A report released by CBRE found that the vacancy rate for the Central and Northern New Jersey market for the 6.3 million square feet of new construction last year, stood at just 22.2% at the end of 2019.
Last month, RD Management and partner JMF Properties announced five new retail leases totaling more than 88,000 square feet at the Harbor View Marketplace in Bayonne.
The Tel-Aviv, Israel-based firm's agreement with Rubenstein Partners calls for a new location totaling 42,000 square feet at the 1.4-million-square-foot Wanamaker Building in Center City.
Commercial brokerage firm ACO Commercial, which brokered the sale on behalf of a private investor group, reports that the 2.8-acre parcel that traded takes up almost an entire city block (bounded by Lake, Hoyne, Damen and Walnut) and is fully leased to Standard Equipment Co.
The Murphy Administration reported that it will spend $60 million on affordable housing initiatives across the state in its Fiscal Year 2020 budget. The funding had been diverted in previous years.
Anchoring the property will be WeWork and locally-based CA Ventures, which combined will occupy in excess of 120,000 square feet at the more than 172,000-square-foot, 12-story building.
Following the closing of the transaction, PersonalizationMall.com will continue to provide product and personalization services to Bed Bath & Beyond and buybuy BABY.