16B — January 15 - 28, 2016 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

Bussel Realty Corp. closes deals in Middlesex, NJ

David Fisher represents seller in sale of 90,000 s/f Weichert SVP completes over $20m in sales/leases

•Home Depot’s 813,000 s/f renewal at Exit 8A •Laser Logistics’ 248,000 s/f renewal in Trenton/295 •ECDC, Inc.’s commitment to 216,000 s/f in the Meadow- lands •Kennedy International’s 190,000 s/f lease at Exit 8A. Strong demand for indus- trial space drove the state’s overall availability rate down 60 basis points. Northern New Jersey contributed sig- nificantly to this overall im- provement, dipping below 8.0% for the first time since Q4 2008. Robust demand coupled with diminishing availability boosted absorption to 3.60 million s/f—the highest quar- terly absorption seen since Q3 2014. In Q3 2015, three projects totaling 1.32 million s/f were delivered to market and five projects totaling 2.15 million s/f broke ground. Currently, 18 projects are under con- struction, making up 4.48 million s/f of future inventory. 79.6% of the construction pipeline is speculative devel- opment. “The increasing reliance on modern product by industrial occupiers continued to stir new construction this quar- ter,” said Steven Beyda , vice president, CBRE. “It’s critical to note that the absorption rate of the new product on the market remains very healthy. The average time on market following delivery for specula- tive projects has been just five months.” n ers that over time grew and expanded.” Transactions that are in- volved with this milestone include the following locations: •7,180 s/f expansion by Soma Labs Inc Exp III, a vi- tamin manufacturer, for 46 months at 253 Lackland Dr. in Middlesex. • 5,000 s/f lease renewal by Willgain Enterprises Ren IV, a machinery packaging distribu- tor, for nine months at 262 Lackland Dr. in Middlesex. • 5,000 s/f lease by Print Finishing Systems Inc., a well known machinery wholesaler, for five years at 260 Lackland Dr. in Middlesex. • 2,700 s/f lease by High Tech Vending LLC, a vending machine wholesaler and dis- tributor, for two years at 460 Lincoln Blvd. in Middlesex. n

SADDLE BROOK, NJ — According to CBRE Group, Inc. ’s Q3 2015 New Jersey Industrial MarketView Re- port, the third quarter of 2015 represented the 18th consecutive quarter of strong positive momentum since the industrial market’s recovery began in Q4 2010, with 18 of 24 submarkets recording posi- tive net absorption. At 8.1%, the state’s avail- ability rate is 83% back to its pre-recession low, compared to its recessionary peak reached in Q3 2010. With 5.74 million s/f of leasing velocity, New Jersey’s industrial market surpassed the 5 million s/f quarterly leasing mark, car- rying the year-to-date total to 17.34 million s/f. Notably, year-to-date velocity sits 2.56 million s/f below the 2014 total. “Occupier demand contin- ued to center around top qual- ity product in highly desirable locations this quarter,” said Noah Balanoff , first vice president, CBRE. “Class A leasing accounted for more than 45 percent of the New Jersey’s total velocity, which is especially notable given that class A product accounts for only 9.3% of total inven- tory.” Top performing submarkets included Route 287/Exit 10, Exit 8A, the Meadowlands and Hudson Waterfront with 1.29 million s/f, 978,000 s/f, 745,000 s/f, and 553,000 s/f of leasing velocity respectively. Notable activity included: MIDDLESEX, NJ — Bus- sel Realty Corp. (BRC), a leading corporate and indus- trial real es- tate services firm in New Jersey, an- nounced i t has c l osed several com- mercial real estate trans- actions total- ing over 19,880 s/f in Middle- sex, New Jersey. “Bussel Realty focuses on a client’s commercial real estate requirements, regard- less of size, and we are very active not only in Middlesex but in the surrounding areas of Central New Jersey,” said BRC president Steve Bussel, SIOR . “We have built many relationships with small us- Steve Bussel


ORRIS PLAINS, NJ — John Udell , pres- ident of Weichert

C o mm e r - c i a l Br o - kerage an- n o u n c e d that David Fisher , se- n i o r v i c e p r e s i d e n t , has complet- ed over $20 million in sales and leases. Fisher had 3 sales in Hill- side. The largest sale was a 90,000 s/f building, which was the former Picasso Light- ing and Furniture building, located at 1405 North Broad St. This building included 560 feet of frontage on Route 22. Fisher represented the seller, Crown Real Estate Holdings, LLC and the buyer WRG Union which was represented by Mordy Rozenfeld and EffriemRosenberg . He also sold 40-50 Montgomery St., 24,000 s/f with executive vice president Anthony Baseil . The third sale in Hillside was a 57,000 s/f industrial building located at 480 Mun- det Place. Fisher represented the seller, Quest Properties LLC, and the buyer, Flamingo Properties. Fisher also relocat- ed the seller, Quest Properties LLC into their new corporate headquarters at 15 Bleeker St. in Millburn. Deborah Myers of Newmark Associates rep- David Fisher JERSEY CITY, NJ — One of New Jersey’s most recogniz- able names in architecture and design, Marchetto, Hig- gins and Stieve, have ex- panded their firm into Jersey City’s up and coming Journal Square. The firmwill continue to occupy their Hoboken of- fice. Dean Marchetto , the firm’s founder announced that the firm would be open- ing the Journal Square office to handle the large volume of work his firm presently has underway in Jersey City, many of which are in Journal Square. “Journal Square is the his- toric center of Jersey City and the exciting transformation of this vibrant and vital neigh- borhood has already begun. We are particularly invested in its redevelopment so why not place ourselves right in the middle of it” said Dean Marchetto.

480 Mundet Place; Hillside, NJ

resented the landlord. Another sale completed by Fisher was in Newton at 1 Brooks Plaza. This indus- trial building was situated on approximately 67 acres. This property had an existing 48,000 s/f building, approvals for a 30,000 s/f addition to the building and plans for another 50,000 s/f freestanding modu- lar building. Fisher was the only broker involved in this transaction. Fisher had 2 sales in Pat- erson including 11,200 s/f of industrial space at 137-143 Railway Ave. Fisher repre- sented the seller Crown Bank and the buyer El Tahan Chil- dren Trust LLC. The other sale completed in Paterson was 1-11 Morris St., 19,049 s/f sold with executive vice presi- dent Anthony Baseil. At 606 Dowd Ave., Eliza- beth, Fisher expanded his cli- ent Clean Venture’s lease up to 20,400 s/f. He represented both the landlord, Portview

Properties and his client Clean Venture. In Phillipsburg, Fisher leased approximately 9,600 s/f of a 65,000 s/f building which is currently being marketed for lease or for sale. Fisher repre- sents JKR Phillipsburg LLC. In addition to these deals, Fisher also leased 18,067 s/f at 410-450 North Ave. East in Cranford. Fisher represented the owner Sun York Holdings. He also extended a lease with David Williams at 21 Fadem Rd., Springfield. They repre- sented the owner Tulfra and the tenant Axia. In the Fadem building, Fisher again repre- sented the landlord Tulfra in a 6,000 s/f rental. “We would like to congrat- ulate David on the closing of these transactions,” said John Udell. “David’s in-depth knowledge of the Union Coun- ty industrial market has en- abled him to provide the high- est caliber of service to his customers.” n

CBRE NJ industrial report: Eighteen NJ submarkets record positive net absorption

Grid Real Estate represents Marchetto, Higgins and Stieve in lease at landmark Journal Square office building

Trust Company Building

The firm has an extraordinary record of completed projects ranging from individual town- houses to high-rise mixed-use projects. Hoboken based Grid Real Estate LLC , represented the firm. n

The 5,500 s/f office will be located at the top of the Trust Company Building with views of Journal Square, Hoboken, and New York City. Marchetto Higgins Stieve has a long history with ground- breaking projects in Hoboken.

Made with FlippingBook - Online catalogs