July 2025 issue of the Mid‑Atlantic Real Estate Journal — featuring the Commercial Brokerage Directory and regional spotlights on Southern New Jersey, Southeastern Pennsylvania, and Virginia.
- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEWS IN THE REGION
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ISSUE HIGHLIGHTS Volume 37, Issue 7 July 2025 COMMERCIAL BROKERAGE DIRECTORY 3-14 CRE ACROSS AMERICA: Weiss Realty lists 138 Acres in Decatur, IL
Eastroc to revive shuttered facility, creating new local jobs Mericle CRE Services leases 403,000 s/f in CenterPoint Commerce & Trade Park East
ITTSTON TOWN- SHIP, PA — A global manufacture of energy drinks, non-energy drinks, and packaged drinking water has leased a 403,000 s/f industrial building from Mericle Com- mercial Real Estate Services at 575 Research Dr. in Center- Point Commerce & Trade Park East in Pittston Twp. Eastroc Beverage Group Co Ltd will begin operations in the building that was vacated when beverage manufacturer Joriki filed for bankruptcy leaving more than 200 people unemployed. Under the name Pittston Co-Packers, Eastroc will utilize much of the same equipment to manufacture and package juices and other beverages and expects to have a workforce equal in size to Joriki’s. Mericle president Rob Mer- icle congratulated Eastroc and Pittston Co-Packers and said the creation of new jobs P NEW BRUNSWICK, NJ — SJP Properties has com- menced construction of the 10-story, 370,000 s/f Nokia Bell Labs Headquarters at the H-2 site of the HELIX NJ in New Brunswick. The four-acre HELIX NJ Innovation District is master planned by DEVCO and situated directly across from the New Brunswick train station. Aligned with New Brunswick’s transformation
manufacturers to the area. “New and growing manufac- turers in CenterPoint such as Pittston Co-Packers, Ameri- can Flooring, Quiet Flex, US Hydrations, and Olympia Chimney are creating the value-added jobs our local economy needs,” she said. The building at 575 Re- search Drive was constructed on speculation by Mericle as part of the company’s Ready- ToGo! Program. Mericle had cleared, graded, and compact- ed the site in advance so that it was ready for the immedi- ate construction of building foundations when the market signaled the time was right for speculative construction. CenterPoint is located along I-81 in Pittston Township and Jenkins Township and was built in phases by Mericle starting in 2005. The park is home to more than 70 busi- nesses, which together employ 7,500 people. MAREJ plates and varying slab-to-slab heights on some floors to ac - commodate experimentation. It will be the launchpad for acceleration in next-generation networks, advanced AI and software systems, industrial automation, and quantum and optical research. To bring the Nokia Bell Labs Headquarters development to fruition, SJP Properties as- sembled a complex multiparty team that includes: • HELIX Master Developer DEVCO (New Brunswick De- velopment Corporation) • Financial partner Morgan Stanley (development) • PNC Bank (construction lender) • JLL (landlord representation team – Dan Loughlin, Blake Goodman, Dan Spero, Jason Benson, Peter Ladas) • Colliers (tenant representa- tion team – Sam Horowitz, Chris Hovanec, Ray Iodice) • Newmark (equity partner representation team – Adam Spies, Chris Kramer) MAREJ
575 Research Dr. in CenterPoint Commerce & Trade Park East
and multi-million-dollar in- vestment in the building are especially good news after Joriki’s unexpected closing. “We are hopeful that some of the local residents displaced by Joriki will be able to find employment with Pittston Co- Packers,” said Mericle. Mericle thanked Governor Josh Shapiro, Pennsylvania Department of Community and Economic Development Secre- tary Rick Siger, Pennsylvania’s
senior managing director of In- ternational Trade and Invest- ment David Briel, and Director of Business PA’s Northeast Re- gional Office Bruce Reddock for providing a package of financial incentives that was instrumental to the project. Greater Pittston Cham- ber of Commerce President Michelle Mikitish welcomed Pittston Co-Packers to Cen- terPoint and said she is en- couraged by the influx of new
15
SOUTHERN NJ: NAI Mertz closes ind. property deal in Delanco
SJP Properties commences construction of Nokia Bell Labs HQ at the HELIX NJ Innovation Center
27
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Directory
Nokia Bell Labs Headquarters rendering
agenda, the New Jersey Trans- portation Trust Fund has com- mitted $50 million for a station modernization and expansion project scheduled to begin in late 2025. HELIX NJ is a sustainable ecosystem where industry and academia unite to collaborate in research and development with a mandate to uncover the breakthroughs that will advance human innovation and wellbeing for decades to come. Nokia Bell Labs’ H-2
building is situated directly across from the H-1, home to the New Jersey Innovation HUB, Rutgers Translational Research, the Rutgers School of Medicine and plug and play lab space for industry, current- ly under construction and in close proximity to the recently completed Jack and Sheryl Morris Cancer Center at the Rutgers Cancer Institute, both developed by DEVCO. The H-2 property will feature highly efficient side core floor
Commercial Brokerage Directory...............................3-14 CRE Across America.................................................15-17 CIRC Organization . ....................................................... 18 DelMarVa................................................................ 18-19 New Jersey featuring Southern NJ...........................20-27 Appraisal Institute Southern NJ Chapter .................. 24-25 Pennsylvania........................................................... 28-31 Owners, Developers & Managers............................32-42 CRE Organization’s Events Calendar .............................. 43 People on the Move.....................................................44 www.marej.com
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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .................................Troy Harrison
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Mastering the Marathon: 4 Strategies for Managing Long Sales Cycles H ave you ever run a marathon? Most people haven’t. But many salespeople run them every day – the long sales cycle. Salespeople love the quick win – that satisfying moment when a prospect becomes a customer in a matter of days or weeks. Sometimes, it’s even the fabled “one call close.” But what about those industries, or even those times, where the sales cycle stretches into months or even years? How do you keep your sales teams motivated, stra- tegic, on-task, and successful when the finish line seems so far away? Long sales cycles present unique challenges. They test a salesperson’s patience, stra- tegic thinking, and ability to maintain momentum over extended periods. They can also tempt even the most dis- ciplined sales professionals to neglect prospecting, as the gratification of a closed deal
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feels perpetually out of reach. But here’s the truth: mastering the long sales cycle is not just a skill – it’s an art form. And like any art, it requires dedication, practice, and a specific set of techniques. Let’s explore four key strategies that can help you and your team excel in the marathon of long-cycle sales. 1. Never Stop Prospecting Imagine you’re a farmer (no, not the old, outdated “hunter/ farmer” sales term). You know it takes months for your crops to grow, but you also know that if you don’t plant seeds regularly, you’ll eventually have nothing to harvest. The same principle applies to long- cycle sales. It’s easy to fall into the trap of thinking, “Why start new
conversations when I won’t close them for years?” But re- member this: you can’t finish a sale unless you start one. Prospecting is the lifeblood of your sales pipeline, regardless of how long it takes to close a deal. A sales funnel that doesn’t consistently fill at the top will run dry at the bottom. Make prospecting a non- negotiable part of your weekly routine. Set aside dedicated time each day to reach out to new potential clients. Use a mix of cold calls, emails, social media outreach, and network- ing events to keep your pipeline full. Remember, the seeds you plant today are the deals you’ll close tomorrow – or next year. The best prospecting cadence is continued on page 36
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Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
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Commercial Brokerage Directory Stabilization emerges as investors recalibrate expectations WCRE Q2 2025 Report: CRE balances opportunity with uncertainty
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population growth continue to weigh on absorption. • New York retail fun- damentals remain firm de - spite early signs of stress from national store closures and bankruptcies. Leasing demand is being driven by smaller-format users and luxury retailers, particularly in prime Manhattan corridors. • Northern New Jersey’s industrial market continues to attract institutional capital. However, rising cap rates and a widening bid-ask spread are moderating sales activity, keeping volume below recent
peaks. • Retail investment across the region is increas- ingly centered on stabilized, grocery-anchored centers and fully leased assets. In New Jersey and the outer boroughs, suburban shopping centers remain a favored target for private equity and REITs. Notable Transactions and Trends: • Cantor Commercial Real Estate Sponsor, L.P. acquired a 330,000 s/f prime multifamily property at 2116 Chestnut St in Philadelphia for $138MM ($418.71/SF),
signaling continued demand for well located multifamily. • Hardenbergh Insur- ance Group acquisition of 8000 Sagemore Dr. continues to shine light on owner-user acquisitions. The 50,000+ s/f office building sold for $5.3MM at $105.15/SF. • Camber Real Estate Partners LLC purchased a pair of 50,000 s/f industrial buildings at 420 & 440 Be- nigno Blvd. for $128.57/SF and $118.29/SF respectively. This acquisition highlights contin- ued demand for small space continued on page 26
ARLTON, NJ – WCRE CORFAC International
Select Highlights from the Report: • Office leasing activity in Greater Philadelphia softened in Q2, but the region still outperformed its five-year average for annual absorption. Center City faces challenges as large blocks of space come back online, while suburban submarkets have fared better. • Retail leasing in Phila- delphia posted its first nega - tive quarter in over a year. De- mand for newer product and suburban locations remains strong, but larger-format va- cancies and a slowdown in
( WCRE ) has released its Q2 2025 Market Re- port, offer- ing a com- prehensive view into commercial real estate
Jason Wolf
activity across the region as the industry adapts to evolv- ing economic dynamics and shifting market sentiment. Though capital markets remain constrained by high borrowing costs and limited credit availability, signs of sta- bilization are emerging across multiple sectors. Transaction volumes are still below his- torical averages, but a clearer pricing floor is forming in key investment categories. Real GDP growth moderated during the spring months, and inflation remains elevated. Still, steady job creation and improving consumer confi- dence have helped sustain leasing momentum in several core property types. While con- struction pipelines remain constrained, long-term funda- mentals continue to support measured optimism. The policy environment re- mains a wild card. Potential trade restrictions and rising construction costs pose risks to ground-up development, especially in the industri- al and multifamily sectors. Meanwhile, discussions sur- rounding tax and regula- tory reform following the 2024 election could influence capital deployment strategies heading into 2026. Investor sentiment con- tinues to rebound gradually. Recent surveys suggest most institutional and private capital sources plan to remain active in the second half of the year, favoring income- generating assets in stable markets. Value-add plays are gaining renewed interest, particularly for well-located office and retail properties that can be repositioned for future use. “The market is neither in full recovery nor in retreat,” said Jason Wolf , managing princi- pal of WCRE. “CRE players who can remain flexible and focused on long-term fundamentals will find meaningful opportunity in the current landscape.”
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Prepared by Marcus Lisse, research analyst for Greater Philadelphia at Newmark Newmark’s Greater Philadelphia Multifamily Market Overview arket Observations Rent Growth - The Greater Phil- In 2024, the Greater Philadelphia market saw 9,972 units delivered, a 15% increase in deliveries since 2023. Among the 2024 deliveries, 73.4% of the inventory was delivered in Philadelphia. This quarter saw a total of 2,219 units delivered, with 1,374 units (61.9%) being delivered in Philadelphia. Near-term deliveries are projected to stabilize in the wake of this “higher -than- average” delivery period. It is projected that deliveries will decline by an average of -15.6% year-over-year from 2025 to 2029. Declines in deliveries over the next few years, coupled with the below-average construction starts this quarter, suggest less competition in the market for newly developed, high-end space. The Philadelphia Metro Experiences Highest Number Of Deliveries In Recent History Annual Deliveries (Units) 12,000 Real Page’s Forecasts Annual Deliveries (Units)
M
inventory has increased by 220 basis points. Philly’s Residential Tax Abatement Sunset Spurred An influx of apartment deliv - eries is temporarily weighing on fundamentals in Philadelphia. The new supply is tied back to the surge in 5+ unit multifamily permits filed at the end of 2021, as developers rushed to take advantage of a tax abatement prior to its phased expiration. Changes to the City of Philadelphia’s Tax Code • The Philadelphia residen - tial tax abatement was a sig- nificant factor in stimulating new real estate development across the city for decades. Ini- tially implemented in the late 1990s, this policy offered a 10- year tax break on the increased value of a newly constructed property or one that had under- gone significant improvements. • In 2020, Philadelphia did not entirely end its residential tax abatement but revised it. The modification began im - pacting projects with permits filed in 2022 and beyond. Recent Runup in New Supply Prior to this change, proj - ects benefited from a 100% tax exemption on the increase in property value resulting from construction for a pe- riod 10 years. The current structure phases out this exemption by 10% annually over a 10-year period. Start- ing with projects filed in 2022, the full exemption gradually decreases, reaching 0% in the eleventh year. • The changes to the tax code accelerated some recent deliver- ies, but market players expect new supply to temper after 2025 in Philadelphia. MAREJ
adelphia region demonstrated a positive 2.4% year-over-year rent growth. Submarket growth within the region ranged from 0.9% to 5.8%. - Southern New Jersey has experienced the strongest five-year average rent growth, with Gloucester County and Burlington County growing on average 7.6% and 6.5%, respectively. - Rent growth in the Greater Philadelphia market is ex- pected to grow by an average of 3.3% over the next two years. Sales Volume - Following record-breaking multifamily sales volumes in 2021 and 2022, activity in the Greater Philadelphia market has moderated. Despite this overall slowdown, 2024 saw a significant uptick, with approx - imately $2.6 billion in sales volume—a 130.3% increase compared to the previous year. The market’s momentum has continued into 2025, with the first quarter alone recording $314 million in transactions, representing a robust 46.1% gain over the first quarter of last year. - A few of the most nota- ble deals transacted include Pantzer Properties’ pur- chase of Ember at Berwyn for $386,000/unit, Harbor Groups’ acquisition of The Gables for $248,485/unit, and Equus Capital Partners’ investment in Jacob Woods for $317,935/unit. High-quality transactions such as these re- flect a healthy investor market in the Greater Philadelphia region. All three transactions above were expertly man- aged by Erin Miller, Chris Koehle r, and Marybeth Farris of Newmark. Market Demand Drivers - Greater Philadelphia’s mul- tifamily occupancy rate was 96.0% as of the first quarter of 2025. This high occupancy rate can be attributed to a combi- nation of strong employment growth, sustained high interest rates, and a challenging market for single-family homebuyers. - Philadelphia distinguishes itself among major U.S. cities with a compelling balance be- tween cost of living and income. In 2024, the city reported an av - erage annual salary of $80,540 and a cost-of-living index of 102.1, translating to an an - nual living cost of $30,606. This
10,000
8,000
6,000
4,000
2,000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Philadelphia Outer Market
Sorce: Newmark Research, Real Page
Source: Newmark Research, Real Page
The Philadelphia Metro Experiences Highest Number Of Deliveries In Recent History
results in a purchasing power of $78,895, $7,395 above the national average. Compared to cities like NY, where the cost- of-living index reaches 168.9 and annual expenses exceed $50,600, Philadelphia offers a more af- fordable lifestyle. With a salary- to-cost-of-living ratio of 2.63, residents enjoy a comfortable standard of living free from the financial pressures common in other cities around the country. New Inventory - Office-to-residential conver - sions are becoming increasingly popular in the market. Greater Philadelphia has a few projects currently underway. The office building at 400 Market Street is undergoing a transformation, with floors 2 through 12 be- ing converted into 176 modern apartments. Newmark’s Jim Badolato and Steve Comly arranged the financing. This redevelopment project is scheduled for completion by the third quarter of 2026. The renovation of Six Penn Center is underway, converting the 240,000 s/f building into 299 apartments and is expected to be completed in the third quar- ter 2025. The Three Parkway conversion is underway for 175 residential units from the 9th floor down. Ten Penn Center also has a planned partial conversion from the 14th floor upward.
units broke ground in the region, 84.2% lower than the 5-year his- torical average for first-quarter construction starts. The Philadelphia Metro Experiences Highest Number Of Deliveries In Recent History In 2024, the Greater Phila - delphia market saw 9,972 units delivered, a 15% increase in deliveries since 2023. Among the 2024 deliveries, 73.4% of the inventory was delivered in Philadelphia. This quarter saw a total of 2,219 units delivered, with 1,374 units (61.9%) being delivered in Philadelphia. Near- term deliveries are projected to stabilize in the wake of this “higher-than-average” delivery period. It is projected that deliv- eries will decline by an average of -15.6% year-over-year from 2025 to 2029. Declines in deliv- eries over the next few years, coupled with the below-average construction starts this quarter, suggest less competition in the market for newly developed, high-end space. Multifamily Demand Keeps Pace With Surge In Supply In 2024, quarterly absorption reached 8,504 units, the highest level since 2021. Philadelphia notably contributed 6,377 units, marking the largest annual ab- sorption in recent history. This quarter continued the strong absorption trends, with 2,739 units of positive absorption overall, including 1,249 units in Philadelphia. Forecasts align with delivery trends, predict - ing an average of 5,455 units of positive absorption per year over the next five years. Philadelphia Market Forecasted For Strong Rent Growth And Occupancy Gains In the first quarter, rents in
Philadelphia increased by 175 basis points year-over-year, while the overall market saw an annual increase of 241 ba- sis points. Over the next five years, the city of Philadelphia is projected to experience an average annual growth of 190 basis points in rent and an aver- age annual growth of 13 basis points in occupancy rates. Pro- jections for growth reflect stable demand for multifamily space in both the city of Philadelphia and the Philadelphia metro. Renting Remains The Most Affordable Option In Greater Philadelphia Between 2015 and 2023, me - dian monthly housing costs for Greater Philadelphia renters rose 44.3%, compared to 20.7% for homeowners. Despite this, the cost of renting remains more affordable than owning a home in the Philadelphia metro. The combination of affordability and new supply has increased the proportion of renters in the housing market. Since 2010, the share of rental units within the market’s total housing NEWMARK 4
An influx of apartment deliveries is temporarily weighing on fundamentals in Philadelphia. The new supply is tied back to the surge in 5+ unit multifamily permits filed at the end of 2021, as developers rushed to take advantage of a tax abatement prior to its phased expiration. Philly’s Residential Tax Abatement Sunset Spurred Recent Runup in New Supply
Changes to the City of Philadelphia's Tax Code
Forecasted Philadelphia Market YOY Apartment Supply Growth
3.5%
• The Philadelphia residential tax abatement was a significant factor in stimulating new real estate development across the city for decades. Initially implemented in the late 1990s, this policy offered a 10-year tax break on the increased value of a newly constructed property or one that had undergone significant improvements.. • In 2020, Philadelphia did not entirely end its residential tax abatement but revised it. The modification began impacting projects with permits filed in 2022 and beyond. Prior to this change, projects benefited from a 100% tax exemption on the increase in property value resulting from construction for a period 10 years. The current structure phases out this exemption by 10% annually over a 10-year period. Starting with projects filed in 2022, the full exemption gradually decreases, reaching 0% in the eleventh year. • The changes to the tax code accelerated some recent deliveries, but market players expect new supply to temper after 2025 in the city of Philadelphia. - There are currently 31,236 units under construction in the Greater Philadelphia market, about 7.4% of the current inven- tory. Among all submarkets, Northeast Philadelphia has the largest construction pipeline with 10,246 units under con - struction, nearly a quarter of its current inventory. Recent trends have shown that construction starts have fallen compared to the numbers from 2021-2022. In the first quarter of 2025, 461
Green Street’s Baseline Forecasts
3.0%
2.5%
Philadelphia’s tax abatement sunset begins in 2022.
2.0%
1.5%
1.0%
0.5%
0.0%
Source: Newmark Research, Green Street
M id A tlantic Real Estate Journal — Commercial Brokerage Directory — July 2025 — 5
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Commercial Brokerage Directory Tenant demand for trophy, amenitized space drives New Jersey office recovery Colliers reports 1.2 MSF of positive absorption, sharp drop in availability rate ARKET SUMMARY Resilient leasing demand and a slow- Office 25Q2 New Jersey | 25Q2 | Office | Market Statistics
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down in new supply additions produced a strong second quarter of 2025 in the New Jersey office market. Despite fewer large transactions, leasing activity was steady at 2.1 million s/f, a 6.3% im- provement from one year ago, as tenants across size seg- ments continued to pursue modern, well-located, ame- nitized spaces. Meanwhile, just two spaces 50,000 s/f and greater became available, compared to seven during the previous quarter. As a result, the availability rate declined from 25.3% to 24.8%, the sharpest quarter-over- quarter decrease in nearly seven years. The market recorded 1.2 million s/f of positive net absorption during the sec- ond quarter. Absorption was positive in 14 out of the 21 submarkets, including Princ- eton and Morristown, which combined for more than half a million s/f of occupancy gains. The single largest new occupancy was the delivery of Sanofi’s new 260,000 s/f headquarters in downtown Morristown. Asking rents continued to edge upwards and now aver- age $31.26/SF. The average class A asking rent is $33.91/ SF and has grown by 2.4% over the past year. Landlords that have made significant capital investments in their buildings are generating the most leasing and seeing the highest levels of rent growth. Availability Rate Sees Sharpest Decline in Seven Years Tenant activity at trophy quality buildings, particu- larly among life sciences and healthcare companies, contributed to declining avail- ability during the second quarter. Consumer health- care company Haleon leased 78,635 s/f at Connell Cor- porate Center, relocating its U.S. headquarters from Warren. In Princeton, Sun Pharmaceuticals purchased a nearly 100,000 s/f building at 750 College Rd. East for occu- pancy following the approval of a $5.2 million tax incentive under the state’s Emerge program. Acadia Pharmaceu- ticals leased 52,771 s/f at 210 Carnegie Center in Princeton, doubling its previous foot-
Net Absorption Quarterly
Net Absorption YTD
Total Inventory SF
Availability Rate
Avail Rate Previous
Vacancy Rate
Leasing Activity Quarterly
Leasing Activity YTD
Avg Asking Rent (Gross)
Submarket
Northern NJ Palisades
6,567,570
18.9%
20.6%
8.4%
116,106
71,534
44,324
138,624
$28.32
Upper Parkway
3,828,891
29.2%
30.3%
22.3%
42,837
(13,061)
90,301
97,047
$24.42
North 17 Corridor
4,275,450
14.4%
14.8%
11.7%
18,736
25,907
2,563
11,751
$27.32
Central Bergen
8,789,703
14.5%
14.9%
11.8%
36,928
85,959
133,960
263,292
$27.32
Route 46/23/3
8,294,444
22.6%
23.8%
18.9%
103,860
63,437
22,296
35,292
$22.55
Hudson Waterfront
21,604,694
32.3%
32.9%
25.0%
134,185
(125,560)
217,023
538,623
$43.92
Meadowlands
5,867,599
27.6%
26.0%
17.4%
(97,093)
(132,569)
46,911
107,639
$28.56
Newark
15,497,293
20.5%
21.3%
14.0%
124,421
299,736
104,114
233,020
$33.57
I-280 Corridor
6,002,877
32.6%
33.1%
27.3%
31,133
90,799
39,685
73,606
$26.31
Parsippany
14,715,276
30.1%
30.7%
26.2%
158,807
169,018
134,184
307,475
$27.42
Morristown
12,565,856
24.0%
24.7%
18.1%
276,551
378,130
137,955
321,472
$29.38
Western Morris
1,171,695
25.5%
25.0%
22.5%
(5,725)
14,442
0
27,793
$23.79
Chatham/ Millburn
1,396,692
29.1%
28.1%
23.5%
(13,006)
(3,490)
0
2,991
$43.00
110,578,040
25.3%
25.9%
19.4% 927,740
924,282
973,316
2,158,625
$33.13
TOTAL
Central NJ Parkway/ Route 22 Corridor
3,212,753
22.2%
22.1%
21.2%
(3,706)
(14,617)
$25.77
19,542
45,171
Metropark
7,673,487
28.7%
29.2%
18.4%
44,016
(55)
$36.20
154,594
256,293
East I-78
21,995,498
24.8%
25.4%
20.7%
130,984
62,628
$30.77
286,746
538,811
West I-78
3,637,003
43.5%
43.0%
39.2%
(17,401)
(19,077)
$24.79
2,385
2,385
South I-287
7,923,274
22.2%
21.8%
17.5%
(34,051)
255,406
$19.15
8,855
89,521
Brunswick’s
3,043,143
8.7%
7.7%
7.8%
(31,748)
(23,489)
$27.36
27,311
64,576
Monmouth County
9,900,520
13.2%
13.3%
10.3%
5,717
23,270
$26.77
246,216
306,411
Princeton
25,661,974
26.4%
27.3%
21.4%
228,246
(72,609)
$28.11
381,339
792,315
83,047,652
24.2%
24.5%
19.5%
322,057
211,457
$28.61
TOTAL
1,126,988
2,095,483
NJ Overall
132,836,290
27.4%
28.0%
21.1%
1,068,598
897,025
1,824,312
3,404,871
$33.91
Class A
53,497,342
20.1%
20.4%
16.6%
149,683
233,324
234,075
773,226
$23.76
Class B
7,292,060
12.3%
12.7%
10.5%
31,516
5,390
41,917
76,011
$18.42
Class C
193,625,692
24.8%
25.3%
19.5% 1,249,797
1,135,739
2,100,304
4,254,108
$31.26
TOTAL
Colliers | New Jersey | 25Q2 | Office Report
these challenges, some proj- ects are advancing, helping to chip away at the market’s oversupply. During the quar- ter, the former Avis Budget headquarters in Parsippany was demolished to make way for a new Life Time Fitness facility and 238 apartments. A nearby building at 7 Campus Drive was acquired for rede- velopment to industrial use. A growing number of properties are being returned to lenders, potentially accelerating the
redevelopment trend. Improving market funda- mentals suggest that a gradual recovery is underway. While hybrid work remains the domi- nant strategy, a growing num- ber of occupiers are formalizing return-to-office policies. At the same time, continued reduc- tions in sublease availability and the removal of obsolete properties for redevelopment are expected to support a more balanced market during the second half of 2025. MAREJ
print. In addition to these new transactions, notable renewals included Sills, Cum- mis & Gross recommitting to 71,157 s/f in Newark and MIAX renewing for 94,445 s/f at in Princeton. Sublease availability de- clined to 6.3 million s/f, mark- ing its lowest level since the fourth quarter of 2020. This reduction was driven in part by Walmart’s sublease of 86,443 s/f at 221 River St. in Hoboken and Michael
Baker International’s 39,653 s/f sublease in Princeton. Additionally, expiring sub- leases converting to direct space have contributed to the trend. The sublease market will likely tighten further, especially for high-quality, plug-and-play options. While redevelopment of ob- solete office inventory across New Jersey continues, prog- ress remains slow due to high construction costs and lengthy entitlement processes. Despite
6 — July 2025 — Commercial Brokerage Directory — M id A tlantic Real Estate Journal
www.marej.com
Commercial Brokerage Directory Economic resilience tested by inflation, tariffs, and shifting confidence in 2025 NAI James E. Hanson’s 2Q 2025 Industrial Report
E
national economy during the first half of the year, also influenced trends in the New Jersey industrial market. The shifting policy on tariffs have made decision making difficult for both businesses and consumers—casting un- certainty on leasing activity for the second half of the year. Although transaction velocity was on par with last year, the time to complete deals has lengthened. Demand from lo- gistics and distribution firms and 3PL companies, however, has helped to temper a spike in vacancy. The construc- tion pipeline beyond 2025 shows a dramatic drop in the number of planned deliver- ies. Over the longer term the reduction in the amount of square footage from specula- tive construction coupled with any increase in activity could reverse the rising trend in va- cancy. Vacancy rates continue to rise in most submarkets. After reaching a historical low of 2.0% in 2022, the overall rate has slowly but consis- tently risen, reaching 5.9% at mid-year. In response to the rising vacancy rate, aver- age asking rents have stalled and have even softened a bit in some submarkets. Asking rates remain the highest for submarkets in and around Bergen County. MAREJ boasts eight shared loading docks, ample on-site parking and specializes in space for tenants that have no require- ment for exclusive loading in their space but need a great centralized site at a com- petitive price. The property’s strategic location provides convenient access to several major highways and ports, and New York City via the George Washington Bridge and Lincoln Tunnel. “Flexible buildings in a prime location like 1 Broad Avenue continue to see strong demand among a wide variety of users,” said Curry. “We are pleased to bring two new tenants to the building and help ownership achieve full occupancy in the process. The excellent management of the building will continue to keep the spaces leased and brings a strong tenant base to the location.” MAREJ
conomic Overview The U.S. economy re- mained resilient dur- ing the first half of 2025 despite many challenges including moderating job growth, stubborn inflation and wavering tariff policies. During the first six months of the year job growth was steady with the unemploy- ment rate hovering in the 4.0%-4.2% range. Constant changes in trade policy, how- ever, have done little to low- er concerns about inflation which remains persistent and above the Federal Re- serve’s target of 2.0%. Con- sumer confidence rebounded slightly in June after reach- ing a near-historical low in May, which may be a positive indicator for the second half of the year. New Jersey’s unemploy- ment rate has remained higher than the national average for more than two years, moving between 4.5%- 4.8% for much of last 24 months. According to the New Jersey Department of Labor, most gains in employ- ment during the last year have been in private educa- tion and health services, gov- ernment, financial services and manufacturing. Other bright spots included growth in high-value sectors such as HACKENSACK, NJ — NAI James E. Hanson has sold two mixed-use buildings totaling 9,284 s/f located at 268 and 270 Main Street in Hackensack, New Jersey, for a total of $1.8 million in an all-cash transaction. NAI James E. Hanson’s Jonathan Kristofich and William Pulzello represent- ed the seller, Olympic Prop- erties, Inc. , and Signature Realty NJ’s Cary Diec and Eliane Longhi represented the buyer, a private investor, in the transactions. 268 and 270 Main Street are two contiguous, fully leased buildings comprising eight rent-controlled apartment units and two ground-floor retail units. The retail space at 270 Main Street is leased to El Turco Grill, a Turkish restaurant, and 268 Main Street is leased to Camejo & Associates, an accounting and
Market Statistics
life sciences and technology. While there have been posi- tive gains in the government
sector over the last year, federal layoffs could have a potential impact in the latter
half of 2025.
Market Overview The issues affecting the
Downtown Hackensack mixed-use buildings trade for $1.8M in all- cash deal brokered by NAI James E. Hanson’s Kristofich and Pulzello
268 and 270 Main Street in Hackensack
1 Broad Ave. in Fairview
bookkeeping firm. The build - ings boast a prime location in downtown Hackensack near the Johnson Public Library, numerous new, luxury apart- ment buildings, including the latest addition Ora, and many other dining and retail outlets. “Downtown Hackensack’s ongoing revitalization makes it an attractive market for in- vestors seeking strategically located, income-producing properties in northern New Jersey,” said Kristofich. “We are proud to help our client
identify an all-cash buyer and structure a non-con- tingent contract to provide surety of closing in a chal- lenging marketplace. We congratulate the new own- ership on their acquisition.” In a separate transaction, NAI James E. Hanson has negotiated a 6,789 s/f lease and a 5,320 s/f lease at 1 Broad Ave. in Fairview, bringing the building to 100% occupancy. Andrew Somple, SIOR, and Jessica Curry, CCIM represented the landlord,
Cohen Asset Management , in both transactions. The new tenants bring a baseball and softball training facility and a custom interior design company specializing in metalworks and furniture to the building along with the current tenants. The building layout and loading makes it a perfect location for small to me- dium sized tenants in the area. 1 Broad Avenue is a 69,202 s/f industrial/flex property on 2.73 acres located just off Rte. 9 in Fairview. The building
M id A tlantic Real Estate Journal — Property Management — 7 D elaware • M aryland • N ew J ersey B rokerage D irectory DONOHOE 7101 Wisconsin Ave. • Ste. 700 Bethesda, MD 20814 P: 202-333-0880 Greysteel Company 100 International Dr. • 23 rd Fl. Baltimore, MD 21202 P: 410-505-4550 F: 202-355-0306 DELAWARE
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Colliers - Wilmington 1407 Foulk Rd. • Ste. 205 • Wilmington, DE 19803 P: 302-425-4000 • www.colliers.com Cushman & Wakefield of Delaware, Inc. 200 Continental Dr. • Ste. 401 Newark, DE 19713 P: 302-655-9621 F: 302-655-9662 DSM Commercial 3304 Old Capitol Trail • Ste. 100 Wilmington, DE 19808 P: 302-283-1800 REHOBOTH BEACH OFFICE 18949 Coastal Hwy. • Ste. 304 Rehoboth Beach, DE 19971 P: 302-227-0768 DSM Real Estate Jackson Cross Partners, LLC 151 S. Warner Rd. • Ste. 110 • Wayne, PA 19087 P: 610-265-7700 F: 610-265-7370
Emory Hill Companies REHOBOTH BEACH, DE OFFICE 20245 Bay Vista Rd. • Ste. 205 Rehoboth Beach, DE 19975 P:302-827-04940 C: 215-292-6100 F: 302-322-9518 www.NAIEmoryHill.com Ann Bailey, CCIM, ICSC • Rodney Smith
Marcus & Millichap 7200 Wisconsin Ave. • Ste. 1101 Bethesda, MD 20814 P: 202-536-3700 www.marcusmillichap.com Brian Hosey, Senior Managing Director/Market Leader
Newmark Delaware 1521 Concord Pike Suite 301 Wilmington, DE 19803 t 302-655-0600 Lauren Gilchrist EVP, Market Leader Neal Dangello Brett DiClemente Wills Elliman
Commercial Real Estate Services Serving Delaware, Pennsylvania, Maryland and Around the Globe!
7600 Wisconsin Ave. • Ste. 650 Bethesda, MD 20814 P: 301-654-2400 gmcglynn@northmarq.com Gary McGlynn • Kenneth Gentzel Daniel Siesser • Jason Smith Christopher Doerr • Ross Bender
Joe Latina, SIOR Managing Principal
Chris Moore, CCIM Managing Principal, Broke r
Jim Tancredi Principal
Tyler Foresta Sales & Leasing Sean McNeice Sales & Leasing Mitch Berkowitz Sales & Leasing Zach Rempfer Sales & Leasing
Mary Ann Heesters Business Specialist DE Liquor License Consultant
Linda Brown Office Manager Sales & Leasing Reneé Nichols Director of Marketing Sales & Leasing
nmrk.com
Patterson-Woods Commercial Properties 3801 Kennett Pike • D-100 • Wilmington, DE 19807 P: 302-622-3500 F: 302-622-3535 www.pattersonwoods.com
2330 W. Joppa Rd. • Ste. 200 Lutherville, MD 21093 P: 410-296-6565 jtburke@northmarq.com Joseph Burke • William Libercci Brett Bowman • Ari Azarbarzin Anthony Pino
1117 N. Franklin Street, Suite A Wilmington, DE 19806 +1 302 414 1000 www.LMTCRE.com
PRESIDENT RICHARD L. SOLOFF RICHARD@SRDRE.COM
610.834.0400 SRDRE.COM EXECUTIVE VP & PARTNER DAVID M. DUNKELMAN DAVID@SRDRE.COM ONE PRESIDENTIAL BLVD, SUITE 202, BALA CYNWYD, PA 19004
NEW JERSEY
Emory Hill Companies NEW CASTLE, DE OFFICE 10 Corporate Circle • Ste. 100 New Castle, DE 19720 P: 302-322-9500 F: 302-322-9518 www.NAIEmoryHill.com Carmen J. Facciolo, Jr., SIOR Jim O’Hara Jr., ICSC • Jonathan Hickey Lorraine Sheldon • Timothy Plemmons Brian T. Ashby, CCIM • Matt Chacko Rich Dudek, SIOR • Kyle McLaughlin Jenny Sabol Neil Kilian, CCIM, SIOR Dave Morrison, CCIM
MARYLAND Blue & Obrecht Realty, LLC/CORFAC Int’l. 9475 Deereco Rd. • Ste. 200 Timonium, MD 21093 P: 410-561-5568 Calvert Commercial Real Estate 26 S. Solomons Island Rd. Prince Frederick, MD 20678 P: 410-535-0022 Colliers – Colombia 7001 Colombia Gateway Dr. • Ste. 220 Colombia, MD 21046 P: 410-319-2411 • colliers.com
The Arlington Group Rick Heilmann, SIOR rick@arlingtongrouprealestate.com 331 Newman Springs Rd. Bldg 1. • Ste. 143 • Red Bank, NJ 07701 P: 732-735-7284
Avison Young 1120 Headquarters Plaza • North Twr. • 8th Fl. Morristown, NJ 07960
8 — July 2025 — M id A tlantic Real Estate Journal
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N ew J ersey B rokerage D irectory
Avison Young 99 Wood Ave. South • Third Fl. • Ste. 310 Iselin, NJ 08830 Azarian Realty Co. 6 Prospect St. • Ste. 2A • Midland Park, NJ 07432 P: 201-444-9888 Berkadia 17 Headquarters Plaza • West Tower • 8th Fl. Morristown, NJ 07960 P: 862-309-5612
Eagle Commercial Real Estate 26 S. Maple Ave. • Ste. 103 • Marlton, NJ 08053 P: 856-985-8565 F: 856-985-8563 www.eaglecommercialre.com Equity 3 Real Estate LLC 40 Eisenhower Dr. • Ste. 206 • Paramus, NJ 07652 P: 201-261-4300 F: 201-261-8672 www. Equity3re.com Equity CRE 531 West Germantown Pike • Ste. 103 Plymouth Meeting, PA 19462 P: 610-645-7700 F: 610-645-5454 Foresite Commercial Realty 2408 New Road • Northfield, NJ 08225 T: 609-646-1919 F: 609-646-3771 www.foresitecr.com Fidella Insurance Agency 15 America Ave. • Ste. 202 • Lakewood, NJ 08701 P: 732-222-4500 F: 732-222-4500 Garden State Realty 204 Passaic Ave. • Ste. 1 • Fairfield, NJ 07004 P: 973-846-0300 F: 973-729-6011 Allentown, PA 18104 • P: 610-398-0411 www.hannacre.com/lehigh-valley thefrederickgroup@howardhanna.com Hanna Frederick Commercial 2505 Newburg Rd. • Easton, PA 18045 P: 610-398-0411 www.hannacre.com/lehigh-valley Hanna Langholz Wilson Ellis One PPG Pl. • Ste. 1640• Pittsburgh, PA 15222 P: 412.261.2200 F: 412.261.2075 H B Commercial Real Estate Lake Dr. • Wayne, NJ 07470 • P: 917-414-1599 www.Gardenstaterealty.net Hanna Frederick Commercial 3500 Winchester Rd. • Ste. 201
Bussel Realty Corporation 2 Ethel Rd. • Ste. 202A • Edison, NJ 08817 P: 732-287-3777 • bussel.com Steve Bussel, SIOR • Gregory Irving, SIOR
CenterPoint Properties 250 Pehle Ave. • Park 80 West • Plaza II Ste. 704 • Saddle Brook, NJ 07663 P: 201.221.1900 Cervelli Real Estate & Property Management 1 Marine Plaza • Ste. 304 North Bergen, NJ 07047 P: 201-868-6300 F: 201-868-6055 Charity Realty International, LLC 23 Kulick Road • Fairfield, NJ 07004 P: 973-714-1110 Coldwell Banker Commercial 10 Nassau St. • Princeton, NJ 08542 C: 609-213-5029 F: 862-345-2222 Colliers – Parsippany 20 Waterview Blvd. • Ste. 310 Parsippany, NJ 07054 P: 973-299-3000 Cushman & Wakefield One Meadowlands Plaza •7th Fl. East Rutherford, NJ 07073 www.cushmanwakefield.com Cushman & Wakefield 99 Wood Ave. South • 8th Fl. • Iselin, NJ 08830 www.cushmanwakefield.com Cushman & Wakefield 1150 Headquarters Plaza • West Tower • 3rd Fl. Morristown, NJ 07960 www.cushmanwakefield.com Davis Commercial 2288 Summerhill Rd. • East Brunswick NJ 08816 P: 732-254-1600
Bergman Real Estate Group 555 US Hwy. 1 South • Ste. 210 Iselin, NJ 08830 P: 732-855-8600 www.bergmanrealty.com Michael Bergman • John Osborne Isabel Freire
The Blau & Berg Company 830 Morris Tpke. • Ste. 201 Short Hills, NJ 07078 P: 973-379-6644 F: 973-379-1616 www.blauberg.com Jason M. Crimmins, CCIM, SIOR, President/Broker of Record Kenneth F. Crimmins, CCIM, SIOR, CEO/Chairman Sheryl L. Crimmins, CCIM, CPA, Controller Charles T. Kavanagh, J.D., SIOR, Executive Vice President Alessandro (Alex) Conte, CCIM, SIOR, Executive Vice President Christian Walsifer, CCIM, SIOR, Senior Executive Director
Hudson Atlantic Realty 111 Littleton Rd. • Ste. 111 Parsippany, NJ 07054 P: 201-825-2229 hudsonatlantic.com Adam Zweibel, President P: 201-953-9532 adam@hudsonatlantic.com
Blue Ocean Realty 4701 New Jersey Ave. • Wildwood, NJ 08260 P: 609-522-4400 • blueoceanfreddy@aol.com
Borrus Associates Investment Real Estate 340 Rte. 35 So. • P.O. Box 8357 Red Bank, NJ 04401 P: 908-839-0052 F: 732-345-7207 M: 908-839-0052 borruscommre@aol.com Julius Borrus • Jeff Borrus Specializing in Investments Brokerage in NJ, NY, CT, & PA
Jackson Cross Partners, LLC PO Box 699 • Swedesboro, NJ 08085 P: 856-467-8055 F: 610-265-7370 Jeffery Realty 116 Rte. 22 • North Plainfield NJ 07060 P: 908-668-9600 F: 908-668-5225 www.jefferyrealty.com JLL 220 Lake Dr. East • Ste. 102 • Cherry Hill, NJ 08002 P: 1-856-324-5300
Deluccia Commercial Group Berkshire Hathaway Fox & Roach, Realtors Commercial Division 1996 Washington Valley Rd. • P.O. Box 305 Martinsville, NJ 08836 P: 732-907-2901 F: 732-518-7979 tim@delucciacommercialgroup.com Timothy P. Deluccia Broker Associate
Bruce Associates NJ & PA Certified General Appraiser 62 Berlin Rd. • Stratford, NJ 08084 P: 856-784-6000 • www.brucerealty.com
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