JERSEY CITY, NJ—CBRE arranged the sale of 2866 John F. Kennedy Boulevard in Jersey City, NJ for a record price of approximately $1.2 million. The three-story mixed-use building is fully occupied, with Subway in its ground floor retail space and occupied multifamily apartments comprising the second and third floors. The 4,200-square-foot property is located in the heart of Journal Square, one of the most active markets in the Tri-State area.

PARSIPPANY, NJ–Elmwood Park-based Langan Engineering is relocating to the newly redeveloped 300 Kimball Drive in Parsippany, NJ. An extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility has driven occupancy from 10 percent to 62 percent in a one-year period.

WILKES-BARRE, PA—Endurance Real Estate Group has acquired a three building bulk warehouse/distribution portfolio totaling 544,640 SF in Northeastern Pennsylvania. The buildings were constructed in the late 2000s and feature class A warehouse/distribution specifications including 30' clear ceiling heights, ESFR sprinkler systems, and ample (and expandable) loading capacity with full dock packages. Lighting, office, and other improvements are planned.

PHILADELPHIA, PA–Penn Medicine University City has agreed to expand into an additional 56,000 square feet or two entire floors at the recently opened 3737 Science Center Building. With this lease expansion, the anchor tenant will occupy 267,800 square feet in the 13-story laboratory and office building at 3737 Market Street in Philadelphia, and the building is fully leased.

PARSIPPANY, NJ–Colliers International has arranged the $14.1 million sale of Intel Corporate Center located at 1515 Route 10 in Parsippany, NJ. Market participants suggest that the affiliate of Stanbery Development that acquired the property may want to redevelop it as a lifestyle retail center that also includes some office space.

CHATHAM,NJ—DTZ has negotiated a 63,500 square foot lease for Global Essence, a provider of high-quality natural ingredients for fragrance, flavoring, beauty and household products at 8 Marlen Drive in the Hamilton Business Center in Hamilton, NJ.

When iHeartCommunications was looking for ways to cut its corporate overhead after a 2008 leveraged buyout of its predecessor, Clear Channel Communications, Jason Fox of W. P. Carey helped the broadcasting firm sell corporate real estate to raise cash. They're not the only company to decide owning real estate isn't a core activity, as you'll learn in this preview of a feature in this month's Real Estate Forum magazine

TRENTON, NJ—In a unanimous decision, the New Jersey Supreme Court dealt a devastating setback to the Council on Affordable Housing (COAH), determining that COAH had failed to meet its obligation to develop rules governing municipal compliance with affordable housing obligations and dissolving the exhaustion of administrative remedies provisions of the Fair Housing Act. The Court will permit zoning challenges to be pursued through the court system.