Search

The article reports on the commercial real estate developments in New Jersey. Noted is the 55-acre development on a land in Bayonne, particularly on the 400-acre Bayonne Military Ocean Terminal that was closed in 1999. Also indicated is the development process in Hackensack surrounding Main Street. Other cities eyed for redevelopment also include Rahway such as projects slated for the development of hotels, apartment buildings, and the expansion of the Union County Performing Arts Center.

The article discusses the developments in the commercial real estate industry in New Jersey. According to Rutgers University's Edward J. Bloustein School of Planning and Public Policy dean James Hughes, the federal tax law has saved the sector in the 1980s. The opinion of SJP Properties executive vice president Jeffrey M. Schotz on the developments is also cited.

The article reports on the build-to-suits office construction growth in New Jersey driven by need of corporate tenants for large blocks of modern, top-flight spaces. Factors to increased demand for build-to-suits include business confidence, the need to stay competitive for employees, cost and efficiency. The opportunities for real estate developers to redevelop buildings to fit the needs of tenants is discussed. Cases of companies that chose to lease spaces at existing buildings are cited.

The article reports that the commercial and industrial real estate developers in New Jersey are looking for opportunities in the multifamily projects for business diversification and to improve profit. It discusses how commercial builders like Russo Development, are looking for new revenue stream due to slowdowns in traditional commercial assets.

The article discusses the commercial real estate pace-setting of SJP Properties in New Jersey, which started in the early 1980s and has had a history of lucky timing and of region studying in its evolution. It notes that the company is focusing on third party construction services and is serving as project manager for Prudential Financial in Newark in 2013. SJP founder Steve Pozycki is reportedly regarded as an honest construction practitioner.

The article reports on the decline in demand for spaces ranging from 400,000 to nearly 800,000 square feet, with smaller and midsized deals driving the commercial real estate business. David Knee from JLL refers to JP Morgan Chase's 571,000-square-foot facility off Exit 10 in Edison. It was delivered in late 2013, along with a 460,000-square-foot site in Carteret. Heller Industrial Parks will build only a 285,000-square-foot facility, which could support more than 1.5 million square feet.

The article focuses on the deal of real estate developer Mountain Development Corp. with Gottesman Real Estate Partners to market a three-storey building to small and mid-size office tenants in Princeton, New Jersey. The relevance of the build-to-suit strategy employed by Mountain Development in an earlier project for law firm Wallack LLP to the current Gottesman construction project, as well as the appeal of smaller spaces to the types of tenants in the Princeton submarket are discussed.

The article talks about biotechnology company Celgene Corp. and its relationship with Summit, New Jersey. Topics include Celgene's plans to acquire the 1.3 million-square-foot complex in Summit, New Jersey vacated by pharmaceutical company Merck & Co., the sale's potential benefits for New Jersey's pharmaceutical sector and what it represents for the commercial real estate and life sciences sector, and the complex's Research and Development facilities, storage, and manufacturing capabilities.

The article reports on the upturn being experienced by the commercial real estate market in Parsippany, New Jersey as of April 2015. Topics include the new tenants in the market including Pinnacle Foods and PNY Technologies, the arrival of investments from some of New Jersey's developers, and signs of rising demand in the near future including job gains.

The article details real estate (RE) firm Hartz Mountain Industries' strategy of transforming its commercial RE holdings in New Jersey into industrial, residential and other uses. Topics covered include the redevelopment of an old office building in the Harmon Meadow complex into Red Robin and Buffalo Wild Wings eateries, a plan to construct a warehouse or data center in the former site of Panasonic Corp.'s North American headquarters, and the sale of office properties around the Meadowlands.

The article discusses the boost in the building of big-box or industrial spaces in New Jersey despite the absence of tenants due to pent-up demands and the upward trend in rents. Included are the report from brokerage firm Cushman & Wakefield on the number of industrial space built on spec and under construction in northern and central New Jersey, the development projects engaged by developer Matrix Development Group, and the changes brought by e-commerce on distribution centers.

The article discusses the future of urban centers, citing how commercial real estate firms in New Jersey have been creating cities and new urban centers in places where they do not exist. Some of the companies mentioned include Somerset Development, which is managing the rebirth of a former aircraft manufacturing complex in Harrison, Advance Realty, one of the firms with redevelopment plans in Harrison, and Avalon-Bay Communities Inc., a luxury multifamily builder.

The article discusses the commercial real estate development slated by Bill O'Dea at the Elizabeth Development Co. such as the construction of 120-unit residential project in New Jersey.

The article reports on the transit-oriented redevelopment projects in Collingswood, Camden County, New, south of New Jersey to be administered by Lara Schwager at Cherry Hill, New Jersey -based Ingerman Development that include the construction of the LumberYard and the Collingswood Theatre.

The article reports on the addition of 57 luxury apartments and 9,000 square feet of retail to a former site of an automobile dealership in South Orange, new Jersey as planned by Edward Ayuso of the commercial real estate developer EEA Industries LLC.

The article examines the declining commercial space occupancy in Jersey City, New Jersey as of September 2013. Data from market research firm Cushman & Wakefield shows that leasing activity in Jersey has declined from mid-year 2012 as the banking sector contracts. According to Jersey Mayor Steven Fulop, he is optimistic that his plans to incentivize companies based on job creation and Jersey being a cheaper option for Manhattan will help boost commercial space leasing in the area by 2014.

The article discusses the importance of adaptive reuse projects in helping commercial real estate in New Jersey during economic downturn. Robert Martie, executive vice president of real estate consultant firm Colliers International New Jersey, said that many firms now fit out space and purchase furniture which leaves employees not having their own desk. He notes that brokers and developers are taking advantage of adaptive reuse projects that are restoring obsolete sites around the region.

The article reports on the purchase of pharmaceutical company Sanofi's former research and development (R&D) complex in Bridgewater, New Jersey by CrossHarbor Capital Partners from Advance Realty in April 2013. Under the deal, Advance Realty will retain about two-thirds of the developed space, which have been leased by Amneal Pharmaceuticals and Ashland Specialty Ingredients. Advance Realty chief executive officer (CEO) Peter Cocoziello said the site can become a micro city or a town center.

The article outlines issues that challenge the successful implementation of the Equal Opportunity Act in New Jersey. The issues include the expiration of a moratorium of a 2.5% fee on the project costs of commercial developers and non-participation of some municipalities to redevelop commercial spaces. Businessmen are also concerned about the lack of large scale sites in the state to accommodate future growth and proper maintenance of transportation infrastructure critical to development.

The article discusses the possible abrupt rise of appeals on commercial parcels in Newark and Jersey City in New Jersey, in light of the planned property tax revaluations in the state's two largest cities. Newark, with taxable property total value of 10.9 billion dollars as of 2012, will be revaluated in 2013 while Jersey City, with 5.8 billion dollars, in 2014. The article cites that any increase in commercial property taxes brought about by revaluations may draw slowly on development.

The article explores the economic opportunities for real estate investors to reposition distressed commercial properties in New Jersey. It notes that the state has more than 3.3 billion dollars worth of distressed commercial space due to recession and office overbuilding. It also highlights the redevelopment of the former Lucent Technologies building by Normandy Real Estate Partners LLC, which aims to offer efficient and flexible space to potential tenants.

The article reports on the factors that contributed to the success of Gretchen Wilcox, president of commercial real estate mortgage banking firm G.S. Wilcox & Co. in Morristown, New Jersey. Wilcox has already provided commercial real estate clients with about 1.2 billion U.S. dollars in loans. She mentioned that her success can be attributed to her strong relationships with the state's largest family-owned real estate firms and several lenders and investors and the strength of her products.

The article discusses the latest developments in the operation of Wakefern Food Corp., particularly in New Jersey's commercial real estate markets. It claims that the company plans expansions for its distribution network and its brand of ShopRite stores. The opinion of Wakefern Food Corp. chairman and chief executive officer (CEO) Joseph Colalillo on their operation is also cited.

The article presents views of several executives on the "stranded assets" project of non-profit research firm PlanSmart New Jersey and discusses that the group is ready to unveil new recommendations. Topics include under the "stranded assets" project, the group sought to create a playbook for towns in the U.S. with one of the dreaded white elephants of commercial real estate and views of planner with PlanSmart, Sam Brookham and Tim Touhey, Investors Bank senior vice president on the same.

The article offers information on Mitchell E. Rudin, chief executive officer (CEO) of real estate investment trust Mack-Cali Realty Corp. and his services to the company. It mentions of Rudin's 20-minute keynote speech at the 17th annual Commercial Real Estate Network Legacy Luncheon held in New Jersey in 2016. It also mentions of funds raised by the company for early childhood education for income-constrained employed families.

The article reports the claim by commercial real estate services firm Cushman & Wakefield as of mid-December 2015 that the Two Tower Center building in East Brunswick, New Jersey was sold for over 60 million dollars.

The article focuses on retail brokerage and advisory firm Pierson Commercial Real Estate, based in Marlboro, New Jersey. The company, which was founded by Jason Pierson, is comprised of four brokers and seven employees. It explores the growth of the firm, with clients include national retailers and restaurant tenants, developers, and shopping center owners. It offers a brief profile of Pierson, along with his approach in business. INSET: Riding the wave.

The article reports on the ES4 office and retail building project of development firm S. Hekemian Group at a site known as Englewood South in Bergen County, New Jersey that is expected by S. Hekemian Senior Managing Director Peter Hekemian to meet demand from commercial tenants.

The article reports on the ruling of Superior Court Judge Julio Mendrez that Stockton University in Atlantic County, New Jersey can find another buyer for the former Showboat Casino hotel in Atlantic City following the termination of a contract with real estate developer KK Ventures.

The article discusses the 760-unit condominium building being planned by Chinese developer China Overseas America Inc. in Jersey City, New Jersey, in January 2015. Topics covered include the commercial and retail space covered by the plan, the city redevelopment plan for the site, and the how the project would surpass the current tallest building in New Jersey.

The article announces the agreement of New York City-based commercial real estate company Cushman & Wakefield Inc. to acquire its counterpart Massey Knakal Realty Services.

The article reports the move by New Jersey Governor Chris Christie as of mid-September 2014 to veto the bill setting the state's affordable housing policy. Among the provisions of the bill is the collection of a 2.5% fee on commercial real estate projects, with the proceeds to be used in the construction of low- and moderate-income residential units. The opinion of commercial developers group NAIOP New Jersey's Michael McGuinness on the developments is also cited.

The article reports on the increase in sales of commercial real estate in New Jersey in the third quarter of 2014, according to Massey Knakal Realty Services.

The article reports on the growth of demand of office space leasing in New Jersey according to the second quarter market report of Cushman & Wakefield.

The article reports the move by Mack-Cali Realty Corp. as of April 2014 to sell its five-year-old Parsippany building in New Jersey to Griffin Capital Corp. for 97 million dollars.

The article reports on the findings of a first-quarter market report by the brokerage firm Jones Lang LaSalle Inc.(JLL) Partners which unveils a growing demand of large blocks of space in New Jersey.

The article reports on the commencement on the construction of the 83 million-worth commercial building in Hoboken, New Jersey that will include 135 luxury apartments, 135- car automated parking facility and a public park.

The article reports on the impact of New Jersey's property tax revaluation on the state's commercial property owners. The tax revaluation in Newark has reportedly led to many commercial property owners filing tax appeals. According to McCarter & English lawyer Frank Ferruggia, the tax burden on commercial property owners increased after the 2013 revaluation. Meanwhile, City Hall spokeswoman Esmerald Cameron asserts that the shift in tax burden resulted from market conditions from homeowners.

The article reports on the considerations to be taken into account by commercial property owners in New Jerset before filing a tax appeal, as advised by Susan A. Feeney, a property tax lawyer with McCarter & English.

The article reports on ChooseNJSites.com, a website launched by New Jersey's economic development agency Choose New Jersey, which features commercial properties in the Garden State Growth Zones and Urban Transit Hub municipalities in the state.

The article presents the report by Cushman & Wakefield as of mid-October 2013, which showed that the industrial real estate market in New Jersey maintained its growth in the third quarter of 2013, thanks to record sales volume and robust leasing activity.

The article discusses a report from Marcus & Millichap Real Estate Investment Services on the likelihood of increased competition among investors for retail properties in North Jersey, New Jersey due to increased demand and a lack of available sites.

The article reports that the Fort Monmouth Economic Revitalization Authority has extended the deadline for proposals from developers interested on a 36-acre site on Forth Monmouth, New Jersey, whose original deadline is on March 1, 2013.

The article discusses the report, "Reinventing the New Jersey Economy," which shows that the New Jersey suburban office sector is in a decline due to several trends, including the state's declining employment edge over its neighboring city.