Turnbull Real Estate: August 2016

Tuesday, August 30, 2016

Commercial Real Estate Market Trends Update: August 2016

George Ratiu, Director of Quantitative and Commercial Research, and Stephanie Spear, Commercial Regulatory Policy Representative, provide an update on the commercial real estate market trends for the 2nd Quarter.

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In demand Companies need to be creative while searching for space in Morristown

It was 2013 when Fox Rothschild ramped up its search for new office space in northern New Jersey, with an eye toward the future and its ability to compete for talented young attorneys. Leaders of the firm set their sights on Morristown, a place its real estate team knew all too well.

RCI grows network with addition of 70 affiliated resorts

RCI, a vacation exchange company and part of the Parsippany-based Wyndham Worldwide family of brands, announced Tuesday 70 new properties have joined its affiliate exchange network during the first half of 2016.

Toys R Us names head of Canada region

Wayne-based Toys R Us announced Monday it has appointed Melanie Teed-Murch as president of Toys R Us, Canada, effective Sept. 1.

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Five Below opens at Stafford Park in Ocean County

Philadelphia-based Five Below, a retail store chain, is the newest business to open at the Stafford Park Shopping Center in Ocean County.

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Five Below opens at Stafford Park in Ocean County

Philadelphia-based Five Below, a retail store chain, is the newest business to open at the Stafford Park Shopping Center in Ocean County.

Monday, August 29, 2016

CBRE arranges 3M sale of retail site in Toms River to QuickChek

CBRE Group Inc. announced Friday that it has arranged the 3 million sale of a retail development site in Toms River to QuickChek.

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CBRE arranges 3M sale of retail site in Toms River to QuickChek

CBRE Group Inc. announced Friday that it has arranged the 3 million sale of a retail development site in Toms River to QuickChek.

Monmouth REI Corp. acquires industrial building for 31.74M

Monmouth Real Estate Investment Corp. announced Monday it has acquired a new industrial building in Kansas for 31. 74 million.

R.J. Brunelli named broker for 4 Central Jersey retail sites

R. J. Brunelli Co. LLC announced Monday that it has been selected to exclusively broker for four new and existing retail sites in Central Jersey.

Commercial Real Estate Expansion Foreseen

WASHINGTON (August 29, 2016) — Buoyed by a steadily improving labor market and strong demand for multifamily housing, commercial real estate activity should remain on an upward trajectory, with a growing share of it is expected to be in smaller markets, according to the National Association of Realtors® quarterly commercial real estate forecast.

National office vacancy rates are forecast by Realtors® to fall 1.5 percent to 10.4 percent over the coming year as employment gains boost demand for office space. The... Read More

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Mergers and competition How merger transactions impact consumers

With some calling 2015 &#8220the Year of the Merger,&#8221 we saw a whopping 4. 7 trillion in mergers last year, the largest volume in history. Shell and BG Group, Time Warner and Charter Communications, Dell and EMC, Heinz and Kraft, all began consolidating. Despite this ever-growing trend, little attention has been paid to how these. . .

Friday, August 26, 2016

Sharp moving to Montvale, Jaguar taking over HQ site in Mahwah

A pair of North Jersey companies are shuffling their U. S. headquarters, with Sharp Electronics moving from Mahwah to Montvale and Jaguar Land Rover North America taking its place.

JLL appoints SVP to oversee its N.J.-based project and development services team

JLL announced Friday that it has appointed Christopher Perruna as senior vice president to oversee its project and development services team in New Jersey.

Thursday, August 25, 2016

Two sign leases at North Brunswick retail center

Two new tenants have signed leases at a North Brunswick shopping center, according to real estate services firm Levin Management.

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Two sign leases at North Brunswick retail center

Two new tenants have signed leases at a North Brunswick shopping center, according to real estate services firm Levin Management.

JLL picked to lease remainder of Hahne's building in Newark

Real estate services firm JLL has been chosen to lease the remaining space at the former Hahne Co. flagship store in Newark, it announced Thursday.

Ultimate golf center reveals site of second N.J. location slideshow

Topgolf International, a global entertainment leader, announced Thursday it has chosen its second location in New Jersey.

Wednesday, August 24, 2016

Commercial Campaign

The leg of the Consumer Advertising Campaign focusing on commercial real estate showcases to consumers the benefits of working with a REALTOR® when looking for a commercial space. The ads explain that the right commercial space is a competitive advantage and that having a REALTOR® by their side is the ultimate secret weapon when searching for that competitive advantage.

Media Partnerships

Money and Fortune

The advertising campaign has partnered with Money and Fortune to create a 10-part series of articles designed to showcase unique, out-of-the... Read More

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NAR Meets With MBA on Capital Standards

Stephanie Spear of NAR Government Affairs meets with a representative of the Mortgage Bankers Association to discuss capital standards and how regulatory issues could impact the availability of mortgage financing for commercial real estate.

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Levin selected to lease vacant Sports Authority space in Paramus

Retail space in Paramus that was once occupied by national sporting goods chain Sports Authority is available for lease, according to Levin Management.

Levin selected to lease vacant Sports Authority space in Paramus

Retail space in Paramus that was once occupied by national sporting goods chain Sports Authority is available for lease, according to Levin Management.

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Dovetail opens expanded HQ in N.J.

Dovetail announced Tuesday that it has opened and expanded headquarters in New Jersey.

Big HQ moves bolstered suburban lease activity in Q2, CBRE says

Some major headquarters leases helped boost the suburban office market in the second quarter of 2016, according to the latest report from CBRE Group Inc.

Tuesday, August 23, 2016

Developers tout Jersey City residential building's co-working space

When it opened last summer at the corner of Grove and Montgomery streets, Charles Co. was among the latest high-end residential, amenity-rich buildings to come to downtown Jersey City.

Upgraded industrial property in South Brunswick is sold

An industrial property in South Brunswick has been sold after a 1 million-plus upgrade project, according to real estate firm Cushman Wakefield.

West New York building sells for 9M

Augustus Companies, a commercial real estate firm, said recently it has arranged the 9. 2 million sale of a West New York multifamily property.

Monday, August 22, 2016

Report Revel owner planning October soft reopening

Developer Glenn Straub plans to hold a soft opening for his shuttered Revel property in Atlantic City on Oct. 1 and will be fully up and running by the end of the year, according to a report over the weekend by The Press of Atlantic City.

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Sunday, August 21, 2016

IN DEMAND Companies need to be creative while searching for space in Morristown

It was 2013 when Fox Rothschild ramped up its search for new office space in northern New Jersey, with an eye toward the future and its ability to compete for talented young attorneys.

URBAN EFFORT As more towns embrace need for development, builders see opportunity for new hot spots on rail lines

Jonathan Schwartz thinks back to roughly four years ago, when BNE Real Estate Group took the lead in a mixed-use redevelopment project in downtown Bloomfield.

COMING OF AGE Slowly but surely, The Rockefeller Group's vision for Florham Park comes to life in The Green

Visions for The Green at Florham Park date back more than a decade, when its developers began to mull the potential of the sprawling former ExxonMobil research campus off Park Avenue.

Home cooking Returning to the Ryland Inn in Whitehouse Station has proven to be beneficial to both Chef Craig Polignano and one of the state's premier restaurants

Craig Polignano knew he wanted to be a top chef. He knew the Ryland Inn in Whitehouse Station was a &#8220culinary mecca. &#8221He also knew he had a lot to learn.

Friday, August 19, 2016

Toys R Us' top marketer leaves for Macy's

A Toys R Us executive has joined Macy's Inc. as its new chief marketing officer, the department store chain said Thursday.

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Princeton-based AMREP names new CFO

AMREP Corporation, based in Princeton, has named a new chief financial officer, it said Thursday.

Medical equipment supply companies sold

Priority Medical and Short Hills Cranial Center, two sister medical equipment supply companies, have been acquired by a private investor, according to brokerage Benjamin Ross Group.

Thursday, August 18, 2016

Raymour Flanigan leases space for first N.J. outlet

A furniture retailer has leased more than 41,000 square feet in Paramus for its first New Jersey outlet store, according to real estate company Levin Management.

Raymour Flanigan leases space for first N.J. outlet

A furniture retailer has leased more than 41,000 square feet in Paramus for its first New Jersey outlet store, according to real estate company Levin Management.

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Ohio company unveils 400K sq.ft. South Jersey facility

An Ohio fencing and railing company has opened its new manufacturing and distribution center in Galloway near Egg Harbor City, it said Thursday.

Commercial Regulatory Update: NAR Meets with ICSC

Abby Jagoda, Director, Federal Government Relations for the International Council of Shopping Centers (ICSC) talks with Stephanie Spear, NAR Commercial Regulatory Policy Rep, about what issues ICSC members are facing and how NAR and ICSC can work together to address them.

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Wednesday, August 17, 2016

J.G. Petrucci completes sale of Class A industrial facility in South Brunswick

J. G. Petrucci Co. Inc. announced Wednesday that it has completed the sale of a Class A industrial building in South Brunswick.

Gebroe-Hammer arranges 18.5M sale of 3-property portfolio in East Orange

Gebroe-Hammer Associates, a multifamily sales brokerage firm, recently announced it had arranged the 18. 5 million sale of a three-property apartment community portfolio in East Orange.

Commercial Regulatory Update: NAR Meets With Banking Group

Rod J. Alba, Sr. Vice President, Mortgage Finance & Senior Regulatory Counsel of the American Bankers Association, sits down with Stephanie Spear, NAR Commercial Regulatory Policy Representative, to talk about common issues facing ABA and NAR members. Hear about what regulatory efforts ABA has been up to in 2016 and how NAR members can work more with ABA members.

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Tuesday, August 16, 2016

Sudler begins work on latest building in Lakewood complex

The Sudler Cos. has started construction on another building within its Lakewood industrial complex, following the lease-up of its last remaining space at a new 140,000-square-foot building nearby.

Developers break ground on South Beach-inspired condo complex in Long Branch

Developers have broken ground on an upscale, 47-unit condominium complex in Long Branch, part of an ongoing effort to revitalize the beachside city in Monmouth County.

East Rutherford apartment complex sells for 91M

A private group has paid 91 million to acquire a high-end apartment complex near MetLife Stadium in East Rutherford, broker HFF announced, coming on the heels of the firm's involvement in a 305 million sale of the Novo Nordisk headquarters campus in Plainsboro.

Metrofuser leases space in Elizabeth

Bussel Realty Corp. announced Tuesday that Metrofuser LLC, a manufacturer of printer parts, has leased space in a 175,000-square-foot industrial property in Elizabeth.

HFF closes 305M sale of Novo Nordisk's HQ in Princeton

Holliday Fenoglio Fowler L. P. announced Monday that it has closed on the sale of Novo Nordisk&#8217s North American headquarters in Princeton.

Onyx Equities grows portfolio with office campus purchase

Onyx Equities LLC, in partnership with Garrison Investment Group, announced that they have purchased an office campus in Paramus.

Monday, August 15, 2016

Colliers negotiates industrial lease in Monroe Twp.

Colliers International Group Inc. announced Friday it has negotiated an industrialwarehouse lease at the 218,100-square-foot Prologis Monroe in Monroe Township.

WCRE represents law firm in Class A office space lease

Wolf Commercial Real Estate announced Monday that it has represented a law firm in its lease of a Class A office space in Marlton.

Sunday, August 14, 2016

Ready for takeoff But can Jet.com remain an anchor in the N.J. tech sector after being acquired by Walmart?

By most accounts, the rise of Jet. com has been meteoric. The online marketplace officially launched in July 2015 and was selling close to 2 million in merchandise daily by the end of the year, while fulfilling orders for 3 million customers during those first six months.

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Friday, August 12, 2016

South Orange apartment sale sets per-unit price mark, Kislak says

A private investor has paid nearly 33 million to acquire a 2-year-old, 57-unit luxury apartment community in downtown South Orange, in a deal brokered by The Kislak Co. Inc.

Research: Diverging Trends in Market Performance

With a slowdown in global economic activity, financial market volatility and a contentious presidential campaign, commercial real estate investors have taken a step back in the early months of 2016. The U.S. economy sputtered during the first quarter of 2016, with gross domestic product advancing at a weak 1.0 percent... Read More

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Lumber Liquidators renews at Sanzari industrial building

Lumber Liquidators, the specialty hardwood flooring retailer, has renewed its lease for 11,000 square feet of industrialwarehouse space in South Hackensack, according to property owner and manager Alfred Sanzari Enterprises.

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Lumber Liquidators renews at Sanzari industrial building

Thursday, August 11, 2016

Developers break ground on Aberdeen apartment, retail complex

Developers in Monmouth County have broken ground on a mixed-use project with more than 200 apartments, capitalizing on a site that sits just steps from Aberdeen-Matawan train station.

Former ATT facility in Morris Twp. has new owners

Onyx Equities LLC and PCCP LLC are the new owners of a nearly 400,000-square-foot office building in Morris Township that once served as a former regional headquarters for ATT.

Wednesday, August 10, 2016

Novo Nordisk HQ sells for 305M to Korean investment firm top single-asset sale of 2016

The developers of Novo Nordisk's 3-year-old, 762,000-square-foot North American headquarters in Plainsboro have sold the property for 305 million, brokerage firm Cushman Wakefield said Wednesday.

Marsh McLennan renews lease in Hoboken for 15 years

Global professional services firm Marsh McLennan will be a tenant in Hoboken for at least 15 more years, following the renewal of its long-term lease with landlord SJP Properties.

Tuesday, August 9, 2016

Summer 2016: Building Opportunities, Community & Our Future

REALTORS® Advocate in Washington for Communities Back Home: A Note From the President
Advocacy: Crowdfunding: Rules, Regulations, and Real Estate
Professional Advice: Three Ways to Torpedo a Transaction
Feature: Industrial... Read More

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J.G. Petrucci buys Belleville apartment building

J. G. Petrucci Company Inc. has acquired a multifamily property in Belleville, it announced Monday.

Networking: 9 Tips for Naturally Navigating Business Networking

"When in groups of movers and shakers, listen and then pass your card. When one-on-one pay close attention and speak when asked a question." John Walters
"Smile, don't hang with people you already know, and try to introduce someone you don't know to someone else you don't know!" Raphael Barta, SFR
"Research the attendees list for people you want to meet and be ready to bring value to the conversation." Chad Gleason, CCIM
"Participate in charities: give your money and your time to something you... Read More

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Lincoln Equities marketing 70K sq.ft. in Princeton Forrestal Village

Lincoln Equities Group is marketing 70,000 square feet of creative loft-style space in a decidedly suburban area, Princeton Forrestal Village, along Route 1 in central New Jersey.

Hugo Neu picks brokers, architects for industrial park redevelopment project

Commercial real estate services firm Hugo Neu has named both a brokerage team and architect for its 130-acre redevelopment project known as Kearny Point Industrial Park, the company said.

HFF secures 155M loan for Jersey City tower

HFF has secured more than 150 million in financing for the development of a 539-unit, 50-story apartment tower in downtown Jersey City, the firm announced.

Hackensack planners OK downtown apartment building

A real estate firm is one step closer to building a new six-story apartment building in downtown Hackensack, following a recent approval by the city's planning board.

Monday, August 8, 2016

2016 Q2 Commercial Real Estate Market Survey

The REALTORS® Commercial Real Estate Market Trends measures quarterly activity in the commercial real estate markets, as reported in a national survey. The survey collects data from REALTORS® engaged in commercial real estate transactions. The survey is designed to provide an overview of market performance, sales and leasing transactions, along with information on current economic challenges and future expectations.

Highlights

66 percent of REALTORS® closed a commercial sale.
Sales volume rose 8.4 percent from a year ago.
... Read More

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Tokio Marine insurance firm signs leases in Jersey City, Manhattan

An insurance company has leased more than 45,000 square feet in Jersey City as part of a reshuffling of its real estate footprint in the region, brokerage firm JLL announced.

Food Emporium signs lease at Onyx Equities property in Plainsboro

The Food Emporium has signed a lease for 43,000 square feet at Plainsboro Plaza in Plainsboro, according to owner Onyx Equities LLC.

Finding the finances Who is helping entrepreneurs and small-business owners in diverse communities?

If train A is traveling east at 60 mph and train B is headed south at 30 mph, when will they meet? Plot twist the tracks are nowhere near each other and never intersect. This is the scenario minority entrepreneurs often feel they face when trying to find loans and angel investors.

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The long road to success How Oak Tree Road in Woodbridge became an example of cultural-based commerce

With dozens of businesses owned and operated almost exclusively by immigrants from India and Pakistan, it would be easy to say Oak Tree Road in the Iselin section of Woodbridge is perhaps the greatest example of diversity-driven commerce in the state. Here&#8217s another way to describe it.

The long road to success How Oak Tree Road in Woodbridge became an example of cultural-based commerce

Cranbury's World and Main names new CEO

A Cranbury-based provider of product development solutions named a new CEO, it announced recently.

Walmart buying Hoboken-based e-commerce firm Jet.com for more than 3B

Nearly 3 billion in cash to grow one&#8217s brand? Jet. com will take it. Wal-Mart Stores has agreed to acquire the Hoboken-based online retailer in order to expand the e-commerce growth and customer reach of its Walmart brand, Doug McMillion, CEO and president of Wal-Mart Stores, said in a statement.

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Sunday, August 7, 2016

Mack-Cali starting to make its moves

To Morris Plains Mayor Frank Druetzler, the mix of high-end and affordable housing that will make up a new 197-unit apartment community is no doubt a positive for the borough.

Forward thinking At NAI James E. Hanson, preparing next generation of brokers is top of mind

As Bill Hanson recalls, the training program for a young, aspiring commercial real estate broker was rather simple in past decades &#8220Here's a desk. Here's a phone. Go get 'em, kid. &#8221

Electronic efforts Tofel feels FootprintID is telemedicine tool needed to fill gaps of electronic health portals

Beth Tofel knows firsthand how frazzled mothers and working women can get. Sometimes the mere hassle of going to the doctor keeps them from seeking the care they need before taking care of others, she said.

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Dancker Moving quickly ... for more than 200 years

Dancker Sellew Douglas has been supplying office furniture for nearly 200 years, but CEO and President Steven Lang says he's more impressed by his company's ability to change quickly rather than survive for the long haul.

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Friday, August 5, 2016

NFI breaks ground on QPSI HQ in Florence

NFI, a supply chain solutions provider, broke ground Thursday on a facility for Quality Packaging Specialists International LLC, a packaging provider, at NFI Park in Florence.

Thursday, August 4, 2016

Developer breaks ground on Morris Plains apartments, on site of former office building

Roseland Residential Trust has started construction on a new 197-unit apartment community in Morris Plains, giving new life to the site of a former Mack-Cali Realty Corp. office building off Route 10.

Wednesday, August 3, 2016

The long road to success

Sitar Realty involved in several real estate sales

Iselin-based Sitar Realty Co. announced Wednesday it has been involved in a number of recent real estate transactions, it announced.

Tuesday, August 2, 2016

EY signs lease at Hoboken's Waterfront Corporate Center

Global accounting firm EY has leased 168,000 square feet at SJP Properties' Waterfront Corporate Center in Hoboken, cementing its closely watched plans to move more than a thousand employees across the Hudson River from its Times Square office.

Ex-government official takes on new role in South Jersey with architecture, engineering firm

After more than 20 years in state and municipal government, Marge DellaVecchia turned to the county level in 2010, when she was hired as the deputy administrator in Camden County.

Rockefeller Group secures 70M financing for corporate housing project

The Rockefeller Group has secured 70 million in financing for the construction of a flexible-stay community in its master-planned development known as The Green at Florham Park.