Mid Atlantic Real Estate Journal — Brokerage Directory — July 31 - August 13, 2015 — 15C
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B rokerage D irectory
By Steve Bussel, SIOR, Bussel Realty Corp. Is It Possible That New Construction Can’t Keep Up With Demand? S
It has become more and more difficult to locate avail- able quality space for our cli- ents. Space is coming off the market faster every quarter. And there is virtually noth- ing for sale. It is not uncom- mon these days for properties to sell near or over $100 per square foot. A benchmark thought unobtainable just several quarters ago is a real- ity today. Since the third quarter of 2014, we have seen sales prices rise from $20-$40 per square foot depending on the location. We are currently
marketing most properties for sale in the $70-$100 per square foot range. In many instances, we have several buyers lined up for each deal. As a result, cap rates are being compressed to 6 or 5 percent. By the end of 2015, we anticipate over 8.8 million square feet of new develop- ment will be available for oc- cupancy. We believe the red hot demand of this market will need the majority of it to keep pace with its require- ments. If the economy con- tinues its upward trajectory,
the New Jersey industrial market will continue to reap the rewards of the influx of business from higher-priced Brooklyn and New York, and our own organic growth in manufacturing and distribu- tion. We see the market get- ting stronger and are advis- ing clients to lock into leases and sales deals because we only anticipate prices get- ting higher and availability becoming more scarce. Steve Bussel, SIOR is president of Bussel Realty Corp. n
ince the third quarter of 2014, the northern/ central New Jersey i ndus t r i a l market has experienced more than 6.05 million square feet of new de- velopment, with 22 new bu i l d i ng s delivered during this time- frame. We have not seen this level Steve Bussel Bussel Realty Corp. Leases 14,500 SF at 2B Smalley Ave. in Middlesex, NJ MIDDLESEX, NJ — Ac- cording to Bussel Realty Corp. (BRC), Double O Manufactur- ing has leased 19,400 s/f at 2B Smalley Ave. in Middlesex. Vice President Manny Judah was responsible for the trans- action. “Double OManufacturing is a well-known machine manu- facturer for the military. The property is ideal for the com- pany’s operations and for re- taining current and procuring future clients,” noted BRC vice president Manny Judah. Totaling 14,500 s/f, 2B Smal- ley Ave. is located near Route 28 and Route 22. The property offers 27-foot ceiling heights, 20-foot by 50-foot column spac- ing, and two drive-ins. n NAI CIR inks 12,032 office sale SOUTHAMPTON TWP., PA —Rupa Engineer &Kevin Co- hick, an investment firm, has purchased 12,032 s/f of office space at 9974 Molly Pitcher Highway, Southampton Twp. The Bill Gladstone Group of NAI CIR represented G&C As- sociates, the property owner, and Chris Baj of Sperry Van Ness Imperial Realty rep- resented Rupa Engineer & Kevin Cohick. Omni Fitness has leased 2,000 s/f of office space at 4349 Carlisle Pike, Hampden Twp. Joseph Bedard and Craig Rahn, both of NAI CIR, repre- sented OM Shakti Properties, the property owner. n 2B Smalley Ave.
of new construction since 2006. Owners are trying to get properties online quickly to capitalize on the hottest market that we have seen since we started in the busi- ness over 40 years ago! And with new buildings rising, so are the rents. New Class A properties in locations near the ports have asking rents in the $7 to $9 range -- and landlords are closing deals at these rates. In fact, there is a shortage of quality class A and B space even with all of the new development cur- rently underway.
David Grove WELCOME!
NAI Mertz is pleased to announce that David Grove has joined the rmas theChiefOperatingOf cer.
51 Haddon eld Road | Cherry Hill, NJ • 100,000 SF Class ‘A’ office building • Suites available from 1,495 SF to 9,600 SF • Glass atrium, cafe, rotating art installations
Contact Information David D. Grove | COO o: 856.254.2060 | c: 215. 872.4484 dave.grove@naimertz.com 21 Roland Avenue | Mount Laurel, NJ 08054
Two Executive Campus | Cherry Hill, NJ • 102,590 SF Class ‘A’ office building on Route 70 • Availabilities from 700 SF to 26,000 SF • Granite lobby, touch screen directories, patio
Redevelopment Site | Hamilton, NJ • 1,050,000± SF industrial facility on 65.70± acres • Site is adjacent to NJ Transit station and I-295 • Zoned for Industrial Redevelopment
Build to Suit Industrial | Florence, NJ • 577,200± SF industrial / warehouse building • Divisible; 30 Year Tax Abatement! • Easy access to the NJ & PA Turnpikes & I-295
480 S. Broad Street | Philadelphia, PA • Prime Location on Avenue of the Arts • 365 seat proscenium theatre with mezzanine • Part of Symphony House luxury condo building
Sunshine Market Complex | Wilkes-Barre, PA • 185,984 SF warehouse for lease (divisible) • Pad sites avail; Rt 315 frontage; I-81 visibility
NAI Mertz has been serving the commercial real estate needs of Southern New Jersey and the Greater Philadelphia area for 35 years.
Our brokers have a depth of experience in the market and proven track records of successful sale and lease transactions. As part of the NAI Global network, we can accomplish your real estate objectives, both locally and around the world. Contact our team of specialists today to find out how we can help you achieve your strategic commercial real estate goals.
naimertz.com Mount Laurel, NJ +1 856 234 9600 Philadelphia, PA +1 215 221 1100 Southampton, PA +1 215 396 2900 Wilkes-Barre, PA +1 570 820 7700
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