Northern New Jersey Commercial Real Estate News recent headlinesCoStar's People of Note (Oct. 26 - Nov. 1)
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: Inland Empire, Minneapolis, San Diego, Chicago, Los Angeles, Atlanta, South Florida, Cincinnati, Charlotte, and Western Michigan.
Wetherholt Named FVP at Marcus & Millichap
By Justin Sumner
Marcus & MiMarket Trend: Northern New Jersey Industrial Vacancy Decreases to 8.3%
The Northern New Jersey Industrial market ended the third quarter 2014 with a vacancy rate of 8.3%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 4,080,921 square feet in the third quarter. That compares to positive 1,252,687 square feet in the second quarter 2014. Vacant sublease space increased, ending the quarter at 2,356,056 square feet.
Tenants moving into large blocks of space in 2014 include...The Stro Cos Acquires Union Industrial for $6.6M
Emiliani Enterprises sold the industrial building at 600 Green Ln. in Union, NJ to The Stro Companies for $6.6 million, or about $76 per square foot.
The 87,250-square-foot warehouse sits on six acres in the Central Union Industrial submarket and consists of 11,000 square feet of office space
, 17 tail boards, one drive-in bay, and 28-foot ceilings.
The entire property was immediately leased to gourmet food wholesaler D’Artagnan. The property...Matawan Village Apts Sell for $7.9M
ACap Partners LLC acquired the Matawan Village Apartments at 119 Morristown Rd. in Matawn, NJ from Kay Equities Co. for $7.85 million, or about $109,000 per unit.
The 72-unit, garden-style, multifamily complex was built in the 1960s on 4.6 acres in the outer NE Monmouth County submarket. The unit mix consists of 56 one-bedroom and 16 two-bedroom models that were 95 percent occupied at the time of sale.
Daniel Lanni with The Kislak Company...Summit Medical Group Expands Lease in Warren
Summit Medical Group (SMG) has expanded its current lease at the Warren Office Center.
The three-building, 57,000-square-foot, colonial-style office complex at 34 Mountain Blvd. in Warren, NJ was constructed between 2001 and 2004 in the Route 78 East submarket of Somserset County.
SMG, one of New Jersey's largest physician-owned, multi-specialty medical practices, will now occupy 30,514 square feet there, consolidating its nearby office into...Parsons Returns to Newark Office Bldg
Parsons Transportation Group, Inc., a unit of engineering and consulting services company Parsons Corporation, has signed a long-term lease for 12,380 square feet at Two Gateway Ctr in Newark, NJ.
The company will be returning to the 18-story, 832,500-square-foot, 4-Star office building
when it takes occupancy later this year. Parsons had been a tenant in the office building since 2009, and retains a 5,000-square-foot expansion option there.
Dudley...Market Trend: Northern New Jersey Retail Vacancy Decreases to 5.8%
The Northern New Jersey retail market experienced an improvement in market conditions in the third quarter 2014.
The vacancy rate went from 6.1% in the previous quarter to 5.8% in the current quarter. Net absorption was positive 1,238,100 square feet, and vacant sublease space decreased by 22,245 square feet. In second quarter 2014, net absorption was positive 303,352 square feet.
Tenants moving into large blocks of space in 2014 include...Duke Finishes One Spec Warehouse, Starts Another In Linden's Legacy Commerce Ctr.
Duke Realty Corp. completed construction on one 495,000-square-foot warehouse and started construction on another at its Legacy Commerce Center in Linden, NJ.
The development firm broke ground at 801 West Linden Ave. in early 2014. The interior of the cross-docked facility has 50' x 50' column spacing and 36' ceiling height, 68 dock doors and four drive-in doors.
The REIT said it has just begun development of 301 Pleasant St., a 144,000-square...45 Waterview Appreciates $10 Million in 10 Years
Nearly 10 years since acquiring 45 Waterview for $30 million in 2005, One Liberty Properties this week sold the 106,680-square-foot midrise office building
in Parsippany, NJ for $40 million.
The buyer is a fund backed by an undisclosed foreign investor (and first-time US buyer). The fund is managed by JM Capital and advised by Nadlan Advisors
Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE’s Institutional Properties team...Lang Joins FirstService Residential
Scott Lang joined FirstService Residential, a leading property management company in North America, as a senior vice president of finance for its MidAtlantic Region.
Lang will drive revenue enhancement and cost control initiatives for the MidAtlantic Region. He has previously held leadership roles at the Royal Bank of Scotland and Goldman Sachs. Lang also holds an MBA in finance and management of organizations from Columbia University in New York...Taconic Investment Partners Sells The BankNote for $114M
Madison Marquette and Perella Weinberg Partners LP acquired The BankNote office building
at 890 Garrison Ave. in Bronx, NY from Taconic Investment Partners LLC for $114 million, or about $278 per square foot, according to public records.
The six-story, 410,194-square-foot office building was originally constructed in 1911 on 2.4 acres in the Bronx County submarket. Following a $37 million makeover in 2010, The BankNote building, which previously...Bridge Development Partners Opens New Jersey Office
The Chicago-based Bridge Development Partners has opened an office in Parsippany, NJ.
Bridge Development has acquired or developed more than 7.8 million square feet of office and industrial assets in the 13 years since inception.
Jeffery J. Milanaik, formerly of Heller Industrial Parks, Inc., and John Porcek, a technical and construction expert with more than 30 years of experience joined the firm and will oversee the operations for the New...CBRE Named Leasing Agent for 216,000-SF Industrial Property
Principal Real Estate Investors, an Iowa-based institutional investor, has acquired the industrial building at 1 Lladro Dr. in Moonachie, NJ from Lladro Realty, Inc. a porcelain maker in Spain, for $18 million, or about $83 per square foot.
The buyer has retained CBRE to lease the entire property. The CBRE team of William Waxman, Mindy Lissner, Matthew Corpuel, Thomas Tucci, and Jamie Dennison will handle leasing efforts there for the new owner...Weichert Commercial Expands Office With Addition of Ten New Associates
President John G. Udell of Weichert Commercial announced the addition of ten real estate professionals to the corporate headquarters as well as the Central New Jersey and Pennsylvania offices.
Joining Weichert Commercial are vice presidents Raymond Marzorati and Steven Tenenbaum, Pablo 'Paul' Albilal-Elhassan as vice president of investments, and sales associates Jennifer Corrao, Claudia Kriener, Marc Vogel, Paul Jarrett, Joseph Sedler, Lainie...
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.