EAST RUTHERFORD, NJ—New Jersey's industrial sector posted the strongest year for industrial leasing the state has seen in more than a decade, Jones Lang LaSalle says in its latest quarterly industrial market research report. Although the market recorded approximately eight million square feet in positive absorption in 2014, more than doubling the market's historical yearly average, the Exit 8A submarket slowed in the last quarter, with just one 500K SF facility delivered.
PHILADELPHIA, PA—Developer Eric Blumenfeld will begin renovation soon to turn the landmark Thaddeus Stevens School into a luxury rental complex called the Mural Arts Lofts building.
TRENTON, NJ—A bill sponsored by Sen. Jim Whelan (D-Atlantic County) to encourage developers to build owner-occupied housing units within Atlantic City was approved Thursday by the Senate Economic Growth Committee. The proposed legislation, which now moves to the Senate Budget and Appropriations Committee for further review, would encourage development of multifamily properties like condominiums and duplexes.
ATLANTIC CITY, NJ—Atlantic City's fortunes over the past several decades has seemed like a “roller coaster,” but Mayor Donald Guardian is convinced that “the stars are aligning for Atlantic City.” The mayor spoke exclusively to GlobeSt.com at an Urban Land Institute breakfast. Watch a video of our conversations with Mayor Guardian, Collingswood, NJ, Mayor James Maley, and former Pittsburgh Mayor Thomas Murphy.
TRENTON, NJ–Citing the crisis facing New Jersey's transportation system, Senate President Steve Sweeney told a press conference Wednesday that New Jersey needs a comprehensive planning effort to develop a consensus set of priorities for the expansion and repair of New Jersey's transportation system over the next 10 to 20 years.
PHILADELPHIA, PA—Philadelphia is poised to become a “crown jewel” in the investment portfolios of real estate developers over the next decade, says veteran commercial real estate banker Christophe P. Terlizzi, one of the panelists featured at ALM's RealShare Philadelphia Conference February 10 at the historic Union League Club. Learn more about the RealShare Philadelphia conference agenda.
VINELAND, NJ—PREIT says the announced closing of the 51,000-square-foot JCPenney store at Cumberland Mall in Vineland, NJ gives the real estate investment trust a “significant opportunity to add value” at the regional mall.
HOBOKEN, NJ—National Realty & Development Corp. signed Lex Terrae Inc., a subsidiary of Old Republic Title Company, to a long-term lease at NRDC's 95,000-square foot Baker Waterfront Plaza property in Hoboken, NJ.
BETHLEHEM, PA—CBRE has brokered the lease of 2485 Commerce Center Boulevard, a 677,088 square feet facility within Lehigh Valley Industrial Park VII to UK retail company Primark. The property will serve as Primark's primary east coast distribution facility as the company makes its first venture into the United States.
PHILADELPHIA, PA–CBRE says Marcus & Millichap executives Matthew Gorman, Michael Shover, and Stephen Schrenk joined its Investment Properties/Retail division in the greater Philadelphia area, with a focus on net lease transactions. Gorman and Shover join as senior vice presidents, and Schrenk as sales associate.
