CBRE has successful summer season: No slow-down in leasing, sales activity

By Emily Bader
New Jersey | Sep 7, 2018 at 1:11 pm

CBRE announced Friday its summer season of leasing and sales activity resulted in some of the largest transactions in office, industrial, retail and investment sales in the market.

Between June 1 and Aug. 29, CBRE said it had executed 158 lease deals totaling 3.11 million square feet and 34 sales deals totaling 1.32 million square feet.

The biggest deal completed by the firm was a 148,460-square-foot lease to relocate Mars Wrigley Confectionery‘s U.S. operations to Newark. CBRE represented Mars in lease negotiations, it said. The move will bring about 130 new jobs to the area, in addition to the 500 that are relocating.

Other noteworthy transactions include:

  • E*Trade Financial, 132,265 square feet, Harborside Plaza 2, Jersey City;
  • Celgene Corp., 107,710 square feet, 7 Powderhorn Drive, Warren;
  • Gordon Logistics, 269,424 square feet, 180 Raritan Center Parkway, Edison;
  • East Coast Warehouse & Distribution, 238,791 square feet, 30-100 Pulaski St., Bayonne;
  • Fitness International LLC, 32,136 square feet, 87 Ackerman Ave., Clifton;
  • Bank of America, 18,905 square feet, 1 Deforest Ave., Summit.

“CBRE continued to experience outstanding leasing and sales momentum throughout the summer months,” Jeff Hipschman, senior managing director, CBRE. “Our team remained dedicated to client success and brought a tremendous number of deals to fruition and we are proud of the outstanding results we were able to achieve for our clients.” He continued, “We played a significant role in these landmark transactions that have helped shape the real estate landscape in New Jersey.”

CBRE also was involved in the $17 million sale of a former manufacturing site in Jersey City owned by Elementis Specialties. An undisclosed development group acquired it and plans to build a mixed-use residential and retail project.

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