in the first four months of 2022, NAI Fennelly said it closed 31 leases and renewals representing 212,881 square feet and $12.172 million of aggregate value spanning the industrial, land, medical, office, retail and warehouse sectors.
The robust leasing activity builds upon the 1 million square feet of leasing activity and renewals negotiated by NAI Fennelly across central New Jersey and eastern Pennsylvania in 2021.
Led by Jerry Fennelly, Matthew Fennelly and Patrick Dintrone, the NAI Fennelly team negotiated transactions that represented clients ranging from local businesses to institutional real estate investors across asset classes and business types.
Building upon the growing demand for industrial space in the central New Jersey market, NAI Fennelly’s activity is highlighted by significant volume in the industrial sector through its negotiation of several warehouse leases, including a renewal and extension with the state of New Jersey for 29,268 square-feet space at 6 Princess Road in Lawrenceville, a new lease with TerraCycle for 16,661 square feet of space at 171 Jersey St. in Trenton, and a lease renewal with Life of the Party for 14,561 square feet of space in North Brunswick. In addition, its team negotiated several retail deals, including a 30,543-square-foot transaction with Jersey College in Ewing.
NAI Fennelly also was highly active in the medical office sector, showcased by its negotiation of a 24,942-square-foot lease on behalf of Sharbell Development to expand Princeton Orthopedic’s presence in the Robbinsville medical market.
“Considering each new year presents a new slate of challenges within these markets, we’re proud to build upon our success in 2021 with a strong start in 2022,” said Jerry Fennelly, president of NAI Fennelly. “Although the uncertainty of the market can be daunting at first, our team is able to build off our extensive experience and continue to provide market-leading commercial real estate solutions to our clients to fulfill their unique business needs.”