Tri-State Commercial Property Information Exchange Blog

Advance Realty, DeBartolo to redevelop Ledgewood Mall

A partnership between Advance Realty and DeBartolo Development was recently approved to develop The Shops at Ledgewood Commons along Route 10 in Roxbury, replacing the struggling Ledgewood Mall with a diversified retail and dining complex.

The 450,000-square-foot project will aim to modernize and create an open-air shopping environment with a mix of anchor, junior and pad site opportunities.

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Article from NJBIZ
By Mario Marroquin

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

Banks tightened lending standards for commercial real estate in second quarter: Fed

WASHINGTON (Reuters) - Loan officers at U.S. banks reported tightening lending standards on commercial real estate loans while terms for business loans remained largely unchanged, the Federal Reserve reported on Monday in a quarterly survey.

The officers surveyed also reported a weakening in demand for both types of loans in the second quarter.

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Article from Reuters
By Lindsay Dunsmuir

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

Advance, DeBartolo kick off leasing at new Harrison rental project

Developers have taken the wraps off a new 286-unit rental community inspired by Harrison’s industrial past, the latest apartment building to come to the town’s waterfront redevelopment zone.

Known as Steel Works, the project by Advance Realty and DeBartolo Development has started leasing at 1200 Frank E. Rodgers Blvd. The property includes a mix of studios, one-bedroom and two-bedroom apartments, benefiting from a location just two blocks from the Harrison PATH station and offering an 18-minute train ride into Manhattan.

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Article from Real Estate NJ
By Joshua Burd

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

Onyx, Rubenstein sell repositioned Basking Ridge building for $98.5 million

A joint venture has sold a 306,000-square-foot office building in Somerset County for nearly $100 million, following a sweeping renovation that modernized the 40-year-old property and attracted a global pharmaceutical company as a headquarters tenant.

Onyx Equities and Rubenstein Partners LP this week announced the sale of 211 Mount Airy Road in Basking Ridge, where it had inked a full-building, 16-year lease with Daiichi Sankyo Inc. Published reports identified the buyer as Harbor Group International LLC, a Norfolk, Virginia-based real estate investment firm.

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Article from Real Estate NJ
By Joshua Burd

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

Colliers set to market aviation research park in Atlantic County

Atlantic County officials have hired Colliers International Group to market the first piece of the new Stockton Aviation Research and Technology Park, the firm announced.

Brokers based in Colliers’ Mount Laurel office will work on behalf of the Atlantic County Improvement Authority, which owns and operates the campus in Egg Harbor. Construction on the first phase, a three-story, 66,000-square-foot building, got underway in May, giving way to what will include a 7,000-square-foot Federal Aviation Administration lab and office space and additional space for other users.

Plans also call for classrooms, conference rooms, a rooftop lounge and high-speed connectivity to the William J. Hughes Technical Center, which is adjacent to the 58-acre campus.

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Article from Real Estate NJ
By Joshua Burd

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