The organization reported favorably on October, calling it a “strong month” for the market with more nearly 8,200 closed sales. Closed sales also are up year-to-date, rising about 20 percent to nearly 80,000 in 2013.“We’re continuing to see a lower number of properties for sale … so it’s not surprising to see more closed sales ...
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Real Estate
The man with the rock band Jeff Prezant covers office deals by day, Clapton hits by night
“We’re rockers,” he said. “We rock out.”Prezant, a veteran broker in the firm’s East Rutherford office, hasn’t let a busy career get in the way of being an avid guitarist and musician. The pastime started when he was a child, helped him pay for college and continues today, as he plays cover songs in both ...
Read More »Building the relationship For the bankers and brokers, all deals are a matter of trust
Investors Bank’s chief lending officer, Richard Spengler, has worked for years with Wilcox, and when the two talk about the behind-the-scenes work of getting capital flowing to commercial real estate transactions around New Jersey, they talk about the critical importance of relationships like theirs, which are built on trust. Spengler said Wilcox “has been doing ...
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Growing sphere of influence China company is latest foreign entity to enter New Jersey
The firm, China Construction America Inc., marked its arrival in the state in April when it paid $71 million in cash for a Morris Township office building. And earlier this month, it sealed a reported $68 million deal to acquire a prime Jersey City development site that could house a 1,000-unit apartment complex.It was enough ...
Read More »100 Mile Fund provides 12.3M construction loan to Nobility Crest at Brick
According to the announcement, the project consists of two separate developments, including a mixed-use project with 21,109 square feet of retail space and 44 rental units made up of 30 two-bedrooms and 14 one-bedroom apartments, as well as a second parcel with 170 townhomes.This site is centrally located in Brick Township and is in close ...
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Mack-Cali buys Rahway complex in latest multifamily move
The real estate investment trust, based in Edison, said it purchased the two-building Park Square complex for about $46.5 million from Woodbridge-based Landmark Cos. The site is minutes from the Rahway train station and also includes a parking garage, 6,000 square of retail space and several other amenities.The property, which is 94 percent leased, will ...
Read More »Jones Lang LaSalle exclusive leasing agent for 151,825-square-foot warehouse
According to the announcement, JLL will provide a full range of marketing and transaction services at the 151,825-square foot warehouse and light manufacturing facility. The JLL agency team will be led by Howard Weinberg, executive vice president, and includes Michael Palmeri, associate. The team will work closely with Ira Bloom, director of commercial real estate, ...
Read More »GAF to relocate to Parsippany, move into renovated Realogy building
GAF announced the move Wednesday,with plans to shift some 600 employees and contractors from its current headquarters in Wayne after renovations are complete at the Morris County building. In a news release, the company did not disclose terms of the relocation, and it said no decision had been made on the future of its current ...
Read More »Rutgers dean Suburban ‘corporate palaces’ no longer viable
They either plan to leave or have already vacated each of their giant suburban New Jersey headquarters, or as Rutgers University Bloustein School of Planning and Public Policy dean James Hughes puts it, “corporate palaces.” Speaking Wednesday on a panel at the New Jersey State League of Municipalities Conference in Atlantic City, Hughes stressed the ...
Read More »Monmouth Real Estate closes 15.2M Texas industrial acquisition
According to the announcement, the property is net-leased for 10 years to FedEx Ground Package System Inc., a Delaware corporation. The building is situated on approximately 17 acres in the Houston area and is expandable by approximately 80,000 additional square feet. Follow @NJBIZ
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Local, state officials cheer benefits of transit-oriented development
Speaking Tuesday at the New Jersey State League of Municipalities Conference in Atlantic City, Somerville mayor Brian Gallagher said transit-oriented development has been mutually beneficial for his borough and the state.
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Former NJIT development chief launches real estate firm
The former chief of the New Jersey Institute of Technology’s $1.3 billion redevelopment project in Newark has launched a new firm focused on urban revitalization.
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