2B — August 15 - 28, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
F U L L S E R V I C E
N J & PA
R e a l E s t a t e B r o k e r a g e a n d A d v i s o r y F i r m
SteveBussel, SIOR, president, BRCreviews ind. market Hold on folks, market accelerating higher
focus integrity quality
T
he second quarter of 2014 only reinforced what we have seen over
tions are underway throughout many properties and sites in New Jersey. The lasting re- maining infill sites are getting developed. Some existing prop- erties are being demolished to make ready for modern, higher cube facilities to meet today’s tenant demands. Other prop- erties are getting upgraded or retrofitted. Owners are wisely going through their portfolio to take advantage of a market not seen since 2008. With seven million s/f of development underway, avail- ability rates would be even low- er than they are. Rates hover in the 7-8% range depending
on what market – northern or central – in New Jersey. Sub- markets near the Port fare the best with virtually no space available. At the Port, the predomi- nant available space is new construction. Tenants are seeing asking rents and sale prices – for the few properties available for sale – virtually unseen since I have been in the business (which is 40 years) or before the recession hit in 2008. We are advising clients to act now before the market gets tighter and pricing only gets higher. With the economy moving in the right direction and the stock market hitting new highs, I see this market with more room to grow even stron- ger in coming months and perhaps quarters. I only see supply running out, before demand at this point. n WCRE completes leases at Colwick Business Ctr. CHERRY HILL, NJ — Wolf Commercial Real Es- tate (WCRE) announced that it has consummated three lease transactions bringing new tenants to the Colwick Business Center in Cherry Hill. Colwick Business Center is a complex featuring three single story office buildings owned and managed by an affiliate entity of Endurance Real Estate Group, LLC . WCRE’s teamof LeorHemo and Jason Wolf represented Endurance in the marketing and leasing of these proper- ties, working collaboratively with each tenant’s broker. •7,994 s/f of office space to South Jersey Behavioral Health Resources, Inc. Scott Martin of Markeim Chalm- ers represented the tenant. •2,600 s/f to MorphoTrust Usa, Inc. Julie Kronfeld of NAI Mertz represented the tenant. •12,604 s/f to QMA, Inc. Dan McGovern of CBRE represented the tenant. Endurance acquired Col- wick Business Center last summer and made a major investment in improvements, recently completing exterior upgrades and securing NJ Transit bus service through the office park. Ownership has restored Colwick to its class “A” campus environment and prestige. n
Landlord Representation Tenant Representation Investments Property Management
the past sev- eral quarters: the market is HOT – and only getting ho t t e r . We h a v e s e e n many blocks of industrial s p a c e f o r
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Y O U H A V E O P T I O N S
Steve Bussel
BUILDING SUCCESSFUL RELATIONSHIPS TM
sale or lease absorbed at prices equal to or higher than the market peak in 2008. Developers and owners are taking advantage. Redevelop- ment, development and renova-
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