New Jersey

IRVINGTON, MONTCLAIR, AND EAST ORANGE, NJ—The fervor for multifamily property investments near major transportation arteries throughout Essex County is escalating as buyers expect interest rates to rise, say the multifamily experts at Gebroe-Hammer Associates. The firm just wrapped up four multifamily deals in three North Jersey cities.

PARSIPPANY, NJ—Buoyed by a strengthening economy, the Northern and Central New Jersey industrial market fundamentals continue to be strong, says David Simon, executive managing director of Colliers International. Leasing activity continues to be robust, with the 10.9 million square feet leased in the second quarter up 67.5 percent vs. the prior year's quarter.

One industrial property is being repurposed for a religious community center and Hindu temple, and another will produce Russian pancakes called blinis for a popular restaurant chain. Multifamily properties are also changing hands. Learn more in this week's deal-tracker roundup.

DTZ recently completed three sales, two industrials in NJ and PA and a NJ land deal, with a total aggregate value of more than $35 million.

Environmental compliance audits are detailed audits of an operation or manufacturer to determine if the operator is in compliance with local, state, and federal regulations. Compliance audits differ from Phase I and II environmental site assessments (ESAs) in a fundamental way: Phase I and II ESAs focus on releases of hazardous substances to real estate, whereas compliance audits focus on whether or not operations comply with environmental laws with the objective of reducing regulatory risk,…

ISELIN, NJ—Global technology, energy and automation company Siemens Corporation sees huge value in treating its sprawling worldwide commercial real estate operations as a profit center, not a cost center, says Michael Kruklinski, head of the firm's real estate operations for the Americas.