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A recent vacancy of approximately 300,000 square feet in a Louisville facility brought down the cap rate a bit but Dream Industrial says that once it is leased up, it expects to cap rate to increase to 6.5%.
“New Jersey historically has been a life science hub, and the industry continues to play a major role in the state's economy,” says Jason Price, director, Cushman & Wakefield's Tri-State Suburbs Research.
The $120 million project developed by BET Investments will bring 402 luxury apartments, a 500-car garage and 150,000 square feet of town center shops to a 25-acre site in eastern Montgomery County.
WeWork is leasing 77,000 square feet at the Towers at Williams Square on three floors in the central tower, which will be the shared workspace provider's first site in a suburban market in North Texas.
A state court gave the American Museum of Natural History approval to build the Gilder Center but a community group has appealed the case, vowing continued opposition.