The brokerage team at Resource Realty of Northern New Jersey (RRNNJ) recently finalized nine commercial real estate transactions as part of summer’s last push, following a strong first half of the year. To close out Q3, the Parsippany-based commercial real estate brokerage firm arranged the sale of two separate standalone warehouse properties as well as a series of office, industrial and retail leases across Bergen, Essex and Morris counties.
“Thanks to relative stability and a level of economic resiliency that has carried over from the first half of 2024, there is sustained demand among a diverse user and investor pool craving these assets,” said Tom Consiglio, principal and founder of RRNNJ. “Among these are institutional entities, private equity, family offices, high-net-worth individuals, as well as locally and regionally based private distribution companies, materials and goods manufacturers, lifestyle service providers, health/wellness entities and professional services firms.”
RRNNJ’s industrial property sales involved the $4 million trade of a single-story warehouse spanning a 5.5-acre parcel at 146 Airport Rd. East in East Stroudsburg, Pennsylvania as well as a 34,500-square-foot industrial building in Paterson, New Jersey. For the former, RRNNJ’s Consiglio and Vice President Bill Pastuszak represented Electrum in the acquisition. In the latter, Principal Greg Sabato and Consiglio arranged the $5 million sale of 34 E. 25th St., which includes rooftop solar. The seller was Bacon and Graham; the buyer was a computer refurbishment company. The remaining industrial transactions were light-industrial/distribution center leases along Northern New Jersey’s in-demand logistics corridor.
RRNNJ also completed nearly 30,000 square feet in office leases, including a new 20,000-square-foot headquarters location in Parsippany, New Jersey on behalf of a professional services firm, and finalized a ground-floor retail lease in a newly developed Class A suburban-downtown office center in Millburn, New Jersey.
“While traditional brick-and-mortar stores continue to face competition from online retailers, demand is sustained for unique retail spaces that offer immersive experiences and a sense of community,” said Wilson. “This trend is evident in the increasing popularity of adaptive and mixed-use developments like 378 Millburn Ave. that combine ground-floor retail with residential and/or small-office components.”
