Northern New Jersey Commercial Real Estate News recent headlinesCoStar's People of Note (May 12 - 18)
This week's People of Note includes the following markets: Detroit, Charlotte, Phoenix, New York, Charleston, South Florida, and San Diego.
Farbman Group Promotes Gutman, Kalil
By Tim Heise
Farbman Group, a Southfield, MI-based, full-service real estate solutions company, has promoted CFO Andrew Gutman to president of the company. Gutman joined Farbman Group more than 18 years ago. He has worked in several areas of Market Trend: Northern New Jersey's Industrial Deliveries, Construction and Inventory
During the first quarter 2013, no new space was completed in the Northern New Jersey Industrial market area.
This compares to two buildings totaling 287,800 square feet that were completed in the fourth quarter 2012, two buildings totaling 24,724 square feet completed in the third quarter 2012, and 576,238 square feet in three buildings completed in the second quarter 2012.
There were 1,593,497 square feet of Industrial space
under construction...Bottom Dollar, Retro Fitness to Open at Windsor Center
Advanced Realty, a leading developer of class A office, retail, multifamily and mixed-use properties, signed two large leases totaling 35,000 square feet within its Windsor Center at 440 US Hwy 130 in East Windsor, NJ.
Bottom Dollar Food is expected to open its brand new, 22,500-square-foot discount grocery store sometime in October 2013, while Retro Fitness is expected to open its doors to gym-goers in September 2013.
The center underwent...C&S Wholesale Grocers Sells Ocean Logistics Bldg
Equilibrium Equities, Inc., an investment and development company, purchased the Ocean Logistics industrial building at 100 Keystone Industrial Park in Dunmore, PA from C&S Wholesale Grocers, Inc. for $3.4 million, or about $14 per square foot.
The 239,000-square-foot distribution building was constructed in 1975 on 22.6 acres in the I-81 Corridor Industrial submarket, part of the Keystone Industrial Park. It was vacant at the time of sale.
Richard...Two Tenants Sign Lease Deals at Elizabeth Industrial Facility
Two tenants have signed leases totaling 87,000 square feet in the industrial building at 1000 Jefferson Ave. in Elizabeth, NJ.
McGinley Transportation Systems, an office furniture delivery and installation company, leased 52,000 square feet. INL Distribution, an e-commerce furniture company, leased 35,000 square feet there.
The 190,000-square-foot manufacturing building was constructed in 1948 on 9.7 acres in the Elizabeth Industrial submarket...Mack-Cali Sells Clifton Office for $5.8M
Mack-Cali Realty Corporation sold the office building
at 777 Passaic Ave. in Clifton, NJ for $5.8 million, or about $75 per square foot, to a joint venture between Gottesman Real Estate Partners and Mountain Development Corporation.
The five-story, 77,000-square-foot office building was constructed in 1985 on 2.5 acres in the Route 3 / GSP submarket of Passaic County. It features a concierge, food service, and card key access. Mountain Development...Romark Mgmt Acquires Edison Industrial
Romark Logistics of NJ LLC purchased the industrial facility at 40-44 Talmadge Rd. in Edison, NJ for $10 million, or about $41 per square foot, from Sitex Group.
The 243,000-square-foot property sits on 17.3 acres in Middlesex County. It features 12 loading docks, 50 trailer spaces, and 800-amp heavy power.
David Blitt, John Cascio, Stephen Nozza, and Robert Sager with Bussel Realty Corp. represented the buyer. Thomas Monahan and Noah Balanoff...Shops At Nanuet Announce Tenants
Indianapolis-based Simon Property Group (NYSE: SPG) has announced nearly 30 shops and restaurants for The Shops at Nanuet, a new shopping center under construction on the site of the former Nanuet Mall in Rockland County, NY.
The 760,000-square-foot open-air shopping center began construction in March 2012 and is scheduled to open in October. Anchor stores Macy's and Sears are continuing to do business during construction.
Simon announced Banana...CoStar's People of Note (May 5 - 11)
This week's People of Note includes the following markets: Los Angeles, Minneapolis, Washington DC, New Jersey, Chicago, New York, and Indianapolis.
Diaz Returns to Cushman & Wakefield
By Allison Smith
Lalo Diaz has returned to Cushman & Wakefield, Inc. as a market leader for the Downtown Los Angeles market. In his new role Diaz will be responsible for overseeing day-to-day activities, recruitment goals, anMarket Trend: Northern New Jersey's Retail Deliveries, Construction and Inventory
During the first quarter 2013, eight buildings totaling 45,166 square feet were completed in the Northern New Jersey retail market.
Over the past four quarters, a total of 382,952 square feet of retail space
has been built in Northern New Jersey. In addition to the current quarter, 10 buildings with 143,695 square feet were completed in fourth quarter 2012, three buildings totaling 14,355 square feet completed in third quarter 2012, and 179,736...Mack-Cali Sells Bergen County Airport Industrial Bldg for $32.3M
Mack-Cali Realty Corporation sold the Mack-Cali Airport industrial building at 200 Riser Rd. in Little Ferry, NJ for $32.25 million, or about $113 per square foot.
The two-story property was constructed in 1974 on 12.5 acres in the Teterboro Airport Industrial submarket of Bergen County in the Little Ferry Boro. At the time of sale the asset was fully leased.
The sale comes as Mack-Cali begins to recycle its capital into multifamily properties...Hertz to Move HQ From New Jersey to S. Florida
The Hertz Corp. will relocate its global headquarters from Park Ridge, NJ, to Estero, FL, near Bonita Springs and Fort Myers.
Hertz's decision comes in the wake of the completion in November of the acquisition of the Tulsa, OK-based Dollar Thrifty Automotive Group. Consolidating all corporate offices to one location will allow for increased efficiencies and cost synergies across the company, Hertz said in a statement.
Hertz fully occupies a...State Farm’s Office Bldg Earns LEED Silver
State Farm Mutual Automobile Insurance Company’s building at 300 Kimball Dr. in Parsippany, NJ earned the U.S. Green Building Council (USGBC)'s LEED-Silver certification for its operating efficiency.
The five-story, 400,147-square-foot, class A office building
was constructed in 2001 as part of an 850,000-square-foot development project. The building is exclusively marketed and managed by Transwestern, and it is currently vacant.
Vision Equities Sells Parsippany Office for $32.4M
Cole Corporate Income Trust, Inc. purchased the office building
at 299 Jefferson Rd. in Parsippany, NJ from Vision Equities LLC for $32.4 million, or about $215 per square foot.
The three-story, 150,500-square-foot, class A building was constructed in 1985 on 7.5 acres in Morris County. The property is fully leased to Evonik Degussa Corporation with 11 years remaining on the term.
Geoffrey Schubert of CBRE represented Vision Equities LLC.
Please...NJ Bederson & Co Signs 10 Year Lease at Greenbrook Exec Ctr
N.J. Bederson & Co., LP signed a 10-year lease for 15,500 square feet on the third floor of the Greenbrook Executive Center at 100 Passaic Ave. in Fairfield, NJ.
The three-story, 201,305-square-foot office building
was constructed in 1990 on 18.8 acres in the Passaic Rt. 46/26 submarket of Essex County in Fairfield Township. The building features three elevators, abundant surface parking and an Energy Star label for operating efficiency.
Jonathan...Update: Skanska Promotes Coster, Farland
Skanska USA's construction unit announced new roles for two of the firm's sector leaders.
John Coster, who previously served as a vice president for the company's Mission Control Critical Center of Excellence (COE), was promoted to green business officer, a new role within the firm.
Senior vice president Bryant Farland is being named account manager and Mission Critical COE Leader.
"John and Bryant combine passion about their market sectors...The CoStar Watch List Newsletter for May 9 - May 19
This Week’s Top Stories
Multifamily GSE Lending Reform: Potentially Disruptive and Inherently Valueless
"Borrowers would face higher borrowing costs and more variability in the price and availability of credit, with the greatest adverse impact likely to fall on low- and moderate-income families and renters in underserved markets. Some borrowers could lose access to credit altogether."
Read the Full Story...
Receiver Sets Liquidation Plan...
LB Commercial Realty News & Articles
Moves to a larger facility:
Read more about LB Commercial real estate recent
relocation to a larger facility located in Closter, NJ.
Press Release June
2008: This release is information about how LB Commercial was named
exclusive leasing brokers of Rockleigh
Corporate Center, one of the most prestigious towns of New Jersey.
NJBIZ Top 50 NJ 2006:
New Jersey's top real estate brokerage companies in 2006.
2006-2007: This newsletter published in 2006, pertains to the approach
LB Commercial will take for the future of New Jersey's real estate market.
Top 50 Commercial
Award: NJ Biz magazine announces LB Commercial Real Estate as a top
Commercial Real Estate brokerage company in 2006
Real Estate: Press release from The Record published in 2007
pertaining to the industrial real estate reversing the 2nd quarter slide.
Record Article Jan 2008: Press release from The Record
published in 2008 covering the history and recent achievements of LB Commercial
Bergen Record Article:
Press release from The Record published in 2007 reviewing the
history and an in depth perspective of of LB Commercial Real Estate.
5 Reasons The Economy Might Recover Faster Than You Think - MSN Money -
Article pertaining to how the financial outlook of 2009 might improve faster
than elected officials proclaim.
Repex Investments December
2008 Report: Information regarding weekly Dow Jones, NYSE and Standard
and Poor 500 index reports for December 29, 2008.