Williams-Sonoma, FedEx Strike New Jersey Industrial Leases for 2.6 Million Square Feet

Retailer Williams-Sonoma and package-delivery giant FedEx preleased 2.6 million square feet of distribution space in New Jersey in the first quarter, with the industrial sector continuing to soar in the Garden State in the new year.

New Jersey’s industrial market saw 15.7 million square feet of leasing in the first quarter, the highest level since the first quarter of 2016, when it topped out at 17.7 million square feet, John Obeid, senior director of research for real estate firm Colliers International, told CoStar News. 

Williams-Sonoma and FedEx’s activities have been huge drivers of logistics so far this year, according to Obeid’s New Jersey market report, which was released Thursday. In what Obeid described as the “most notable transaction,” Williams-Sonoma agreed to lease 1.2 million square feet at 3 Sigle Lane in Dayton, New Jersey. That site is owned by Heller Industrial.

FedEx, in turn, preleased 873,743 square feet at 173-268 Doremus Ave. in Newark, followed by 513,240 square feet at 39 Edgeboro Road in East Brunswick, for a total of about 1.4 million square feet, according to Obeid’s report. 

In a statement to CoStar News, FedEx, headquartered in Memphis, Tennessee, said it is “exploring opportunities to optimize our network in response to ongoing volume growth and is engaged in discussions with local officials for the potential leasing of package distribution centers in Newark and East Brunswick.” The company, headquartered in Memphis, Tennessee, “does not disclose specifics of a project until all aspects have been finalized.”

Williams-Sonoma is also likely trying to accommodate the rising tide of online orders by consumers. The company, based in San Francisco, didn’t immediately respond to an email seeking comment. 

The U.S. industrial real estate market had been skyrocketing because of the rise of e-commerce, and that trend was exacerbated by the pandemic last year, with individuals homebound and shopping on the internet. In New Jersey, the logistics sector last year was largely driven by e-commerce giant Amazon leasing a lot of large distribution sites, 7.5 million square feet, but it was not a player in the first quarter this year, according to Obeid.

Williams-Sonoma has preleased more than 1 million square feet in New Jersey. The chain’s locations include a store in Williamsburg, Virginia. (CoStar)

Amazon has essentially taken a “pause” in leasing huge distribution hubs in New Jersey because its priority now is establishing smaller so-called last-mile delivery stations, Obeid said. 

United Parcel Service was a player in the first quarter, by preleasing 880,000 square feet at 42 Military Ocean Terminal in Bayonne, New Jersey, a transaction previously reported by CoStar News.

In its most recent report on the Garden State’s industrial market, CoStar wrote, “Demand has rebounded in Northern New Jersey, after recording a lackluster 250,000 [square feet] of net absorption in the first half of 2020.”

As evidenced by Williams-Sonoma’s and FedEx’s actions, industrial preleasing has been a big factor so far this year in New Jersey. In total, users preleased 4.1 million square feet in development projects during the first quarter, according to Obeid. 

“This dynamic has accelerated construction activity, driven by the lack of available space and tenant preference for Class A product,” he wrote in his report.


*Article Courtesy of CoStar

For more information about this New Jersey space or about any other New Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a New Jersey commercial real estate broker at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier New Jersey commercial real estate broker that provides a full range of New Jersey commercial real estate listings and services. Wolf Commercial Real Estate also offers property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail spaces and other New Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of New Jersey commercial properties for lease or sale through our New Jersey commercial real estate brokerage firm.

Central Jersey Office Space Available For Sale

9 Main Street Flemington, New Jersey

Wolf Commercial Real Estate, the leading New Jersey commercial real estate brokerage firm that specializes in New Jersey commercial real estate listings and services, is offering Central Jersey office space for sale at 9 Main Street Flemington NJ.

There is a total of +/- 8,400 sf of office space in Central Jersey available at 9 Main Street Flemington NJ. The asking sale price for this Central Jersey office space for sale is $859,000. This Central Jersey office space for sale is being offered through Wolf Commercial Real Estate, a Central Jersey commercial real estate broker with expertise in Central Jersey commercial real estate listings and services.

This Central Jersey office space for sale is a well-maintained property located in the Flemington Historic District. Built in the 1800s, this office space in Central Jersey for sale was recently renovated. Ideal for an owner-occupant, there is upside potential at this Central Jersey office space for sale from completing a lease-up of vacant spaces.

This Central Jersey office space is within 30 minutes of Princeton and Bridgewater as well as from New Hope, PA. This office space in Central Jersey at 9 Main Street Flemington NJ is available for sale through Wolf Commercial Real Estate, a Central Jersey commercial real estate brokerage firm with expertise in Central Jersey commercial real estate listings and services.

For more information about this office space in Central Jersey for sale at 9 Main Street Flemington NJ or about any other Central Jersey commercial properties for sale, please contact Kevin Coleman (856-857-6339; kevin.coleman@wolfcre.com) or Victor DeJesus (856-857-6388, victor.dejesus@wolfcre.com) at Wolf Commercial Real Estate, a New Jersey commercial real estate broker that specializes in New Jersey commercial real estate listings and services.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier New Jersey commercial real estate broker that provides a full range of New Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail spaces and other New Jersey commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of New Jersey commercial properties for lease or sale through our New Jersey commercial real estate brokerage firm.

TD Bank is Closing 13 Branch Locations in New Jersey

The planned closure of more than 80 branches by April represents 6% of the bank’s 1,223 locations from Maine to Florida.

The bank says the closing branches were selected because transaction volumes, their proximity to other TD Banks and the number of customers who use multiple store locations.

“TD is continually evolving the way we serve our customers and communities to best meet changing customer expectations and behaviors, remain competitive and drive long-term growth,” the bank said in a written statement.

Customers whose accounts are impacted by the closures have already been notified.

These New Jersey branches will close by April 23:

  • 601 College Drive, Blackwood
  • 1506 Berlin Road, Cherry Hill
  • 351 Midland Ave., Garfield
  • 1636 Route 38, Lumberton
  • 571 New York Ave., Lyndhurst
  • 688 Paramus Road, Paramus
  • 430 N. Beverwyck Road, Parsippany
  • 5 State Highway 31, Pennington
  • 536 N. Maple Ave., Ridgewood
  • 129 S. Black Horse Pike, Runnemede
  • 10 Mule Road, Toms River
  • 361 Union Blvd, Totowa
  • 560 N. Ave. E, Westfield

The bank said that its branches are still an important part of its business and reinvestment could include store renovations and new store locations.

M&T Bank closed seven New Jersey branches in August.

ShopRite on Monday announced it was closing 23 in-store pharmacies in New Jersey.



*Article Courtesy of Smart News

For more information about this New Jersey space or about any other New Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a New Jersey commercial real estate broker at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier New Jersey commercial real estate broker that provides a full range of New Jersey commercial real estate listings and services. Wolf Commercial Real Estate also offers property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail spaces and other New Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of New Jersey commercial properties for lease or sale through our New Jersey commercial real estate brokerage firm.

New Jersey Earmarks $35 Million of $112 Million in Federal Aid for Restaurants

New Jersey is distributing $112 million in federal coronavirus-related economic aid and has earmarked $35 million for the state’s struggling restaurant and bar industry.

Gov. Phil Murphy announced the funding at a news conference held at a brewery, Flounder Brewing Co., in Hillsborough on Tuesday. In addition to helping the food-service industry, portions of the money will go toward rent relief for tenants and to help so-called microbusinesses, according to Murphy.

“We’re ready to help businesses like Flounder Brewing not just get through this unprecedented time, but emerge primed and ready for growth,” the governor said. 

New Jersey, once of of the U.S. epicenters of the COVID-19 outbreak, only topped by New York in terms of confirmed cases, still has relatively strict regulations in place for restaurants and taverns. Outdoor dining and takeout and delivery are permitted, but restaurants can only offer indoor dining at 25% capacity. As the weather gets colder, too frosty for alfresco dining, eateries already struggling financially fear they won’t survive.

“We appreciate the new grant program,” Marilou Halvorsen, president and CEO of the New Jersey Restaurant and Hospitality Association, said in an email. “The restaurant industry has been devastated and needs funding quickly. We are anxious to see the particulars on the program and eligibility requirements.”

The bulk, $70 million, of the state’s latest coronavirus aid will be distributed to restaurants, micro-businesses and other enterprises through phase three of the New Jersey Economic Development Authority’s emergency grant program for small businesses, Murphy said. 

Help for the Smallest of Businesses

The EDA launched that program in early April, and to date over 19,000 small businesses have benefited. The program’s third stage expands its eligibility to any business with 50 or fewer full-time employees and increases the amount of funding businesses can receive. 

“To ensure funds flow to businesses that need them most,

includes set-asides for grants to restaurants and micro-businesses,” according to the governor’s office. 

So $35 million will be dedicated to support food-and-beverage establishments and $15 million will be directed to support micro-businesses that have five or fewer employees. The remaining $20 million of the $70 million will be available to support any eligible business.

In line with Murphy’s commitment to a fairer recovery, his office said one third of each of those pools of will be directed to support entities located in census tracts designated as federal “opportunity zones” meant to encourage development by deferring or eliminating capital gains taxes for investors.

An additional $10 million in funding will be used to help small businesses purchase personal protective equipment through an EDA program; $15 million will go to support renters through the state Department of Community Affairs; and $5 million will support food banks and other hunger-relief efforts.

The news conferences speakers included U.S. Sen. Bob Menendez, Congressman Tom Malinowski, Lt. Governor Sheila Oliver and state Senate President Steve Sweeney.

“Small businesses are the backbone of our economy and critical to the vitality and quality of life in our downtowns,” Sweeney said in a statement. 

Aid for Renters

The rent-relief funding will be administered by the Department of Community Affairs, which has a program to reduce the burden renters impacted by COVID-19 face by paying landlords directly for up to six months. The funding just announced will cover rent incurred from Aug. 1 through Dec. 30. Payments per household will depend on a variety of factors such as location, rental market, family size, and average per-household income.

Last week, the state Department of Human Services unveiled a new housing assistance program that will use $12 million in federal coronavirus relief to provide rental or mortgage assistance payments on behalf of eligible households that have suffered a financial hardship due to COVID-19. 

The Garden State was awarded $2.4 billion in federal funding in April. The $100 million announced Tuesday will supplement the $115 million in federal funds already allocated for economic development and reemployment programs, and the $100 million allocated for housing-assistance programs. 

*Article courtesy of CoStar

For more information about New Jersey commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier New Jersey commercial real estate broker that provides a full range of New Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of New Jersey commercial properties for lease or sale through our New Jersey commercial real estate brokerage firm.

Highly Visible Voorhees Retail Space for Sale or Lease

Wolf Commercial Real Estate, a leading New Jersey commercial real estate brokerage firm with expertise in New Jersey commercial real estate listings and services, now has available Voorhees retail space for sale or lease at 219 South Burnt Mill Road Voorhees NJ.

This free-standing retail shopping center with 15,070/sf of divisible retail space for sale or lease in Voorhees. In addition, this retail space in Voorhees sits on 1.74 acres along a high-traffic corridor.

The asking sale price for this retail space for sale or lease in Voorhees is $1,600,000 while the asking lease price is an attractive $10.00/sf NNN for this retail space in Voorhees. For more information about this Voorhees retail space for sale or lease, please contact Wolf Commercial Real Estate, a New Jersey commercial real estate broker that specializes in New Jersey commercial real estate listings and services.

This Voorhees retail space for sale or lease is zoned O-R-B for office, retail, or business use. Tenants will find that this retail space for sale or lease in Voorhees has excellent access and visibility and this retail space for sale or lease in Voorhees is near many retail stores, restaurants, and health care practices.

Located at the corner of South Burnt Mill Road and Great Oak Road, this Voorhees retail space for sale or lease at 219 South Burnt Mill Road Voorhees NJ is situated at a busy intersection near other popular retailers.  This Voorhees retail space for sale or lease is surrounded by some of the region’s most prestigious health care providers and corporate office users. This retail space in Voorhees also offers convenient access to I-295, Route 70, the New Jersey Turnpike, and the Atlantic City Expressway.

This Voorhees retail space for sale or lease is available for immediate occupancy through Wolf Commercial Real Estate, a New Jersey commercial real estate brokerage firm that specializes in New Jersey commercial real estate listings and services.

An average of more than 15,000 vehicles per day pass by this Voorhees retail space for sale or lease at 219 South Burnt Mill Road Voorhees NJ.  There also is ample parking at this Voorhees retail space for sale or lease.

Both street pylon and above-store signage are available for this retail space for sale or lease in Voorhees that is available through Wolf Commercial Real Estate, a New Jersey commercial real estate broker that specializes in New Jersey commercial real estate listings and services. A well-maintained and landscaped property, this Voorhees retail space for sale or lease is in a high-density residential area with excellent demographics.

For more information about this Voorhees retail space for sale or lease at 219 South Burnt Mill Road Voorhees NJ about any other New Jersey commercial properties for sale or lease, please contact Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a New Jersey commercial real estate brokerage firm.

Wolf Commercial Real Estate is a leading New Jersey commercial real estate broker that provides a full range of New Jersey commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey commercial properties for buyers, tenants, investors and sellers.  Please visit our websites for a full listing of New Jersey commercial properties for sale or lease through our New Jersey commercial real estate brokerage firm.

New Jersey CRE for Lease in Mount Laurel NJ

530-Fellowship-Road-300x169

Wolf Commercial Real Estate, a leading New Jersey commercial real estate broker that specializes in New Jersey commercial real estate listings and services, is now offering New Jersey office space for lease in the Mount Laurel Office Center at 530-532 Fellowship Road Mount Laurel NJ.

This well-located professional office space in South Jersey is ideal for a wide range of professional or medical users.  There is approximately 14,293 square feet of Southern New Jersey office space for lease in the two buildings at 530-532 Fellowship Road Mount Laurel NJ.

The New Jersey office building for lease at 530 Fellowship Road Mount Laurel NJ provides 5,668 square feet of South Jersey professional office space for lease in one suite.  The New Jersey office building for lease at 532 Fellowship Road Mount Laurel NJ offers three suites for lease.  Suite 1 has 2,751 square feet of professional office space in Southern New Jersey.  Suite 2 in this South Jersey office building for lease provides 2,645 square feet and Suite 3 features 2,571 square feet in a theater-style conference room.  The three available suites at 532 Fellowship Road Mount Laurel NJ are contiguous, totaling approximately 8,625 square feet of Southern New Jersey office space for lease.

The asking lease price for this professional office space in South Jersey in the Mount Laurel Office Center at 530-532 Fellowship Road Mount Laurel NJ is $12.00/sf NNN.  This South Jersey office space for lease is available for immediate occupancy from Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm with expertise in South Jersey commercial real estate listings and services.

Locally owned and managed, this Southern New Jersey office space for lease at 530 Fellowship Road Mount Laurel NJ and 532 Fellowship Road Mount Laurel NJ features customized office suites.  Neighboring tenants in the Mount Laurel Office Center include the Department of Homeland Security, the Social Security Administration and Honeywell.

This South Jersey professional office space for lease is easily accessible from Route 73, I-295 and the NJ Turnpike.  This South Jersey office space for lease is located across from The Westin Mount Laurel hotel and DoubleTree Suites by Hilton Hotels and adjacent to the Aloft Mount Laurel hotel, Miller’s Ale House and Starbucks.

This professional office space in South Jersey at 530 Fellowship Road Mount Laurel NJ and 532 Fellowship Road Mount Laurel NJ also is located near many other hotels, restaurants, banks, retailers and shopping centers, including Eastgate Shopping Center and the Moorestown Mall.

There is both monument and tenant suite signage at this South Jersey professional office space for lease through Wolf Commercial Real Estate, a Southern New Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings.  Parking is plentiful at this professional office space in Southern New Jersey.  The parking ratio at 530 Fellowship Road Mount Laurel NJ is 4/1,000 sf and the parking ratio at 532 Fellowship Road Mount Laurel NJ is 9/1,000 sf.

More than 180,000 people reside within five miles of this professional office space in South Jersey and the average household income in the same area is $105,426.

For more information about this South Jersey office space for lease in the Mount Laurel Office Center at 530-532 Fellowship Road Mount Laurel NJ or about any other South Jersey commercial properties for sale or lease, please contact Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm with expertise in South Jersey commercial real estate listings and services.

Wolf Commercial Real Estate is a premier Southern New Jersey commercial real estate broker that provides a full range of South Jersey commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers.  Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our Southern New Jersey commercial real estate brokerage firm.