Jones Lang LaSalle
Jones Lang LaSalle’s growing New Jersey investment sales
team had a strong 12-month period starting in early July 2009
and ending June 2010, during which it secured 15 deals. The
firm represented Sixth Avenue Electronics in its purchase of a
former Toys ‘R’ Us in Somerset, NJ. Situated on 26 acres, the
326,000-square-foot facility allowed the company to consolidate three locations into one.
Also, JLL represented SHI International Corp. in the purchase of a 420,000-square-foot office building, also in Somerset.
The property, previously owned by LNR New Jersey Partners
Inc., was purchased by SHI at a below-market price and will
serve to support the company’s growth.
The firm has also been tapped to market a 16.5-acre redevelopment site at 192 Bloomfield Ave. in Bloomfield, NJ—one
of the largest redevelopment sites in that area. The property,
is currently home to a multi-building manufacturing plant
totaling 400,000 square feet. JLL was retained by the property
owner, Hartz Mountain Corp., a pet supply company that has
owned the property since the 1960s and plans to phase out of
the plant over an 18-month period, relocating the majority of
its manufacturing operations to other facilities.
Greatly Appreciates the Support
Of Our 2010 Sponsors
Learning Sponsor Platinum Sponsors
J. T. Magen & Company
The Switzer Group
Certified Moving and Storage
Arenson Office Furnishings
WB Wood | NY
Milrose Consultants Inc.
Evenson Best, LLC
LEHR Construction Corporation
Turner Construction Co.
B.R. Fries & Associates
VVA Project Managers &
Structure Tone, Inc.
The Atlantic Group
Amerlux Lighting Solutions
NYU Schack Institute of Real Estate
ALM Real Estate Media
The Commercial Observer
According to JLL executives, “New Jersey office market fun-
damentals remain under pressure, but investor confidence
has begun to revive, bringing a cautious renewal to the bur-
dened sector. The New Jersey office investment market is
expected to further stabilize in the fourth quarter of 2010 as
leasing fundamentals progress and debt markets continue to
Still, they add, increased demand for space in the office
market as a whole will not be seen until there is continued
positive net job creation along with consistent and significant
hiring in office-using sectors.
Meanwhile, on the industrial front, JLL says that there has
been an increase in port activity, with overall container volumes increasing by 21% from August 2009 to August 2010 .
These indicators may point to the market hitting bottom. ◆
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