ATLANTIC CITY, NJ—A more regionally focused approach to zoning and planning for commercial construction is probably the most critical issue facing New Jersey's commercial real estate industry, says incoming New Jersey Builders Association president Dwight Pittenger, president of Neptune, NJ-based Pittenger Builders.

PHILADELPHIA—PREIT sold four more underperforming malls in Pennsylvania, Virginia and Alabama, continuing its strategic exit from properties it regards as “non-core,” which had below-average sales, gross rents, and occupancy.

CHATHAM, NJ—A joint venture between Stolar Capital and Vertical Realty Capital has acquired the 31-unit Chatham Arms in Chatham, NJ from Quad Realty for $7.2 million, representing $232,000 per unit and a 4.9 percent cap rate.

PHILADELPHIA—The Davis Cos. and Advance Realty have completed extensive capital improvements at 2750 Morris Rd., a 675,000-square-foot property in Lansdale, PA.

WARREN, NJ—Rubenstein Partners and Vision Real Estate Partners, building on the successful transformation of the Morris County-based Alcatel-Lucent campus into a multiple use complex for Bayer and MetLife, have acquired Warren Corporate Center in Warren, NJ, for $136 million and expect to transform it into a similar multiple-tenant, destination-style office and outdoor activity site, Vision's founder and managing partner, Sam Morreale, tells GlobeSt.com exclusively.

PARSIPPANY, NJ—Two long-term leases at 339 Jefferson Road in Parsippany, NJ were finalized because of extensive renovations at the property recently.

PHILADELPHIA, PA—CBRE Group named industry veteran Steven H. Gartner managing director of retail for its Greater Pennsylvania Region.

NEWARK, NJ—Realterm NAT, an institutional owner of transportation-related properties, acquired 41-65 Doremus Avenue in Newark, NJ, a class A, 38,072-square-foot transportation maintenance and repair facility, from Vineland Construction Co. Realterm NAT for an undisclosed amount.