major presence at Exit 8A include The Home Depot, Pearson Education, ConAgra, Crate & Barrel, FedEx, Costco, William Sonoma, Staples, Iron Mountain, Kellogg’s, Petco, Volkswagen, Ford, LG Electronics, Wakefern, L’Oreal, and Raymour & Flanigan among many others. The 8A industrial market’s desirability is best illustrated …

February 3, 2014

Market Reports New Jersey Northeast Market Reports

Multifamily Development Pipeline Reaching Beyond 24,000 Units

by admin January 13, 2014

With nearly 24,500 units planned, under construction or recently completed, Northern New Jersey’s impressive multifamily development pipeline continues as one of the region’s hottest discussion topics. Specifically, inquiring minds want to know how this growth in inventory will impact market fundamentals moving forward. The bulk of the development pipeline and activity (59 percent) is taking place along the Hudson River Gold Coast, from Jersey City to Edgewater. Just north of Edgewater, Fort Lee is seeing a surge of new construction. Three projects are underway or at the cusp of breaking ground there; over the next two years, they will add 1,000 units within a three-block radius of the entrance of the George Washington Bridge. This will have a transformative effect on the neighborhood. This raises some questions. At what pace will the new product be absorbed? What will happen to short- and longer-term rent growth? Northern New Jersey always has maintained high, unmet demand for newly constructed communities (especially along the Gold Coast), evidenced by high occupancy levels and rent growth for Class A product that outperforms the regional and national market averages. Currently, asking rent for Class A communities is at an all-time high of $2,043 per month. The …

January 13, 2014

Market Reports New Jersey Northeast Market Reports

Looking at the Positives in the Northern New Jersey Office Market

by admin December 16, 2013

A few things happened recently that may have long-term impacts on the Northern New Jersey office market: • Regional employment continues to improve. • Facebook is more than doubling its occupancy in Manhattan. • Merck made it official and is listing its 1-million-square-foot campus for sale. • Governor Chris Christie signed into law the Economic Opportunity Act of 2013. Regional employment continues to improve. Northern New Jersey falls within an MSA that includes New York City, Long Island and a portion of Pennsylvania. The unemployment rate for this MSA stood at 8 percent in August this year compared with 9.5 percent in July 2012, according to the Federal Reserve Bank of St. Louis. Using the theory that a rising tide floats all boats, the more people at work in the region, the better our economy performs. And everyone who works in real estate knows that real estate absorption is connected to one thing and one thing only: jobs. Facebook recently inked an office lease at 770 Broadway in Manhattan for one floor of 85,000 square feet and a portion of a second floor, which more than doubles the approximately 40,000 square feet the social networking company currently occupies in New …

December 16, 2013

Market Reports New Jersey Northeast Market Reports

New Jersey Retail: What's Hot and What's Not

by admin December 9, 2013

South Jersey has room to grow, with several proposed ground-up centers taking center stage in the seven-county region as developers capitalize on residential growth tied to the market’s relative affordability. Meanwhile, “redevelopment” is the operative word for the 14 counties in the state’s more densely populated north and central regions, where industrial sites are being converted into mixed-use centers. Fueled by big-box absorption, the vacancy rate for open-air and freestanding retail in the northern counties inched down to 8.1 percent in mid-2013 from 8.2 percent a year ago. Central Jersey’s vacancies rose to 9.8 percent from 9.1 percent a year earlier, driven by small-shop closures. In the south, the average is 9 percent. Rents in the north crept up 0.1 percent in the first three quarters of 2013, with a median of $20 to $26 per square foot in top markets; central counties crept up 0.3 percent to a median of $15.50 to $16. South Jersey rents increased just 0.1 percent in the first two quarters of 2013, with a median of $13. For regional malls, one continuing trend is the move by owners to take interior spaces and turn them outward for more of a lifestyle feel. This began …

December 9, 2013

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