Tri-State Commercial Property Information Exchange Blog

Rockefeller breaks ground on Piscataway logistics center

Commercial developer Rockefeller Group recently announced it broke ground on its 2.2 million-square-foot logistics center in Piscataway.

The developer said the six-building center is available for requirements beginning early 2018 and that it will work alongside Cushman & Wakefield’s team of Jules Nissim, Stan Danzig and Marc Petrella to market and lease the project.

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Article from NJBIZ
By Mario Marroquin

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles

RBH opens Teacher's Village in downtown Newark

U.S. Senator Cory Booker joined RBH Group’s Ron Beit and Newark Mayor Ras Baraka at the official opening of Teacher’s Village in downtown Newark on Tuesday.

The trio commemorated the delivery of the last of six buildings at the complex and the culmination of a $150 million investment to house 203 units, four schools and 65,000 square feet of retail space.

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Article from NJBIZ
By Mario Marroquin

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles

Net Lease Cap Rates Trend Lower

Single-tenant net lease cap rates in the third quarter of 2017 decreased across all asset classes when compared to the previous quarter. Cap rates for retail properties decreased by 12 basis points to 6.11 percent, representing the lowest level in the net lease retail sector since the third quarter of 2016, when cap rates were at a historical low of 6.10 percent. Cap rates for net lease office and industrial properties decreased by 16 and 10 basis points to 6.98 percent and 7.27 percent, respectively.


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Article from Commercial Property Executive
By Randy Blankstein

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles

Why This Year Could Be A Turning Point For Suburban Office

Following the Great Recession, U.S. companies flocked to downtown areas to take advantage of lower rents and young employees in the urban core. But with rents now rising in urban centers and millennials growing up and moving to the suburbs, market experts are beginning to see that trend reverse course.

“We’re at the beginning of what we perceive to be a turning point for suburban office,” Marcus & Millichap First Vice President of Research Services John Chang said.

Chang, who will discuss suburban office trends at NAIOP’s Office Evolution event on Nov. 9 in Brooklyn, said downtown vacancy rates in U.S. cities dropped from 16% to below 14% between 2010 and 2015. As markets tightened, the discounted post-recession rents that had drawn companies to the urban core began to disappear, and he said downtown rental rates have recently surpassed their pre-recession levels.


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Article from Forbes
By Jon Banister

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles

Highgate buying Gansevoort Park Avenue for nearly $200M: sources

The Khimji family-controlled Highgate is in contract to buy the Gansevoort Park Avenue NYC in NoMad for almost $200 million, or close to $800,000 per key, sources told The Real Deal.

The 19-story, 249-key upscale boutique hotel at 420 Park Avenue South is the latest in a wave of New York City hotels to trade hands after dozens of properties languished on the market in 2016 and early 2017.

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Article from The Real Deal
By Mark Maurer

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles
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