CBRE experiences active summer in N.J. with leasing, sales activity on the rise

By Emily Bader
New Jersey | Sep 9, 2019 at 10:22 am

CBRE has experienced another hot summer, it announced on Monday, completing approximately 12.8 million square feet worth of deals.

Between June 1 and Aug. 30, CBRE said it executed 231 lease transactions totaling 10.4 million square feet and 31 sales deals totaling 2.4 million square feet. When comparing to last summer, CBRE completed 158 leases totaling 3.11 million square feet and 34 sales deals totaling 1.32 million square feet.

The most prominent office deal completed this summer by the firm, it said, included the 315,086-square-foot lease for Everest Reinsurance Co. at 100/200 Warren Corporate Center Drive in Warren.

The biggest industrial deal, it said, included a 278,936-square-foot lease with Garden State Cold Storage at 580 Port Carteret Drive in Carteret.

CBRE said it also arranged a number of notable retail transactions, including a 26,954-square-foot lease by CAVU Trampoline & Tumbling at 225 Route 46 West in Mountain Lakes, and a 14,754-square-foot lease by Jennifer Furniture at the Greenleaf at Union Shopping Center at 1235 West Chestnut St. in Union.

“This past summer proved to be one of the busiest periods of the year so far, with tremendous activity in both leasing and investment sales,” Jeff Hipschman, senior nanaging director, CBRE, said. “Our industry-leading team of professionals completed some of the most significant transactions in the market and we are very proud of the outstanding outcomes we were able to deliver for our clients.”

Emily Bader | ebader@roi-nj.com | emilybader