Investors Bullish on NJ Industrials: JLL

EAST RUTHERFORD, NJ—Jones Lang LaSalle says investors continued to bet big on New Jersey industrials in the first quarter of 2015, generating $1.76 billion in sales transactions, about the same as in the fourth quarter of 2014. Robust interest from institutional buyers compressed cap rates around the state, and in some instances drove them below five percent, JLL says in its quarterly research report.

“New Jersey’s industrial sector started the year out strong, with several notable lease signings at newly developed space near the Port of New York and New Jersey helping to stabilize the Port submarket,” says David Knee, senior managing director at JLL. “A protracted and difficult winter failed to deter building owners and tenants from completing several key transactions.”