6B — May 13 - 26, 2016 — Central New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
C entral N ew J ersey VP Jeff Squires represents both parties in Linden, NJ retail sale Kislak completes $3.25 million sale of 25,783 s/f, CVS-anchored shopping center
L
INDEN, NJ — The Kislak Company, Inc. announced the $3.25
property was family-owned since the 1940s and was previ- ously occupied by Woolworths. CVS has occupied the anchor position for over 20 years. Other national tenants include Verizon Wireless and Rent-a- Center. Located on a heavily- trafficked downtown corner across from Linden City Hall, the property encompasses an entire city block and has rear on-site parking for 50 cars. Linden is a vibrant city of more than 40,000 in south- eastern Union County, ap- proximately 13 miles from Manhattan. “Union County remains a
EAST RUTHERFORD, NJ — Industrial leasing activity in Northern and Central New Jersey in the first quarter of 2016 remained significantly above historic levels, particu- larly in the class A segment of the market, according to JLL . As a result of sustained demand for state-of-the-art industrial space, developers looked to build new facilities to meet demand. At the end of the first quarter more than 2.9 million s/f of space was under construction, a year-over-year increase of 25.8%. Continued strong demand for high-quality industrial as- sets in Northern and Central New Jersey pushed overall vacancy rates down to 5.9% in the first quarter of 2016. Large industrial transactions include Fabuwood Cabinetry Corp.’s signing of 706,083 s/f in New- ark and FedEx SmartPost’s deal for 695,000 s/f at 25-53 Talmadge Rd. in Edison. “With vacancy rates dropping below 6.0%, landlord optimism has reached new heights,” said David Knee , senior managing director at JLL. “Year-over- year growth in rents reached double digits during the past year as fundamentals tilted to landlord-favorable conditions. With absorption set for an- other tremendous year, asking rental rate growth is expected to accelerate. However, a wave of new speculative construction may offer some relief to ten- ants that would otherwise have limited space options.” As a result of record-setting class A big-box leasing activ- ity, the outlook for absorption in both Northern and Central New Jersey remains positive. At the current pace, the mar- ket may challenge the high- water mark for absorption set in 2014. The state’s industrial sector recorded nearly 1.4 mil- lion s/f of positive net absorp- tion in the first quarter of 2016, a year-over-year increase of 12.5% from 1.2 million s/f. n “The investment opportunity was very attractive to many regional retail investors. Our marketing efforts generated multiple competing bids and ul- timately resulted in a sale to a purchaser on an all-cash basis.” At the time of closing, the property was fully-occupied. n JLL gives update on industrial leas- ing activity in NJ
million sale of a 25,783 s/f CVS-an- chored shop- ping center l o c a t e d a t 3 0 0 - 3 2 2 North Wood Ave. in Lin- den, Union County, NJ.
300-322 North Wood Ave.
Jeff Squires
Jeff did an outstanding job bringing this property to mar- ket and selling it.” “This property has had a stable occupancy history given its prime location in busy down- town Linden,” said Squires.
very strong submarket within northern New Jersey for in- vestment properties” said Robert Holland , president. “There is great demand among investors for well-located and well-performing properties.
Vice president Jeff Squires represented both parties after marketing the property on an exclusive basis. The historically significant
Commercial Real Estate Brokerage
Marlboro, NJ 90 Residential Units Daniel Lanni ext 248
Paterson, NJ 678-Unit/153-Building Portfolio Don Baxter ext 265
Atlantic City, NJ 258 Residential Units 3 Building Portfolio
Joni Sweetwood ext 273 Anthony Palmiotto ext 357
Paterson, NJ 34 Residential Units plus 15 Garages Joseph Keenan ext 256
Philadelphia, PA 9 Residential Units plus 4,500 SF Commercial Anthony Palmiotto ext 357
Hillside, NJ 37 Residential Units Joni Sweetwood ext 273
Investment Sales Commercial Sales and Leasing
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
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