Northern New Jersey Commercial Real Estate News recent headlinesNordstrom Rack Leases 35,000 SF in Eatontown
Nordstrom Rack, a bargain clothes retailer, signed a five-year lease for
35,250 square feet in the Crossroads at Eatontown Mall at 231 Rte. 35 S in Eatontown, NJ.
The shopping center totals 75,000 square feet built in 1969 in the Eastern Monmouth County submarket. Other tenants include Macy’s Furniture and Fortunoff Backyard.
Construction of the space is set to begin shortly by Gerard Construction Corp of Wall, New Jersey. The retailer...CoStar's People of Note (Nov. 16 - 22)
It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: New York City, Chicago, Los Angeles, Washington DC, Atlanta, Boston, Baltimore, and Dallas / Fort Worth.
NEW YORK CITY
Markowitz Takes Helm as President at Charles Rutenberg
By Finn Raftery
StMarket Trend: Northern New Jersey Retail Deliveries, Construction and Inventory
During the third quarter 2014, 11 retail buildings totaling 259,970 square feet were completed in the Northern New Jersey market. Over the past four quarters, a total of 1,509,660 square feet of retail space
has been built in Northern New Jersey.
There were 5,230,172 square feet of retail space under construction at the end of the third quarter 2014.
Some of the notable 2014 deliveries include: Main Street North Brunswick - Costco, a 148...Metro Corp Campus I Sold for $60.3M
TA Associates Realty acquired the Metro Corporate Campus I office building
at 99 Wood Ave. S in Iselin, NJ from Cornerstone Real Estate Advisers LLC for $60.3 million, or about $221 per square foot.
The 10-story, 272,715-square-foot, 4-Star office building was constructed in 1987 on 10.1 acres in the North Edison / Woodbridge submarket of Middlesex County, in Woodbridge Township. Part of the Metropark Corporate Campus, the asset offers high visibility...CenterPoint Properties Pays $25.2M for Woodbridge Industrial
CenterPoint Properties acquired the industrial building at 11 Cragwood Rd. in Woodbridge, NJ from Ivy Realty Services LLC for $25.2 million, or about $79 per square foot.
Located in the Carteret/Avenel industrial submarket, the 317,500-square-foot logistics facility was built in 1969 on 19.6 acres. The facility features 23 exterior docks and six drive-in doors, 50 trailer positions, 27-foot clear heights, 4,000-amp heavy power, and is within close...Montvale Plaza Sold for $6.1M
A private investor acquired the two-story Montvale Plaza office building
at 28 W. Grand Ave. in Montvale, NJ from US Cable Group for $6.08 million, or approximately $137 per square foot.
The 44,300-square-foot office building sits on 3.9 acres in the Upper Parkway submarket of Bergen County. The property was built in 1985 and renovated in 2006. The asset was 78 percent occupied at the time of sale.
John D’Amato and David Yao with McBride Corporate...Glen Rock Office Sold for $5.4M
The Shubert Organization, Inc. acquired the office building
at 201 Rock Rd. in Glen Rock, NJ from Coco Family Realty Management LLC for $5.4 million, or $180 per square foot.
The theatrical production firm owns many theatres in New York City. It will open its office in the building later this year.
The building was built in 1990 and sits on one-third of an acre. There are approximately 108 parking spots on the property. The 30,000-square-foot...Home Improvement Retailer Renews in South Brunswick
A leading home improvement retailer has renewed its lease at the distribution building at 130 Interstate Blvd. in South Brunswick, NJ.
Currently occupying 413,000 square feet in the industrial facility, the tenant will give up space there, remaining in just 192,000 square feet under its new lease that commences at the expiration of its current lease in March 2015. The tenant will now stay in the building through April 2020.
The property was...Mack-Cali Board Starts Search for New President, CEO
Mack-Cali Realty Corporation (NYSE: CLI) has announced that Mitchell E. Hersh, its current president and chief executive officer, will step down at the company's annual meeting in May 2015 and will not seek reelection to the Mack-Cali board of directors, on which he has sat since 1997. Hersh (pictured, right) also serves on the Board's executive committe and as chairman of the firm's multifamily development subsidiary, Roseland.
The Board will...Avaya Leases 62,000 SF in Basking Ridge
Business communications provider Avaya, Inc. has signed a lease for 61,676 square feet of office space
at 211 Mount Airy Rd. in Basking Ridge, NJ.
The transaction follows a sale-leaseback deal where Avaya originally agreed to continue to occupy a portion of the building in the short term while it searched for a suitable replacement within the market. Rubenstein Partners LP and Onyx Equities LLC acquired the asset from Avaya, Inc. back in September...Skanska Promotes Glinn to National Aviation Director
Skanska Corporation promoted MacAdam Glinn to national aviation director and senior vice president.
In his new role, Glinn will be responsible for overseeing all business development and marketing for the firm's avaiation activities and oversight of Skanska's aviation and airport construction projects while working with the company's 39 offices around the United States.
Based out of Skanska's Fort Lauderdale office, Glinn previously served...DCT Industrial Taps Petkunas as Northeast Regional VP
Frank Petkunas has joined DCT Industrial Trust (NYSE: DCT) as regional vice president for the industrial real estate firm's northeast region.
In his new role, Petkunas will be responsible for all operating and capital deployment activities for the firm's real estate holdings in the New Jersey and Pennsylvania markets, which includes 24 buildings totaling more than 4.2 million square feet, with an additional 426,000 square feet in the firm's development...
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.