NEWARK, NJ−At next week's 3rd annual RealShare New Jersey Opportunities Breakfast, top commercial real estate players will discuss the “opportunities” for development and investment - which panelists are telling GlobeSt.com in advance of their remarks - are available across the spectrum right now.
Steve Santola of Woodmont Properties, whose company has three mixed-use properties in active development, said he will offer examples of potent opportunity in that sector for developers: “At the newer communities that we are opening we are seeing multifamily rents out-performing pro formas that are only a year or two old. Demand is super-strong and we are seeing a little bit more receptivity in some towns towards mixed-use redevelopment.”
Jose Cruz of HFF, who will bring the investment sales point of view to the May 29 event at The Newark Club, said his company is in the midst of handling the sale of a multi-family development in Hoboken that has seen “tremendous” interest. The apartment complex will soon change hands for what Cruz says is a record cap' rate – “sub 4%.”
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