Northern New Jersey Commercial Real Estate News recent headlinesCoStar's People of Note (Jan. 25 - 31)
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: Houston, Phoenix, New York City, Los Angeles, Baltimore, Greensboro / Winston-Salem, London, Philadelphia, Orlando, South Bay, and Chicago.
Avison Young Hires Principal in Houston
By Tanika Belfield-Martin
Bringing moMarket Trend: Northern New Jersey Retail Vacancy Decreases to 5.6%
The Northern New Jersey retail market experienced a slight improvement in market conditions in the fourth quarter 2014.
The vacancy rate went from 5.8% in the previous quarter to 5.6% in the current quarter. Net absorption was positive 1,078,705 square feet, and vacant sublease space increased by 7,270 square feet. In third quarter 2014, net absorption was positive 1,298,266 square feet.
Tenants moving into large blocks of space in 2014...Sharp Sells NJ HQ for $38M
Sharp Electronics has sold its office headquarters on Sharp Plz. in Mahwah, NJ to Chicago-based Sitex Group for $38 million. Sharp has leased back their space as part of the agreement and will maintain their presence in Mahwah, where they have been since 1986.
In addition to the 147,000-square-foot office building
, the sale also included a 323,027-square-foot industrial property and 23 acres of vacant land.
According to Brian Milberg, a Principal...NorthMarq Arranges $41M Refi for Hamilton Multifamily Portfolio
NorthMarq Capital has arranged refinancing deals totaling a combined $41 million for a portfolio of four multifamily properties located in Hamilton, NJ.
Robert W. Ranieri, senior vice president / managing director with NorthMarq's Westchester NY / CT-based office arranged the financing for the borrower. The loans carry 15-year terms with 30-year amortization schedules, and were provided through NorthMarq's seller-servicer relationship with Freddie...Market Trend: Northern New Jersey Office Vacancy Decreases to 14.0%
The Northern New Jersey Office market ended the fourth quarter 2014 with a vacancy rate of 14.0%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,318,543 square feet in the fourth quarter. That compares to negative (112,506) square feet in the third quarter 2014. Vacant sublease space increased in the quarter, ending the quarter at 1,762,641 square feet.
Tenants moving into large blocks of space...North Bergen Industrial Sold for $4.8M
Preferred Media sold the industrial building at 2043 83rd St. in North Bergen, NJ for $4.8 million, or about $83 per square foot. The buyer is expected to occupy the entire building.
The 58,000-square-foot manufacturing facility was built in 1970 on 2.9 acres in the Secaucus / North Bergen Industrial submarket of Hudson County. It features seven interior loading docks and one drive-in bay, 21-foot clear heights, 800-amp heavy power, and up to...Kushner Cos Completes Two Rounds of Financing for Long Branch Acquisition with Extell
Joint-venture partners Extell Development Company and Kushner Companies have closed on two phases of acquisition financing totaling $129 million in conjunction with the purchase of Pier Village, a mixed-use, ocean front community in Long Branch, NJ.
In the first phase, Capital One, which provided bridge financing back in November, again stepped up in mid-December in originating a $97 million loan from Fannie Mae that closed out the acquisition...
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.