During the most-recent six-week timeframe, Resource Realty of Northern New Jersey (Resource Realty) reported eight transactions for a combined 399,744 square feet, comprising three industrial leases, two office leases, and sales involving one office, one mixed-use and one retail property, across Northern and Central Jersey as well as Orange County, New York.
“Our latest transaction volume is a direct reflection of the state of the market,” said Tom Consiglio, SIOR, principal and founder of Resource Realty of Northern New Jersey. “Today’s industrial users are now able to compete for prime warehouse/logistics space along the most-in-demand corridors throughout New Jersey and southern New York State. General/medical-office occupiers are seeking well-located, easily accessible suburban office space and for-sale neighborhood retail centers with a strong lifestyle tenant base are garnering ongoing investment interest.”
One example of this trend is the sale of 444 Route 46 in Fairfield, New Jersey, where Principal Greg Sabato and Consiglio sold a retail, warehouse and showroom building for over $4 million to a local investor. Other transactions were a 3,000-square-foot retail building sale in Middlesex County, New Jersey, two office leases for a combined 5,300 square feet in Basking Ridge and Wayne, New Jersey and three industrial leases across New Jersey’s Morris and Bergen counties and Orange County, New York.
“Industrial product continues to record the lion’s share of leasing and sales activity, even though demand has slowed over the past two years,” added Consiglio. “Not to be overlooked are the suburban office and retail sectors, which have strengthened their footing and will continue to do so as both fill a need within the community, particularly when it comes to medical/health/wellness tenancy.
