30A — April 2025 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Robust demand drives NJ logistics & warehouse leases NAIDB’s Galiano closes 174,000+ s/f in NJ ind. deals
continued from page 4A WCRE First Quarter 2025 Report . . .
look at regional trends, sector- specific performance, and strategic insights for the months ahead. The full Q1 2025 market re - port is available upon request. About WCRE WCRE is a full-service com - mercial real estate brokerage and advisory firm specializ - ing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the communi- ty, and our highly personal ap- proach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success. MAREJ Smart Growth Award. With a focus on enhancing walk- ability and improving transit access, Edens and Avalon Bay revitalized underutilized areas, including an outdated shopping center and a vacant office park – plans made possible due to Princeton officials’ willingness to collaborate and think outside the box. How can property own- ers and developers identify opportunities? Adam: For property own- ers, the first step is reaching out to a land development con - sultant, like Bohler, to assess the property’s potential and connect you with developers who are ready to transform it. You should also conduct an initial assessment to outline viable options that align with market demands, setting the stage for a successful collabo - ration. Dan: For developers, early engagement with the mu- nicipality is essential. Meeting with local officials from the start helps establish a shared understanding and allows us to communicate our goals, gauge their interest, and identify potential challenges. This collaboration is critical to navigating the approval process and creating solu- tions that work for everyone involved. MAREJ
transactions continued, with well-capitalized companies opting to purchase office space rather than lease expansion space; Wells Fargo’s $550 million purchase of 20 Hudson Yards and Bloomberg’s $560 million acquisition of 980 Madi - son Ave., driven by their desire to consolidate their operations. • The Philadelphia Hous- ing Authority purchased Greene Manor Apartment Homes for $75.9MM, equat - ing to just under $200,000 per unit. The property, consisting of 382 units, was 96.3% leased at the time of sale. • Brandywine Realty Trust and FS Investments inked a 117,000 s/f, 16-year lease for the Philadelphia-based alter - native asset manager’s new global headquarters at 3025 JFK Blvd. in Philadelphia’s University City neighborhood. • PREIT sold the Exton Square Mall to Elkins Park Based Abrams Realty for $20.3MM, the 580,000+ square foot mall will undergo renovation to intro - duce a mixed-use town center. WCRE’s full Q1 2025 Market Report provides a detailed Enterprises worked closely with the local officials and Mid - dlesex County to redevelop the former factory site into a state- of-the-art residential building while preserving a portion of the site for a county nature preserve. This was Metuchen’s first PILOT agreement, but the mayor is fully supportive, stating, “It is this very project that’s enabling us to open the largest recreational space in Metuchen, fund a variety of im - portant infrastructure projects throughout the borough, and help protect our environment, all while providing our commu - nity with new housing options that will give many people the freedom to stay in the very com - munity where they grew up and open doors for new neighbors.” In Rochelle Park, Tulfra Real Estate transformed a former AT&T data center into a six-story multifamily com- munity known as The Delford. As part of the project, Tulfra utilized funds saved from its PILOT agreement to remediate an existing onsite pond, creat- ing a public tranquil retreat for the community. Dan: The Princeton Shopping Center has been redeveloped into a mixed-use village with inclusionary affordable hous - ing, helping the municipal- ity earn a New Jersey Future
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RANBURY/PINE BROOK, NJ — NAI DiLeo-Bram & Co.
(NAIDB) has announced the comple- tion of two industrial t r a n s a c - tions totaling 174,000 s/f in New Jersey. Chr i s t o - pher Galia -
Christopher Galiano
3 Security Dr.
said Galiano. “These transac - tions reflect the ongoing need for high-quality industrial space to support logistics, warehousing and distribution requirements.” Yahee Technologies Corp. signed a lease for a 154,000 s/f class A warehouse at 3 Security Dr. at Prologis Cranbury Busi - ness Park. This facility boasts 32-foot clear heights, 21 dock doors and immediate access to Rte. 130 and I-95 Exit 8A. Its
prime location serves both the NYC and Philadelphia Metro markets, making it a hub for regional logistics. At 22-25 Riverside Dr. in Pine Brook, AER Sales LLP signed a lease for 20,700 s/f. Located less than a mile from Rte. I-80 and near multiple major highways, the warehouse and distribu - tion facility offers exceptional accessibility and flexibility for logistics operations. MAREJ
no, SIOR , NAIDB managing director/principal, spearheaded the two leases, which further illustrates the region’s standing as a prime destination for indus- trial and logistics operations. “New Jersey’s industrial mar - ket continues to experience exceptional demand, driven by its strategic location, robust infrastructure and proximity to major metropolitan areas,”
Blau & Berg brokers lease for 103,912 s/f at Elizabeth Metropolitan Logistics Center
continued from page 27A Q&A with Bohler’s Duggan & Alexander . . .
The property had been owned and occupied by M. Di - etz Sons, for several decades. IPRG’s Yanni Marmarou , managing partner, assisted associate Andrea Nestico , who represented the long-time owner-user in the transaction. The sale marks a strategic acquisition for the buyer, Longpoint Realty Partners . The property will be deliv - ered vacant, offering Long - point a valuable opportunity to reposition the asset and ELIZABETH, NJ — The Blau & Berg Company has brokered a lease for a newly constructed industrial ware- house spanning 103,912 s/f at 865 Newark Ave. in Eliza - beth. This facility, “Building 1” of the two-building Eliza - beth Metropolitan Logistics Center, stands in tandem with an adjacent ±196,087 s/f warehouse, “Building 2”, which remains available for lease. The transaction was bro - kered by The Blau & Berg team comprised of Jason Crimmins, CCIM, SIOR, Alessandro (Alex) Conte,
865 Newark Ave.
CCIM, SIOR, Peter Mura- no, Jr., SIOR, Dylan Meade, and Troy Schaafsma on behalf of the Brookfield Properties’ team of Kyle McGrady , senior associate,
industrial asset management, Tyler Mordas , VP, invest - ments, Keith Edwards, head of real estate management, and Sam Hart , investments associate. MAREJ
Longpoint adds 32,000 s/f warehouse to New Jersey portfolio secure a long-term tenant in a high-demand industrial mar- ket. This sale also represents the shift in appetite for many industrial investors. As lease- up time for 100k+ s/f class A space is 11 months, small bay continues to thrive averag - ing four months for lease-up. Many investors are shifting focus to the quicker perform- ing middle market space. HILLSIDE, NJ — IPRG announced the sale of 490 Hill - side Ave., a 32,066 s/f ware - house located in HI Industrial Zone of Hillside. property offers exceptional accessibility and long-term investment potential. It was truly a pleasure working with Longpoint, who executed a seamless closing process.”
IPRG continues to be an active player in the industrial real estate sector, currently marketing a number of ad - ditional opportunities in the Hillside market and beyond. As demand for strategically located industrial assets re- mains strong, IPRG remains committed to providing expert advisory services to property owners, investors, and devel - opers looking to capitalize on market trends. MAREJ
“Longpoint captured the opportunity to acquire a rare multi-use warehouse in a prime location,” said Mar - marou. “With its strategic positioning at the junction of I-78 and Rte. 22, as well as the Garden State Pkwy., the
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