Real Estate Journal — New Jersey — July 15 - 28, 2016 — 11B
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N ew J ersey
Mayor Steven Fulop commemorates completion of residential community Roseland Residential Trust hosts ribbon cutting ceremony for M2 at Marbella J
which will be accessible to resi- dents of both luxury residential communities. M2 is ideal for commuters due to its close proximity to various mass transportation services. The Hudson-Bergen Light Rail is located on-site and provides commuters with access to Hoboken and Bayonne. Ad- ditionally, a NJ TRANSIT bus stop is directly across the street from the new residential com- munity and the Newport PATH station. Convenient highway access from M2 is available to residents, and Newark Liberty International Airport is located approximately 10 miles away. n
individual apartment homes as well as from the 800 s/f rooftop terrace. The building features a wide variety of amenities, in- cluding a 1,200 s/f event room, a sky lounge on the top floor of the building, and a 1,700 s/f club room. Andrew Marshall , presi- dent and chief operating officer of Roseland Residential Trust, shared his excitement for the addition of M2 to the luxury multi-family rental market in Jersey City. M2 is connected to Roseland’s existing residential community, Marbella, by a 16,000 s/f land- scaped roof deck with a pool,
stores, as well as a variety of other retailers. Finally, retail is filling in many of the ground floor spaces of multi-use prop- erties and commanding some of the all-time highest rental rates seen thus far. •The industrial market is still experiencing strong activi- ty, with increases in pricing and rental rates. One of the most significant transactions of the second quarter was the Target E-Commerce Distribution Cen- ter in York, PA, which fetched $60 million or $76/sf. While the appetite for core Class A assets continues to be strong, pricing for multi-tenanted flex assets is demonstrating great appeal and marketability. WCRE also reported on the Southern New Jersey retail mar- ket, noting mixed results there, as well. Highlights from the re- tail section of the report include: •Overall retail sales and spending dropped during the second quarter, after an al- ready underwhelming perfor- mance in the first quarter. •Retail vacancy in Camden County stood at 10.5%, with average rents in the range of $11.89/sf NNN. •Retail vacancy in Burling- ton County stood at 14.8%, with average rents in the range of $12.21/sf NNN. •Retail vacancy in Glouces- ter County stood at 6.4%, with average rents in the range of $12.00/sf NNN. n continued from page 7B WCRE second quarter report The 39-story luxury residen- tial community, located at 401 Washington Blvd., features 311 studios, one-, two-, and three- bedroom apartment homes, and joins Roseland’s existing Marbella community where residents will benefit from shared amenities, including a shared parking garage. M2 at Marbella will provide residents with remarkable views of New York City and the Hudson Waterfront from the ERSEYCITY, NJ — Rose- land Residential Trust , a subsidiary of Mack-Ca- li Realty Corporation , marked the grand opening for M2 at Marbella, the newest luxury residential building located in downtown Jersey City. Jersey City Mayor Steven Fulop joined municipal and company officials to celebrate Roseland’s newest addition to the Jersey City market.
Roseland Celebrates Ribbon Cutting of M2 at Marbella
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