40 — September 2024 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
JEMB Realty begins 80 Ac phased development in Oceanport, NJ
Newmark represents landlord in 4,731 s/f lease Alfred Sanzari Enterprises announces recent NNJ leases
significant transformation of its own. In a quest to find its footing, office-property own - ers are mirroring the adapta - tions made by retailers during the pandemic. With remote work becoming even more entrenched due to work-life balance aspirations across the modern-workforce spectrum, businesses are reassessing their office space needs and exploring more flexible and adaptable solutions. While hybrid work models continue to prevail, businesses are focusing on their collabo - ration cultures to prioritize productivity and amenities that attract and retain today’s Gen Z workforce. Outdoor spaces, fit - ness centers, on-site cafes and on-premises retailers are just a few examples of today’s “stan - dard” office-center amenities designed to entice employees and draw them into the office. On the office-leasing-activity front, healthcare users are aggressively expanding their footprint – and patient reach A tenant at Glenpointe since 2016, Agam Capital Manage - ment is a leading insurance solutions provider powered by a risk-focused approach to dynamic management of liabilities. Leveraging its cut - ting-edge proprietary asset and liability management system, pALM, the firm partners with insurance companies to help them use capital more efficient - ly while minimizing risk. Agam Capital Management will uti - lize its newly expanded space at Glenpointe to accommodate its need for additional general and administrative offices. B ERGEN COUNTY, NJ — Alfred Sanzari Enterprises , a family- owned and operated commer - cial and residential real estate firm, announced recent leasing activity in Northern NJ. In Teaneck, a 4,731 s/f office lease renewal and expansion with Agam Capital Manage - ment, LLC was signed at Glenpointe Centre West. Al - fred Sanzari Enterprises was represented by Newmark’s Jeff Schotz, Peter Rossi, Dan Reider, Peter Kaspar - ian and David Simson in the transaction. “When we found Glenpointe nearly a decade ago, we knew
units or distribution facilities. Conclusion: Northern NJ/ NY State Markets will Continue to Adapt In this season of change and as we approach the final months of the year, the com - mercial real estate market across Northern New Jersey and New York State’s Orange and Rockland Counties is poised for strong and steady performance. Industrial/ware - house will remain the current commercial-property darling while retail-anchored mixed- use and experiential-focused properties will maintain their favorable investment-appeal uptick. Office space will con - tinue to moderate with activ - ity as tenants shift to class A accommodations to attract and retain their employee base. Overall, the market continues to demonstrate a dynamic na - ture, reflecting the benefits of the region’s diverse economic and demographic trends. Tom Consiglio is principal of Resource Realty of North - ern New Jersey. MAREJ drive the continued growth of their firm at Glenpointe.” At Court Plaza South i n Hackensack, Fazzio Law Of - fices has leased 1,827 s/f and BHB Funding has leased 1,030 s/f. Alfred Sanzari En - terprises was represented by NAI James E. Hanson’s An - drew Somple, SIOR, Jona- than Kristofich and Jessica Curry in both transactions. Headquartered in Boca Ra - ton, FL., BHB Funding will open its first New Jersey loca - tion at Court Plaza South to support the Fintech compa - ny’s growing operations. BHB Funding specializes in Revenue Based Financing as alternative financing for small to medium- sized businesses. As a direct funder, BHB Funding has the flexibility and speed to provide financial products to cater to each of its clients’ needs. “We were looking for a space that could support our current growth as well as fu - ture expansion,” said Victor Castillo, co-founder of BHB Funding. “Court Plaza was the perfect fit for us and it has the right blend of onsite conveniences plus great local food and retail options all within walking distance for our team to enjoy.” MAREJ
Monmouth Park planned hotel
changing interest rate envi - ronment. Industrial real es - tate in high-demand locations or with long-term leases to high-quality tenants may offer more stability and resilience than a class C multifamily property asset. Market Analysis: Staying in - formed about economic trends, interest rate forecasts, and market conditions is essential for anticipating cap rate move - ments and adjusting invest - ment strategies accordingly. In Summary The relationship between interest rates and cap rates is fundamental to industrial real estate investing. While interest rates can influence cap rates and property values, other factors, such as market sentiment, risk premiums, and sector-specific dynam - ics, also play a significant role. By understanding these relationships and carefully considering the broader eco - nomic context, industrial real estate investors can make more informed decisions and better position themselves for success in a dynamic and evolving market. MAREJ Q4 2025. In order to activate the un - derutilized areas around Mon - mouth Park Racetrack and ele - vate the real estate around the park to its highest and best use, Bailey and his team have been working closely with the New Jersey Thoroughbred Horse - men’s Association (NJTHA), the New Jersey Sports & Ex - position Authority (NJSEA), local community stakeholders and elected officials as well as Darby, which recently entered into an 85-year lease agree - ment for the iconic Monmouth Park. The culmination of Bai - ley’s work – complemented by his years-long relationships with local and state officials and bolstered by his passion for the sport of horse racing – will transform surface parking lots to create a year-round desti - nation for area residents and visitors alike. MAREJ
relationship between interest rates and cap rates is critical for making informed invest - ment decisions. Some con - siderations impacted by this dynamic relationship include: • Investment Timing: One of the factors investors take into consideration when mak - ing a real estate investment is interest rates. In a rising interest rate environment, investors tend to be more se - lective in the properties they acquire, focusing on high-qual - ity assets with strong income potential that can withstand upward pressure on cap rates. • Financing Strategy: Securing long-term, fixed-rate financing can help investors mitigate the impact of rising interest rates on their cash flow and investment returns. To obtain the desired financ - ing, investors may explore alternative options or capital structures to optimize their cost of capital. • Portfolio Diversifica - tion: Diversifying across different asset classes and geographic regions can help investors manage risk in a OCEANPORT, NJ — Mor- ris Bailey , chairman of JEMB Realty – a multi-generational real estate firm with vast of - fice, residential and entertain - ment experience – and Resorts Casino in Atlantic City, com - menced the design and devel - opment process to create a vi - brant, phased mixed-use com - munity on 80 acres adjacent to Monmouth Park Racetrack in Oceanport. The announce - ment marks the culmination of decades of discussions with various stakeholders result - ing in plans for an extraordi - nary development comprising multi-family housing, hotel, retail, entertainment and youth sports facilities. The first phase of this project, to be developed in partnership with the State of New Jersey and Dennis Drazin’s Darby Development LLC (Darby) , is slated to break ground in
Glenpointe Centre West
Court Plaza South
– by offering more convenient access within traditional office settings. Driven by the expan - sion of healthcare services and the growing demand for outpatient care, medical us - ers are feeding steady growth in an era that emphasizes preventive, wellness and com - munity-based care services. Modern, efficient medical uses range from stand-alone outpa - tient and surgical facilities to hospital-network and private- ownership medical practices. This trend is benefiting the North Jersey office market in several ways. In addition to the steady income stream medical offices offer landlords, their presence is a catalyst for attracting other businesses and amenities to the area, from coffee shops to lifestyle services. Additionally, the transformation of vacant or underutilized office spaces into medical facilities is an effective repositioning strategy for re - vitalizing older buildings. The other trend is to replace the office assets with multifamily Carolina Gutierrez , leas - ing and marketing manager of Alfred Sanzari Enterprises, added, “Today’s fast moving business landscape under - scores the importance of an office environment that can evolve with the needs of its ten - ants. We are proud to provide Agam Capital Management with the space they need to it would be the perfect place to establish our corporate head - quarters,” said Andrew Katz, COO of Agam Capital Man - agement. “We are proud to call Glenpointe home and extend our partnership with Alfred Sanzari Enterprises well into the future.”
continued from page 2 Interest Rates vs. Cap Rates: Their impact on industrial . . .
continued from page 22 Surges to Tempered Paces: CRE across NNJ and Orange/Rockland County NY Remains . . .
Made with FlippingBook flipbook maker