New Jersey

The NJ TRANSIT office of real estate, economic development and transit-oriented development will assess and develop recommendations for transit-oriented development opportunities for parcels of property in which NJ TRANSIT holds an interest in, with the goal of increasing NJ TRANSIT's non-farebox revenue.

The plans will support efforts to attract community-supported Opportunity Zone investments, build investment readiness, and help the respective communities to meet their goals for Opportunity Fund investment.

The deal, announced by CBRE Capital Markets' Debt & Structured Finance team, is for the Jersey City-based real estate developer's The Charlotte project, which will feature 750 units at 25 Christopher Columbus Drive in Jersey City.

The Phoenix-based firm reports it has acquired One Crescent Drive, which totals more than 76,000 square feet and the 80,050-square-foot 201 Rouse Boulevard office building from Liberty Property Trust.

"There was great interest in this asset given its location and current use," Cruz said. "It's a rare opportunity to acquire a property with long-term flexibility and optionality that can support logistics, storage and other uses in the Metro park submarket."

Relocating from another Newark property, Project for Empty Space, a hub for multidisciplinary creative engagement, will have multiple galleries and exhibition areas, as well as amenitized studios at its new offices at 800 Broad St.