Deerfield residents fight Bridge’s 101-acre industrial project 

Bridge Industrial’s proposal for a sprawling redevelopment project in Deerfield that would tear down a 10-building office campus to make way for warehouses is on hold after a sea of local residents showed up to a recent board meeting in opposition of the plan.  The Steve Poulos-led firm wants to demolish the offices of healthcare […]

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Bergen County proposal replaces housing with warehouses

Residents in Franklin Lakes may want to be careful what they wish for, because after opposing a large multifamily project, much of it has been shifted towards industrial development. What’s to become of those omitted 335 units? Two warehouses that will span 495,000 square feet, helping the site achieve a certified tic-tac-toe of uses, as […]

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Alpine Village near Torrance sells for $43M

Bavarian-themed boutique retail center Alpine Village might transform from shopping center to shipping facility. An LLC with links to WPT Capital Advisors bought the shuttered property near Torrance for $43 million earlier this month, according to property records. A deed document says that the transaction was funded by a $40 million loan from CIBC Bank.  […]

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Public Storage pressures rival Life Storage with $11B bid

After several failed attempts to push for a deal in private, Public Storage is taking its case to acquire one of its top rivals straight to shareholders. Public Storage made an $11 billion unsolicited bid to acquire Life Storage, the Wall Street Journal reported. The all-stock proposal was cemented with a letter sent to Life Storage management on Sunday. The proposal is worth roughly $129 per share. That’s a premium over Life Storage’s stock price,

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Cannabis entrepreneurs pay premiums for real estate

Marijuana entrepreneurs are not high on the real estate industry. Even as cannabis becomes legal in more states, the growing market is facing a “green tax” from owners and landlords, MJBizDaily reported. The premiums are not discriminating by type, affecting retailers, cultivators and manufacturers alike. There are a number of factors forcing cannabis entrepreneurs to ante up in ways other industries often avoid. Prices are softening in more mature markets, like Colorado, but upstart markets

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Industrial is still hot: Monello planning 70K sf warehouse

The warehouse space race isn’t over. With the industrial market still tight, Monello Landscape Industries is seeking to build a four-story warehouse in the Passaic County township of Wayne, NorthJersey.com reported. The 70,000-square-foot building at 125 Pompton Plains Crossroad would feature a dozen loading docks, 39 parking spaces and 3,300 square feet of offices. Putting an industrial property on the six-acre site requires a variance from the Zoning Board of Adjustment, which will consider the

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Warehouse rising from ashes of infamous Passaic fire

Like a phoenix, a building is set to rise from the scorched earth where a notorious Passaic fire erupted nearly four decades ago. Stonemont Financial Group is planning a warehouse and logistics center in the New Jersey city, NorthJersey.com reported. The Atlanta-based real estate company purchased the land from Mynt Properties for an undisclosed price in December. Stonemont’s industrial project will span 296,000 square feet, according to NJBIZ, and is being developed in a public-private

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U.S. industrial sales dropped 30% toward normal in 2022

Rents and demand across industrial real estate were on the rise last year, but the sector’s sales boom appears to be nearing an end. Industrial sales fell 30 percent last year as the sector is expected neared normalization, according to CommercialEdge data reported by the Commercial Observer. “This year we expect that the sector will cool somewhat but continue to expand and remain one of the more attractive asset classes in commercial real estate,” the

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Brooklyn boasted $9B in investment sales last year

Brooklyn had a banner year for investment sales in 2022, but the other shoe may be dropping in 2023. Investment sales in the borough surged past $9 billion last year, according to TerraCRG data reported by the Commercial Observer. The report noted last year’s deals neared the 2015 peak in the market. There were 1,506 transactions across the borough, the most since 2016. Average deal size jumped 16 percent from the previous year, coming out

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NYC’s industrial market ends year with a bang

After a weak third quarter, New York City’s industrial market bounced back to end 2022 on a high note. Tenants leased 1.5 million square feet in the fourth quarter, the Commercial Observer reported. The data came from a CBRE report, which noted the quarter’s leasing activity more than doubled that of the third. It was the most space leased since the third quarter of 2020. CBRE researcher Brian Klimas thinks industrial leasing will remain strong

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