Resource Realty of Northern New Jersey on Tuesday reported it ended 2024 in strong fashion. The Parsippany-based firm completed 75 leases and 10 sales totaling over $154,690,000 in commercial real estate transactions across New Jersey and Southern New York.
In the wake of fluctuating conditions over the past 12-18 months, the firm effectively navigated the market and secured a diverse mix of industrial, office, retail and land development deals.
“The past year highlighted the resilience and stabilization of the Northern New Jersey/Lower Hudson Valley commercial real estate submarkets and property categories across the entire region,” Tom Consiglio, principal and founder of RRNNJ, said. “Our depth of experience, derived from navigating various market cycles since 1990, enabled us to guide clients through the shifting market dynamics of 2024 and achieve strong results that extend to 2025 and beyond.”
Key RRNNJ transactions included a 126,000-square-foot industrial lease at 400 Corporate Dr. in Bergen County’s Mahwah for a logistics provider and a 20,000-square-foot office lease in Parsippany for a professional services firm.
“In our 35th year, RRNNJ consistently demonstrates agility associated with adapting to changing market conditions and investor and tenant requirements,” Greg Sabato, principal at RRNNJ said.
Strong demand from logistics providers, e-commerce companies and manufacturers were a key driver for leasing and sales activity throughout the region. Notable RRNNJ deals included a 34,000-square-foot lease in Bergen County and an 82,000-square-foot lease in Western New Jersey.
The firm also saw success in the Greater Lehigh Valley/Western New Jersey market, where competitive pricing and strong transportation connections continue to attract tenants and investors.
“Demand for modern, functional industrial space, particularly in the 75,000- to 175,000-square-foot range, remains robust,” Brian Wilson, principal at RRNNJ said. “These Class A and B+ properties are ideally suited for businesses seeking to optimize and fortify their supply chains.”
Boasting an impressive client roster, RRNNJ arranged these transactions on behalf of a wide range of owners and users during the past 12 months. Among these are Prologis, Brookfield Properties, Mapletree, Cohen Asset Management, Morgan Stanley, First Industrial, Hampshire, TA Realty, Longpoint Partners and Link Logistics.
