4B — December 11 - 23, 2015 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey
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Angus & Lombardi market property on behalf of seller Marcus & Millichap inks 8,250 s/f retail property sale
Changing the way commercial real estate gets done.
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Branchburg Plaza
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RANCHBURG, NJ — Marcus & Milli- chap , announced the sale of Branchburg Plaza, a 8,250 s/f strip center located in Branchburg, according to Brian Hosey , regional man- ager of the firm’s NJ office. B
The asset sold for $1.9 million and was purchased by a 1031 exchange buyer. Robert Angus and Mi- chael Lombardi , invest- ment specialists in Marcus & Millichap’s NJ office, had the listing to market the property
A. Those who wait till the last minute will find that brokers have no where to put them right away. They may have to settle on a more in- dustrial type building, larger space, or go further south past exit 8A of the NJ TPKE or further west off of Rt. 287 than they originally intended. They may be forced to stay in the space they are in longer than they want to. Q. What are typical Cen- tral NJ flex rents and how do they compare to stan- dard industrial space? A. Flex space is about 10 to 15% higher than more basic industrial space. For a 5,000 to 10,000 s/f unit in central NJ, tenants can expect to pay $6.75 to $8.00 per s/f triple net, meaning tenant has to pay taxes and their share of com- mon area maintenance. Taxes are typically $1.50 to $2.25 per s/f per year. Q. If flex is so popular, why is there little new con- struction? A. There is not a lot of va- cant buildable land available in the area. The cost of the land is so expensive that the numbers a developer needs in rent to get a reasonable return are not attainable. Developers are actively looking to buy buildings that can be con- verted. The issue is that older industrial buildings don’t meet the parking requirement to accommodate the high ratio of office space needed for flex. Q. What does the future hold for Central NJ flex space? A. It will continue to be in high demand, so plan ahead, and rely on an experienced, well-informed broker that knows the marketplace. David Zimmel is presi- dent of Zimmel Associates, Edison, NJ. n continued from page 2B Zimmel Associates leads in Central NJ flex space market. . . on behalf of the seller, a pri- vate investor. n
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We are inviting industry leaders to be a part of our “year book”. We will preview the top Headlines of the year along with photos of your top executives along with a special season’s greetings or thank you ads to your clients, brokers, owners, architects, and employees that helped make 2015 a winning year. Send in your top executive head shots Please take this opportunity to review your year’s successes and congratulate all who helped make it happen! Be Part Of Our Year in Review We are inviting industry leaders to be a part of our “year book”. We will preview the top Headlines of the year along with photos of your top executives along with a special season’s greetings or thank you ads to your clients, brokers, own rs, architects, and employees that helped make 2015 a winning year. Send in your top executive head shots Please take this opportunity to review your year’s successes and congratulate all who helped make it happen! Publication date: December 24, 2015 Deadline: December 11, 2015 Special advertising rates to all articipa ing firms. - DC
Publication date: December 24, 2015 Deadline: December 11, 2015 Special advertising rates to all participating firms.
Barbara Holyoke Tel: 781-871-5298 ext. 202 ~ Fax: 781-871-5299 Email: bholyoke@marejournal.com
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