NJ Industrial Leasing Velocity, June-August 2018 (Source: CBRE) NJ Industrial Leasing Velocity, June-August 2018 (Source: CBRE)

SADDLE BROOK, NJ—While many view the summer months as a “slow” time in commercial real estate, CBRE says it had another exceptional summer period, completing some of the largest transactions in office, industrial, retail and investment sales in the New Jersey market.

Between June 1 and August 29, CBRE executed 158 lease transactions totaling 3.11 million square feet and 34 sale transactions totaling 1.32 million square feet across all asset types.

The most prominent office deal CBRE closed this summer was the 148,460 square foot lease to relocate Mars Wrigley Confectionary’s US operations to Newark, NJ. CBRE represented Mars in the multifaceted lease negotiations. The move by Mars will bring more than 130 new jobs to New Jersey, in addition to the more than 500 employees relocating within the state.

Other noteworthy office transactions included a 132,265 square foot lease for E*Trade Financial at Harborside Plaza 2 in Jersey City, followed by a 107,710 square foot commitment by Celgene Corporation at 7 Powderhorn Drive in Warren, in which CBRE represented the landlord.

On the industrial front, CBRE arranged a 269,424 square foot lease with Gordon Logistics at 180 Raritan Center Parkway in Edison, as well as a 238,791 square foot lease with East Coast Warehouse & Distribution at 30-100 Pulaski Street in Bayonne. CBRE represented the landlord in both transactions.

NJ Office Leasing Velocity, June-August 2018 (Source: CBRE) NJ Office Leasing Velocity, June-August 2018 (Source: CBRE)

In addition to the office and industrial leases, CBRE also arranged a number of major retail transactions throughout New Jersey. The top two leases included a 32,136 square foot retail commitment by Fitness International at 87 Ackerman Avenue in Clifton, and an 18,905 square foot lease by Bank of America at 1 Deforest Avenue in Summit.

Jeffrey Hipschman, senior managing director, CBRE New Jersey Jeffrey Hipschman, senior managing director, CBRE New Jersey

“CBRE continued to experience outstanding leasing and sales momentum throughout the summer months,” says Jeff Hipschman, senior managing director, CBRE. “Our team remained dedicated to client success and brought a tremendous number of deals to fruition and we are proud of the outstanding results we were able to achieve for our clients. We played a significant role in these landmark transactions that have helped shape the real estate landscape in New Jersey.”

A driving force in investment sales throughout the region, CBRE was also instrumental in other significant transactions, including the $17-million sale of a former manufacturing site in Jersey City owned by Elementis Specialties. A development group acquired the property that housed a pigment and colorant plant for more than 70 years, and plans to build a mixed-use residential and retail project. CBRE represented the seller in the negotiations.