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M id A tlantic Real Estate Journal — Northern New Jersey — September 2023 — 5B
www.marej.com
EWARK, NJ – Fifty- Five Union, the new rental community in J&L Cos. assembles team, including VanPraet/Weisgerber, Arterial and A&L Landscaping Fifty-Five Union illuminates the path towards a greener Newark, New Jersey N
and social well-being of our residents, aiming to enrich their lives and enhance their overall experience,” said Ga- briel Lopez, J&L Companies Vice President. “55 Union introduces a future-ready, green-infused urban residen- tial environment, setting a higher standard for positively influencing health and well- ness through thoughtful and sustainable design in Newark.” J&L Companies assembled a team of renowned profes- sionals to integrate the ad- vanced green technologies into 55 Union’s design, includ- ing MEP Engineer VanPraet/ Weisgerber Turnkey Engi- neering ; Minno & Wasko Architects and Planners ; Landscape Designer Arte- rial ; Kelly Mac of Interi- orscapes; A&L Landscap- ing ; and Greenspot . Notable subcontractors involved with the MEP installations include Haddad Plumbing; Air Group, Schindler Eleva- tor Corporation and MDC Electrical . MAREJ to a diverse roster of clients, ranging from private busi- nesses to institutional enti- ties. As a result of its effective business strategy, NAIDB is able to pivot based on economic trends, allowing its brokerage team to collaborate internally and meet the needs of its clients in any given cycle. Based in Woodbridge, N.J., NAIDB is a member of NAI Global, a leading global com- mercial real estate advisor with over 325+ offices and 5,800 professionals. NAI Glob- al completes in excess of $20B in worldwide commercial real estate transactions annually. Leveraging the powerful sup- port of the NAI Global plat- form, NAIDB offers a full suite of commercial real estate ser- vices backed by the personal- ized service and knowledge of a local firm with the resources of a global company. MAREJ
Newark’s historic Ironbound district, is not only delivering exceptional living spaces and thoughtful amenities to the city, but also incorporates a comprehensive sustainability and wellness plan that con- tributes to a healthier and more eco-friendly environment, propelling Newark towards a greener future. Spearheaded by Fifty-Five Union’s developer, Newark- based J&L Companies , the plan amplifies the City of New- ark’s Sustainability Action Plan by embracing a holistic approach that fosters both environmental well-being and resident wellness within the built environment. Noteworthy green elements integrated into Fifty-Five Union’s design include a cut- ting-edge greywater recycling system that captures stormwa- ter on the roof, filters it using UV radiation to eliminate bac- teria, and repurposes it for irri-
Fifty-Five Union
Sustainable green roof
gation throughout the property. By doing so, it significantly reduces water consumption and minimizes the impact of rainwater on the streets. Additional environmental- ly-friendly features include a living green wall in the lobby, a sustainable green roof, energy-efficient LED lighting throughout the property, En- ergy Star-rated appliances in each residence, EV charging stations, energy recovery ven- tilation, hybrid heat pumps, and a regenerative power elevator system. industrial assets, despite increasing interest rates,” said NAIDB COO David A. Simon, SIOR . “In terms of the office sector, there were three transactions above the $20+M mark during the first half of 2023. Meanwhile, the retail sector remained rela- tively static and the volume was comparable to 2021. Last year, retail had a boost from a number of larger property trades that, in turn, elevated the overall volume.” The NAIDB 2023 Summer Capital Markets Snapshot focuses on Northern and North- ern New Jersey across the seven (7) counties that the firm tracks. These include Morris, Essex, Union, Middlesex, Som- erset, Mercer and Hunterdon. Overall, across this geographic cohort, there were 111 total trades and $1.386B in total sales volume. This marked
Access to open space within an urban setting was also prioritized in the design process for Fifty-Five Union, with more than 20,000 s/f of outdoor escapes for fresh air, recreation, and relax- ation, including a landscaped rooftop garden and enter- tainment area with uninter- rupted views of NYC and downtown Newark. J&L Companies is actively pursuing Fitwel certification for Fifty-Five Union, a pres- tigious recognition originally created by the U.S. Centers for an increase in the number of transactions, but a decrease in the total volume in comparison to the first half of last year. In the market report (to view click here), NAIDB details the following for the industrial, office and retail sectors in Cen- tral and Northern New Jersey: • Industrial: This property category continues to trade at record-high prices per square foot. Prices have increased to an average $265/SF, a 34% increase YOY. For industrial buildings over 100K SF specifi- cally, the average price is $220/ SF, equating to a 42% increase YOY. Industrial accounts for 60+% of the sales volume across the region associated with an aggregate volume of 45 trades and $860.5M in transactions. • Office: Taking the second- place slot for transaction vol- ume, office secured 22% of the transaction volume for H1
Disease Control and Preven- tion (CDC) and the General Services Administration (GSA). The third-party certi- fication is now granted by The Center for Active Design (CfAD) and acknowledges buildings that prioritize the health and wellness of occu- pants, with focuses on ample natural light, access to out- door spaces, fitness facilities, enhanced indoor air quality, thermal and acoustic comfort, and walkability. “We designed this property to support the physical, mental 2023. As compared to YOY, this sector had an increase in the number of trades (33), although there was a drop-off in aggre- gate value ($306.1MM) and price per square foot ($223). • Retail: This property sector recorded 16% of the sales vol- ume within the state’s north- ern and central markets for H1 2023, dropping YOY from $444MM to $220MM. This aligns with volume seen in 2021 and is in part attributed to the fact that last year’s volume was increased by a few larger prop- erty trades over $40MM each. As part of its highly success- ful 85+ years in the commercial real estate industry, NAIDB maintains a New Jersey-cen- tric focus on specific property sectors across its geographic region of specialization. While concentrating on these mar- kets, the firm’s brokerage professionals provide expertise
NAI DiLeo-Bram & Co. issues latest Capital Markets Report: NNJ & CNJ Markets Impacted by higher interest-rate environment
WOODBRIDGE, NJ — At the half-year mark, NAI DiLeo-Bram & Co. (NAIDB)
reports Mid- dlesex and Union coun- ties were the most actively traded dur- ing H1 2023 within the No r t he rn and Northern New Jersey
David A. Simon
submarkets it tracks. In fact, Union County had the high- est volume of retail, office and industrial transactions during this period, with the latter top- ping off at $270MM. According to the NAIDB 2023 Summer Capital Markets Snapshot, Union is the only county surpassing its five-year average volume. “Transactions are still being completed, especially among
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