Industrial sector's prospects continue to look good.Jaime Jaime. For Spanish rulers thus named, use James. Weiss, president of Moonachie, NJ-based Weiss Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , predicts that the industrial sector will continue to produce record setting rentals and the office leasing and sales market will also continue to prosper pushing prices higher in 2006. "Five years ago, no one could have predicted this--industrial buildings in northern New Jersey are trading at greater than $100 a square foot," said Weiss, whose firm's business is commercial office, retail and industrial leasing, sales and investments. Founded in 1980 with all affiliate in Chicago, Weiss Realty's projects include the 70,000 s/f, mixed used Colonial Village Professional Office Park and Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Edison and Commerce Park and the re-development of the former Bridgestone/Firestone 2,197,975 s/f warehouse and manufacturing facility on 147 acres in Decatur, Illinois
"There are fewer buildings for sale and the lack of speculative office buildings is raising the value of existing office space," said Weiss, who predicts the office leasing market will continue to strengthen in northern New Jersey. "This is quickly becoming a landlords market again," he said. "I think you'll see a decline in office and industrial vacancies in the next 12 months. The strength of the demand for industrial space and lack of supply are pushing prices higher. In the last six months we completed two major office/industrial transactions with a combined value of $44.25 million for over 422,000 sf of space." Weiss Realty arranged the acquisition of the Hartz owned 136,000 s/f office building to a joint venture of Bergman Real Estate Group of Woodbridge, NJ and Edison Investments Advisors for $14.25 million. The building, located within Hartz's Harmon Cove mixed use development in the Meadowlands, sits on 6.83 acres and is 75% leased. Tenants include Control Inc., The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , and International Paper. Weiss also arranged the sale of a seven-building, office/warehouse portfolio in Piscataway, along with James Gunning James Gunn can refer to more than one person:
s 386,048 s/q of rentable space in seven office/industrial properties. Built in 1971 and 1977 the portfolio totals 38 acres with close access to 1-287, the NJ Turnpike turnpike, road paid for partly or wholly by fees collected from travelers at tollgates. It derives its name from the hinged bar that prevented passage through such a gate until the toll was paid. See also road. and Newark Airport. Weiss predicts development in the retail sector is also expected to expand with keen competition among banking institutions to vie for control of prime retail banking locations. "We've expanded our company's retail real estate services to meet the growing demand among banking institutions for prime retail locations in Northern New Jersey," he added. |
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