26 — October 2026 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey Team delivers complex project on 17-month timeline DIG delivers new Walsh Hall in time for school opening
continued from page 24 WCRE Third Quarter 2026 Report
$50.5 million, or $153/SF. The transaction illustrates continued investor interest in established suburban industrial locations. Southern New Jersey Industrial: Atlantic Al- liance HP Pennsauken, LLC acquired the 105,000 s/f property at 9012 Pennsauken Highway in Pennsauken from Datwyler Pharma Packaging USA, Inc. on August 1, 2026, for $13.55 million, or approxi- mately $129/SF. The own- er-user acquisition high- lights continued demand for industrial facilities serving operational needs. Outlook for the Remainder of 2026 Industrial conditions should improve gradually as construction slows, but the pace will differ by market. Philadelphia’s leasing gains provide a stronger near-term foundation, while Northern New Jersey and the New York metro remain more exposed to warehouse supply and cau- tious expansion. Trade un- certainty, operating costs, and consumer spending remain important variables in tenant decisions. Office recovery should re - main selective. New York’s constrained pipeline and diverse occupier base sup- port further tightening, while Northern New Jersey benefits from redevelop- ment and inventory remov- als. Philadelphia continues to face smaller lease re- quirements and elevated availability. Across the region, owners must weigh improvement costs and con- cessions against achievable occupancy and sustainable rental income. Retail occupancy should remain supported by limited new development and steady demand from grocery, dis- count, food service, fitness, and service-oriented busi- nesses. Consumer uncertain- ty may restrain discretionary concepts, increasing the im- portance of tenant durability and proven trade areas. Investors are expected to remain focused on reliable cash flow and realistic leasing or repositioning assumptions. WCRE’s Q3 2026 Regional Market Report provides owners, investors, lenders, and occupiers with a practi- cal framework for evaluat- ing these differences and identifying opportunities grounded in local conditions. The full report is available upon request. MAREJ
4.2%, supported by store- front backfilling and demand from food, apparel, fitness, and service-oriented tenants. Key Market Takeaways • Industrial recovery is geographically uneven. Philadelphia’s demand gains contrast with con- tinued supply pressure in Northern New Jersey and the New York metro. • Office performance re - mains tied to quality and lo- cation, although Manhattan’s recovery is broadening and Northern New Jersey benefits from inventory reductions. • Retail supply remains constrained. Functional storefronts and centers serv- ing everyday needs retain stronger positioning than less competitive spaces. • Smaller industrial buildings generally retain tighter conditions, even where larger logistics facili- ties are recording the stron- gest recent demand gains. • Capital remains se - lective, favoring durable tenancy, modern facilities, and credible redevelopment opportunities. Q3 Transaction High- lights Philadelphia Of- fice: Brandywine Realty Trust sold the 441,000 s/f property at 3151 Market Street to Burlington Stores for $240 million, or approxi- mately $544/SF, on Septem- ber 30, 2026. Burlington’s planned headquarters relo- cation represents a signifi - cant corporate commitment to Philadelphia and a no- table transaction for Bran- dywine, underscoring the appeal of high-quality office space in University City. Philadelphia Retail: In September 2026, ECHO Realty and TPG acquired Water Tower Square at 751 Horsham Road in Mont- gomeryville from The Gold- enberg Group. The approxi- mately 269,000 s/f center is anchored by The Home Depot and Sprouts Farm- ers Market, demonstrat- ing continued institutional interest in established, ne- cessity-oriented retail. The transaction was announced by CBRE on September 21. Philadelphia Indus- trial: Alliance Partners HSP, Taconic Partners, and Axonic Capital acquired the 330,000 s/f flex and light-distribution prop- erty at 500 Virginia Drive in Fort Washington from Westport Capital Partners and Ajax Partners on July 27, 2026, for approximately
ADDLE RIVER, NJ — As Saddle River Day School (SRDS) welcomes students back for the new academic year, DIG Architec- ture (DIG) adds a new chapter to its educational portfolio: the completed 32,000 s/f Dr. Kristen Walsh Hall of Science & Entrepreneurship. Spear- headed from initial concepts to completion by DIG’s CEO and principal Jeffrey Venezia , the transformative facility – the central centerpiece of SRDS’s Building the Future Campaign – was successfully delivered within an ambitious 17-month construction timeline. This latest assignment highlights DIG’s academic projects across independent schools like SRDS, as well as public K-12 districts and regional vocational-techni- cal institutions. The new multi-disciplinary building introduces 15 state-of-the- art classrooms, four small- group instruction rooms, four advanced science labs and dedicated flexible spaces for robotics, engineering, and business education. S
identity as a vibrant commuter school, DIG incorporated a 3,000 s/f open common space and flexible collaboration hubs to foster daily social interaction and community connection. The facility also houses a new admissions center to support student recruitment, alongside outdoor campus enhancements including new tennis courts, a synthetic turf field, expanded parking and site landscaping. Delivering a complex facility on a strict 17-month turnaround required precision in execution and active field leadership. Driven by Venezia’s hands-on oversight, the DIG multi-disci- plinary team maintained a con- stant availability both through state-of-the-art technology and on-site presence throughout the construction phase to facilitate open communication across all contractors and trades. This included inspecting every detail during the push to prepare for the opening, including concrete scoring, millwork installation and donor recognition and sig- nage, to guarantee flawless execution in time for arriving students and families. MAREJ
One key priority was po- sitioning this modern aca- demic building in balance with SRDS’s historic North Hall. DIG thoughtfully aligned the exterior aesthetics, building materials and color selections to complement and elevate the original structure without over- powering the founding pillar of the SRDS campus. Recognizing SRDS’ unique Shown from left: Bryan Hek- emian, head of the building and grounds committee of the Board of Trustees, with DIG Architecture’s Jeff Venezia, CEO; Laura Masters, interior designer; and Paul Grae- bener, senior project manager. ~ Photo Credit: DIG Architecture
Legacy Real Estate Developers completes sale of 26,630 s/f Totowa industrial property
TOTOWA, NJ — Legacy Real Estate Developers has completed the sale of 611 Union Blvd. in Totowa, a 26,630 s/f industrial and flex property acquired earlier this year and repositioned for its new owner, Noor Food Manufacturing. The transaction marks the successful completion of a value-add strategy by Leg- acy Real Estate Developers and its joint venture partner, Commerce Park Investors , which acquired the property in February 2026. Howard Weinberg of JLL represented the seller in the transaction. Aron Fulop of Ridge Stone Realty Group represented the purchaser. The property is located in a hybrid commercial-industrial zone where Noor Food Manu- facturing’s proposed use was not expressly permitted. The property required a total use variance, which was required before the company could op- erate at the site. Rather than make the zon- ing approval the buyer’s re- sponsibility, Legacy and Com- merce Park Investors secured the approval and covered the
611 Union Blvd. in Totowa
associated costs. The added commitment extended Lega- cy’s role well beyond the tradi- tional scope of a property sale and provided the purchaser with a clearer path to its in- tended use of the building. “This is a great example of what we mean when we talk about adding value,” said Peter Feldman , president of Legacy Real Estate De- velopers. “We didn’t simply buy a property, improve it and find a buyer. We took responsibility for solving an issue that could have stood between the buyer and its ability to use the building. We understood the process, we were confident we could navigate it and relieve the buyer of the cumbersome re- sponsibilities that come with
going through it.” The process itself can be lengthy and involved. The ap- plication required two to three months to reach the Board of Adjustment calendar, under- scoring the additional com- mitment Legacy and Com- merce Park Investors made on the purchaser’s behalf. “The variance process can be tedious, and there are a lot of pieces that have to come to- gether,” said Feldman. “A lot of sellers would simply say, ‘Buy the building and handle the approvals yourself.’ We’re willing to go further. When we’re confident we can make something work, we’ll take on that process and help get the buyer where they need to be. That’s part of the value we bring to a deal.” MAREJ
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