On Wednesday, Hamilton township officials announced that the 1-million square foot Congoleum plant on Sloan Avenue in Hamilton, NJ was sold.
The plant’s location makes it an interesting opportunity to develop. It is situated very close to major highways, creating easy access and also extremely close to the Hamilton Train Station, leading some to wonder if the plan will include attempts to created a mixed-use, rail oriented space.
Sab had a chance to chat with Diccon Hyatt of US1 last week before he gave his presentation at the MIDJersey Chamber’s Breakfast Forum on Thursday the 23rd.
Hyatt not only learned about the booms & busts that would be in Sab’s presentation, but also a little more about Sab himself.
This morning’s MIDJersey Chamber Breakfast Forum had a great turnout, despite the cold rainy start to the day.
Attendees sipped coffee and snacked on pastries as Jerry Fennelly (NAI Fennelly), Sab Russo (Mercer Oak Realty) and David Lodato (Credit Union of New Jersey) took turns speaking about various important aspects of the current Princeton Commercial Real Estate Market. The gentlemen fielded questions from the audience after all three presentations had been given.
Sab Russo covered drivers of the market- what we’ve seen in the past during upturns and down swings, and distilled that information to help us understand what markers may present themselves to help us anticipate the next down swing. He also spoke about some changes that have been seen recently in regards to how companies are actually using their space, and how their needs have changed.
“No one can predict the future, but what we can do is study what has happened in the past, understand why it happened and use that new knowledge to help guide our clients and ourselves to more informed decisions for tomorrow.” explained Sab. “We’ve been tracking market statistics and trends since the mid 80’s- you shouldn’t live in the past, but it’s quite helpful to visit from time to time.”
Jerry Fennelly spoke at length about detailed market transactions and possible future trends in the commercial real estate market. David Lodato spent time sharing what the Credit Union has seen happening with their clients and also touched on Crowdsourcing, and how some new laws may change the game.
Mercer Oak Realty would like to extend a big thank you to the MIDJersey Chamber of Commerce for inviting us to be a part of this great event- as well as the Credit Union of NJ & V.J. Scozzari & Sons, for sponsoring and helping to organize the breakfast.
What’s your Thursday morning look like? Have time to grab a cup of coffee and danish with us?
Our President, Sab Russo will be joining MIDJersey Chamber’s Commercial Real Estate Trends in Central NJ panel this Thursday morning, October 23rd, from 8 am until 10 am at Mountain View Golf Course. Sab will be speaking along side Jerry Fennelly of NAI Fennelly and David Lodato of the Credit Union of New Jersey and then fielding attendees questions.
What trends are we currently seeing in the Commercial Real Estate Market in the area? What trends have we seen before? Can they be used to help us better understand what may happen tomorrow? Join us & find out!
The owners of the property in Hopewell formerly owned by Merrill Lynch have decided to abandon the current zoning, which calls for office use. They are seeking new zoning that would allow a proposed development dominated by multi-family with some retail and 94,000 sf of office (down from 1,000,000+ sf of office). Recently, Bristol-Myers Squibb announced that they would develop a site that they own at I-95 and Princeton Pike for their own use. BMS plans to start construction shortly on a 650,000 sf campus on their 100+ acre property in Lawrenceville. These two developments significantly reduces the potential supply of Class A office sites in the I-95 corridor. This will drive up demand for the remaining I-95 Corridor sites as well as properties along the southern portion of the Route One corridor and will bolster the value of the existing limited supply of existing and proposed Class A space in this submarket.
Despite Saturday morning’s rain, over 100 people still came to the Trenton Y5K as 5K runners or 1 mile walkers. This year’s event raised $60,000 for the Trenton YMCA.
Thank you to all sponsors & participants!
The Mercer Oak Realty team had a great time and looks forward to next year’s event being bigger and better than ever. Hope to see you there!
Mercer Oak Realty is proud to be sponsor of the Trenton YMCA’s second annual Y5K this Saturday, October 3rd. This is Mercer Oak’s second year sponsoring and attending the event.
So far this year, the Trenton YMCA has raised over $55,000 with the Y5K. Those proceeds fund the programs the organization puts in place for the Trenton Youth and community.
There’s still time to take part in the fun- you can register online or the morning of the event.
Our CEO, Aubrey Haines, chats with NJBiz about the importance of the Princeton address for Companies in the area.
“Most international companies want the Princeton name because they want to be able to say their U.S. headquarters is in a place where other people from around the world will recognize,” said Aubrey Haines, CEO of Ewing-based Mercer Oak Realty — which specializes in leasing Princeton locations.
