6B — April 12 - 25, 2013 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
S OUTHERN N EW J ERSEY
n 2012 NJ there were 27 office sale transactions in New Jersey greater than By David Bernhaut, Cushman & Wakefield Office inv. sales mkt.: Investors are looking at more risky assets in order to enhance yield I to make way for residential development.
higher than the previous 6 year average, as was the aver- age deal size of $50.0 million. Over the past 36 months, the market has been character- ized by a flight to safety and quality. Investor interest has been keen on large, well leased trophy assets and long term single tenant net leases to credit tenants. Essentially the risk trade has been off due to a lack of strong leasing fundamentals, job growth and net absorption. The buzz words for 2013
seem to be densification and space efficiency with regards to office space users. This has translated into flat to negative net absorption in spite of New Jersey creating 59,100 private sector jobs in 2012. Another trend that we are witnessing is the redevelopment of large, older corporate campuses for mixed use development. Ex- amples of this would include Alcatel Lucent’s former Whip- pany Campus which will soon be home to Bayer Pharmaceu- ticals North American Head-
quarters as well as a variety of other planned uses. Hon- eywell recently announced that it would vacate its Morris Township headquarters and consolidate into a building on Johnson & Johnson’s Mor- ris Plains Campus. Other examples of this include the Hoffman LaRoche Campus in Clifton, Lifetime Fitness’ purchase of 1 BMW Plaza in Montvale and last week, it was announced that 1111 New Durham Road (219,000 s/f) would likely be torn down
For the value added inves- tor, there are an increasing number of opportunities in the market for the counter cyclical trade in the suburban mar- kets. We expect the number of those opportunities to come to market in the months ahead. David Bernhaut is vice chairman | Capital Mar- kets Group at Cushman & Wakefield Of New Jersey, Inc. ■ Osorio appointed to Board of Trustees of CONTACT HADDONFIELD, NJ —At- torney Melissa Osorio of Archer & Greiner P.C. has been appointed to the Board of Trustees of CONTACT Com- munity Helplines, a nonprofit agency staffed by trained and dedicated volunteers, and sup- ported by the United Way. CONTACT Commun i t y Helplines is an affiliate of Life- line International. The network of 24-hour crisis helplines has spread throughout the world and is active in 15 countries on four continents. Accredited by CONTACT USA, CONTACT Community Helplines has been providing services to the resi- dents of Camden, Cumberland, Gloucester and Salem counties since 1971. The organization’s primary mission is to listen to people confronting crisis or in need and, where appropriate, to refer them to other agen- cies and organizations whose services they may require or benefit from. In addition to the Helplines, the organization provides a Telephone Reassurance Pro- gram, a free service for se- nior citizens in Camden and Gloucester counties where volunteers call daily to check on the senior and report any prob- lems to whomever can help. In her role as a Trustee Oso- rio will serve on the Resource Deve l opment Commi t tee , which develops and imple- ments programs to increase awareness about CONTACT and the services provided, as- sists in fundraising, develops programs and activities to as- sist in the recruitment of new volunteers, and works as a liaison between CONTACT and the public, the media and other organizations. ■
100 , 000 s f totaling $1.4 billion and 10.4 million s/f. The aver- age psf sale p r i c e wa s $131 psf and the weighted average cap
David Bernhaut
rate was 8.43%. While trans- action volume was down 11% from 2011, it was slightly
Dominating our market
Northern New Jersey Market Share January 2002 to March 2013
Source: Real Capital Analytics (03/12/2013)
OFFICE
INDUSTRIAL
Volume ($Mil)
No. of Transactions
Volume ($Mil)
No. of Transactions
Rank
Broker
Rank
Broker
1
Cushman & Wakefield $6,565
110
1 2 3
Cushman & Wakefield $1,602
55 51 12
2
CBRE
$3,884
93
CBRE
$1,151
HFF
$315
3
Eastdil Secured
$1,910
36
4
Eastdil Secured
$305
14
4
HFF
$507
10
*Industrial sales >$10M since 12/31/2001; >25,000 SF
*Office sales >$10M since 12/31/2001; >25,000 SF
MULTIFAMILY
RETAIL
Volume ($Mil)
No. of Transactions
Volume ($Mil) $1,497
No. of Transactions
Rank
Broker
Rank
Broker
1
CBRE
39
1
Cushman & Wakefield $767
27
2
HFF
$1,261
25
2
CBRE
$608
18
3
Rockwood RE Advisors $1,252
15
3 4
JP Morgan
$341 $341
10 10
4
Cushman & Wakefield $1,130
16
Goldman Sachs
*Multifamily sales >$10M since 12/31/2001; >50 units
*Retail sales >$10M since 12/31/2001; >25,000 SF
Andrew J. Merin Vice Chairman
David W. Bernhaut Vice Chairman
H. Gary Gabriel Executive Vice President
Brian J. Whitmer Senior Director
Cushman & Wakefield, Inc. Capital Markets Group Licensed Real Estate Brokers One Meadowlands Plaza, 7th Floor East Rutherford, New Jersey 07073 (t) 201-935-4000 (e) investment.sales@cushwake.com
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