New Jersey

The NJ TRANSIT office of real estate, economic development and transit-oriented development will assess and develop recommendations for transit-oriented development opportunities for parcels of property in which NJ TRANSIT holds an interest in, with the goal of increasing NJ TRANSIT's non-farebox revenue.

The plans will support efforts to attract community-supported Opportunity Zone investments, build investment readiness, and help the respective communities to meet their goals for Opportunity Fund investment.

The deal, announced by CBRE Capital Markets' Debt & Structured Finance team, is for the Jersey City-based real estate developer's The Charlotte project, which will feature 750 units at 25 Christopher Columbus Drive in Jersey City.

The Phoenix-based firm reports it has acquired One Crescent Drive, which totals more than 76,000 square feet and the 80,050-square-foot 201 Rouse Boulevard office building from Liberty Property Trust.

"There was great interest in this asset given its location and current use," Cruz said. "It's a rare opportunity to acquire a property with long-term flexibility and optionality that can support logistics, storage and other uses in the Metro park submarket."

Relocating from another Newark property, Project for Empty Space, a hub for multidisciplinary creative engagement, will have multiple galleries and exhibition areas, as well as amenitized studios at its new offices at 800 Broad St.

The Blackstone entity acquired the property in partnership with Roman Real Estate Holdings, Inc., according to NAI James E. Hanson, which brokered the deal on behalf of the buyer.

The 105,000-square-foot office building was sold by New York City-based Torchlight Investors to a private real estate investor, according to brokerage firm JLL, which represented Torchlight in the transaction.