“Our joint venture viewed this as an opportunity to acquire a vacant high-quality asset in 185 Tabor Road at an attractive basis well below replacement cost,” says Ryan Dodge, vice president with PCCP.

The new owners plan to spend approximately $3.2 million on a repositioning strategy, including renovation of common areas, amenities, and unit interiors.

Johnson, a member of the Philadelphia Federal Reserve Bank's board of governors, becomes Avison Young's first independent director, the company says.

Due to strong leasing activity throughout most of the key submarkets, overall industrial vacancy in Northern and Central New Jersey fell another 20 basis points to 3.6 percent.

HANOVER TOWNSHIP, NJ—The transaction completes a pioneering, five-and-a-half-year initiative that has successfully repurposed and redeveloped the 194-acre former Alcatel-Lucent campus at 67 Whippany Road.

HOLMDEL, NJ—Utility company JCP&L will relocate its regional headquarters to the sprawling Bell Works site from 331 Newman Springs Road in Red Bank, when its lease there expires next year.

ISELIN, NJ—A 25-year veteran of the commercial real estate industry, Iacobucci has focused throughout his career on value-add opportunities in office and industrial property. His experience includes asset management, acquisitions, dispositions and development.

PHILADELPHIA—The new facility enables American Airlines to increase capacity and improve the passenger experience at one of its primary east coast hubs.