NJ Industrial Leasing Velocity, June-August 2018 (Source: CBRE)
SADDLE BROOK, NJ—While many view the summer months as a “slow” time in commercial real estate, CBRE says it had another exceptional summer period, completing some of the largest transactions in office, industrial, retail and investment sales in the New Jersey market.
Between June 1 and August 29, CBRE executed 158 lease transactions totaling 3.11 million square feet and 34 sale transactions totaling 1.32 million square feet across all asset types.
The most prominent office deal CBRE closed this summer was the 148,460 square foot lease to relocate Mars Wrigley Confectionary's US operations to Newark, NJ. CBRE represented Mars in the multifaceted lease negotiations. The move by Mars will bring more than 130 new jobs to New Jersey, in addition to the more than 500 employees relocating within the state.
Other noteworthy office transactions included a 132,265 square foot lease for E*Trade Financial at Harborside Plaza 2 in Jersey City, followed by a 107,710 square foot commitment by Celgene Corporation at 7 Powderhorn Drive in Warren, in which CBRE represented the landlord.
On the industrial front, CBRE arranged a 269,424 square foot lease with Gordon Logistics at 180 Raritan Center Parkway in Edison, as well as a 238,791 square foot lease with East Coast Warehouse & Distribution at 30-100 Pulaski Street in Bayonne. CBRE represented the landlord in both transactions.
NJ Office Leasing Velocity, June-August 2018 (Source: CBRE)
In addition to the office and industrial leases, CBRE also arranged a number of major retail transactions throughout New Jersey. The top two leases included a 32,136 square foot retail commitment by Fitness International at 87 Ackerman Avenue in Clifton, and an 18,905 square foot lease by Bank of America at 1 Deforest Avenue in Summit.
Jeffrey Hipschman, senior managing director, CBRE New Jersey
“CBRE continued to experience outstanding leasing and sales momentum throughout the summer months,” says Jeff Hipschman, senior managing director, CBRE. “Our team remained dedicated to client success and brought a tremendous number of deals to fruition and we are proud of the outstanding results we were able to achieve for our clients. We played a significant role in these landmark transactions that have helped shape the real estate landscape in New Jersey.”
A driving force in investment sales throughout the region, CBRE was also instrumental in other significant transactions, including the $17-million sale of a former manufacturing site in Jersey City owned by Elementis Specialties. A development group acquired the property that housed a pigment and colorant plant for more than 70 years, and plans to build a mixed-use residential and retail project. CBRE represented the seller in the negotiations.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
