Skip to main content

Tag: CRE

Ground Breaking on Route 1, Tax Credits to Cash & Princeton REIT CEO Steps Down: This Week in Central NJ

Written by caitie on . Posted in Incentives, News.

Ground Breaking on Route 1

NRG Energy, a power generation and retail electricity business, broke ground on its new 130,000 sf Headquarters this week in West Windsor. NRG currently occupies about 90,000 sf in the Princeton market- in 2 buildings. $37.5 million in tax incentives are helping the company consolidate and move less than a mile across Route 1, where the new, environmentally sustainable facility will feature a living wall, 2 solar panel fields, rainwater collection, wind turbines, electric vehicle charging stations (along with a myriad of other green features) and house 540 employees; 386 of which are existing and about 150 will be new.

NRG CEO, David Crane made the following statement during his remarks at the ceremony: “None of us will have a full appreciation of this new building until it’s fully built and outfitted and occupied. At that point, I think we will really recognize that it’s not just another suburban office spot, but rather a living and breathing organism that hopefully every day will inspire its inhabitants to accomplish great and important things.”

Is this a taste of what is to come in the Princeton market? Read the full story on the NRG Groundbreaking here, on nj.com.

Tax Credits to Cash

The New Jersey Technology Business Tax Certificate Transfer (NOL) Program allows companies to sell NJ tax losses and/or research and development tax credits to unaffiliated, profitable corporate taxpayers in the State. Advantix, a biochemical company based in Princeton, announced its preliminary approval for a $1.9 million 2014 tax credit that it plans to transfer to $1.7 million in cash. Get the details on njbiz.com, here.

Princeton REIT CEO Steps Down

Chambers Street Properties Founder, CEO & President Jack Cuneo announced that he is retiring. Chambers Street Properties is a real estate investment trust in Downtown Princeton and was founded in 2004. The company is currently seeking a replacement. Njbiz.com has a full write-up on this announcement.

New Jersey construction predicted to increase by 20%

Written by caitie on . Posted in News.

From nj.com story Construction boom coming to N.J. over next two years, business leaders predict:

Business and industry leaders are predicting a construction boom over the next two years in New Jersey.

Construction across the Garden State is forecast to rocket by 20 percent, according to agencies comparing their predictions at the New Jersey Alliance for Action’s 30th annual construction forecast seminar, held this morning at the Edison Hotel and Conference Center.

Read the full story on nj.com here.

Marketour: The Easiest Way to Find Your New Office

Written by caitie on . Posted in Announcements, MOR.

You may have noticed a new feature on our website- Marketour. Have you checked it out yet?

Marketour is a tool for any company interested in learning more about office space in the Princeton Market.

“Marketour started out as an in-house presentation tool years ago. Working with our tenant representation clients, we realized just how useful having an unbiased, birds eye view of the entire Princeton market is. We eat, breath and sleep this market, so we are constantly aware of what is and isn’t available. Our clients are too busy running their own businesses to pay attention to that.” explains CEO, Aubrey Haines. “With Marketour, companies can browse the market, get a sense of what’s out there and then give us a call to discuss their options. Marketour helps our clients leverage their valuable time and allows us to focus on the most important aspect of a commercial real estate transaction- the art of the deal.”

President, Sab Russo says, “Marketour is dynamic and we plan to continue to make changes and additions to create a better tool for companies searching for office space.”

Currently, the public version is available on the website. A version with significantly more information is available to Mercer Oak clients provided with a dedicated login.

Whether you’re looking to move in the next 6 months or just want to get a better idea of whats out there for future plans- Marketour is the easiest way to find your new office.

Check it out: www.marketour.info

Industry Thought Leaders Discuss the Princeton Commercial Real Estate Market

Written by caitie on . Posted in Events, MOR.

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.

Sab’s presentation: Princeton Area Commercial Real Estate Market Drivers: Then & Now is available for download, through this link.

Urban Renewal Without an Urban Center

Written by caitie on . Posted in News.

Urban crawl: After many years, the time is right for towns to create urban pockets where none exists

Urban renewal has worked in Montclair. It has worked in Morristown.

But what can developers and local officials do when they have no urban center to renew?

They can create one.

Read the full story on njbiz.com

Breakfast Forum: Commercial Real Estate Trends in Central NJ

Written by caitie on . Posted in Events, MOR.

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!

Event Details & Registration

Steps for Scotch Road

Written by caitie on . Posted in News.

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.

Read the story- Hopewell Township: Steps needed for Scotch Road project on centraljersey.com