NAI Fennelly was busy the first four months of the year, announcing May 12 it closed more than 31 leases and renewals covering 212,881 square feet.
According to the Hamilton-based firm, that adds up to an aggregate value of $12.2 million, building upon its 2021 efforts, which saw 1 million square feet of leasing activity and renewals negotiated by NAI Fennelly across Central Jersey and eastern Pennsylvania.
Transactions closed by the team, led by Jerry Fennelly, Matthew Fennelly and Patrick Dintrone, cover the industrial, land, medical, office, retail and warehouse spaces. According to NAI Fennelly, that diversification of product speaks to its ability to represent a range of clients, from local businesses to institutional investors, across asset classes and different businesses.
“Considering each new year presents a new slate of challenges within these markets, we’re proud to build upon our success in 2021 with a strong start in 2022,” said President Jerry Fennelly in a statement. “Although the uncertainty of the market can be daunting at first, our team is able to build off our extensive experience and continue to provide market-leading commercial real estate solutions to our clients to fulfill their unique business needs.”
The firm saw significant volume in industrial, as the market continues its red-hot streak in the Garden State. In March, the firm negotiated a lease deal for 2 acres that will see a mobility hub established in Ewing. Other notable deals in the sector during the first quarter include new leases with TerraCycle for 16,661 square feet of space at 171 Jersey St. in Trenton and a renewal and extension with the State of New Jersey for nearly 30,000 square feet of space at 6 Princess Road in Lawrenceville.
Retail and medical office deals also played a part in Fennelly’s first-quarter success. For the former, the firm said it negotiated deals including a 30,543-square-foot transaction with Jersey College in Ewing. For the latter, NAI Fennelly’s prowess in the space is exemplified by a 24,942-square-foot lease it negotiated on behalf of Sharbell Development to expand Princeton Orthopedic’s presence in the Robbinsville market.i