Resource Realty of Northern New Jersey recently closed on eight separate transactions for a combined 399,744 square feet in the last six weeks. In total, the Parsippany-based firm spearheaded three industrial leases and two office leases, as well as sales involving one office, one mixed-use and one retail property, across North and Central Jersey as well as Orange County, New York.
“Our latest transaction volume is a direct reflection of the state of the market,” Tom Consiglio, principal and founder of Resource Realty of Northern New Jersey, said. “Today’s industrial users are now able to compete for prime warehouse/logistics space along the most in-demand corridors throughout New Jersey and southern New York state; general/medical office occupiers are seeking well-located, easily accessible suburban office space; and for-sale neighborhood retail centers with a strong lifestyle tenant base are garnering on-going investment interest.”
One example of this trend is the sale of 444 Route 46 in Fairfield, where Principal Greg Sabato and Consiglio sold a retail, warehouse and showroom building for over $4 million to a local investor.
In terms of geography, Resource Realty’s latest leasing and sales activity focused on Middlesex County (3,000-square-foot retail building sale), Basking Ridge and Wayne (two office leases for a combined 5,300-plus-square-feet) and three industrial leases across Morris and Bergen counties and Orange County.
“Industrial product continues to record the lion’s share of leasing and sales activity, even though demand has slowed over the past two years,” Consiglio added. “Not to be overlooked are the suburban office and retail sectors, which have strengthened their footing and will continue to do so as both fill a need within the community, particularly when it comes to medical/health/wellness tenancy.”
