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Join us: 2015 Real Estate Forecast

We are looking forward to the 2nd annual Princeton Real Estate Forecast coming up at the end of this month. On January 29th, our CEO, Aubrey Haines, and a panel of other Princeton area real estate professionals will be discussing their economic predictions for 2015.  There was a great turn out for the 2014 Real Estate Forecast and a lot of thoughtful discussion. We look forward to an even better event this year.

If you’re free on the 29th, please join us at the Hyatt Regency Princeton for breakfast and thought provoking conversation. We hope to see you there!

Please click here to register on the Princeton Chamber website.

Details at a glance: 2015 Real Estate Forecast
Brought to you by: Princeton Chamber of Commerce’s Real Estate Business Alliance
Panel featuring: Judson Henderson (Callaway Henderson Sotheby’s International Realty), Aubrey Haines (Mercer Oak Realty), Paul Anastos (Mortgage Master) and Tom Gates (Mortgage Master) as Moderator
When: Thursday, January 29th – 7:45 am until 10:00 am (Breakfast included)
Where: Hyatt Regency Princeton

2014 Commercial Real Estate Recap

2014 is drawing to a close. The coming of the New Year is, naturally, a time of reflection. What did your 2014 hold? We hope a lot of success and fond memories.

What about in our commercial real estate world? NJBiz took some time to recap their biggest real estate stories of 2014. What made their list? Do you have any additions?

We here at Mercer Oak Realty wish you and yours a very enjoyable New Years celebration and a healthy and prosperous 2015!

We are hiring!

We are looking to add a Broker/Salesperson to the current Mercer Oak team- does the below job description sound like you or someone you know? If so, email a cover letter & resume to info@merceroak.com. (PDF version available here: MOR Sales Person Job Description)

Sales Person Job Description

Mercer Oak Realty is seeking a driven, aggressive individual who is looking to work as a Broker/Salesperson in a fast-paced commercial real estate office in the Princeton, NJ area.

Job responsibilities include working with a team of professionals to learn the business but also requires the successful applicant be able to be a self-starter who is a people-person and someone who is looking for unlimited compensation and know that for every 100 prospective sales targets only a very few (maybe one) will turn into a closed deal.

You will need to:

Work to develop potential leads in the marketplace by soliciting business from hundreds of prospective clients. This will include phone cold-calling and canvassing buildings and require that you are quick on your feet and good at getting others to talk in potentially challenging circumstances.

Cooperate with Senior Brokers in our office to turn potential leads into closed sales. As a Junior Broker, you would uncover opportunities for tenants and buyers to acquire office space, you would introduce Senior Brokers to the prospective clients and learn the process of negotiating and closing lease deals and sales. Over time, you would become increasingly independent and able to run deals on your own and garner a larger share of the commissions.

Learn the process of transacting in commercial real estate. We would pay for you to get your real estate license and provide you with a fully-loaded database of potential clients, teach you how to solicit business, help you to create and present financial analysis, negotiate leases and discern the difference between prospective clients who are wasting your time from clients who can make you money.

Attend industry events, Chamber of Commerce Meetings, join Clubs, be a part of the fabric of the community to build relationships and become known. Mercer Oak encourages all employees to give back to the community.

We are looking for someone with:
• Sales experience, although this is not required.
• Have strong interpersonal skills.
• Proficient in the MS Office Package (Word, Excel, Power Point, Outlook, etc)
• Must be driven, self-start, ambitious, and seeking long term career with advancement and unlimited earning potential.
• Be capable of maintaining a high energy level and have the ability to work independently, as well as a team player.
• Must be an honest person with good judgment in all business matters.
• Real estate license is required for this position, but not required to apply.

We need candidates with an outstanding entrepreneurial work ethic with great time management skills. If you have a strong interest in sales, marketing, interpersonal skills and communication skills, and have proficient computer skills, please submit your resume.

Archer & Greiner wins award, Ewing’s airport shows its strength & how the town of Princeton extends beyond its borders

Congratulations to our friends at Archer & Greiner!

NJBiz announced their Business of the Year Awards winners last week at their annual event. We are very proud to congratulate our client, Archer & Greiner on being named the Corporate Citizen of the Year for 2014. For a full list of winners, please visit the NJBiz website.

As other regional airports struggle, Ewing’s Trenton-Mercer Airport continues to grow

Last year multiple regional airports made moves- Atlantic City International Airport added more United Airlines flights, Frontier Airlines added a stop in Wilmington, DE and People Express began service out of Newark Liberty International Airport. At the same time, Trenton-Mercer Airport spent $20 million in renovations and reopened to the public with Frontier Airlines. As of now, the Trenton-Mercer addition is the only one left standing- and its not just barely making it, its growing. NJBiz provides more details here.

Princeton is everywhere

If you’re familiar with the area you understand that just because a business, store, or corporate park has “Princeton” in the name does not mean it is actually located in the town of Princeton. Mayors from neighboring towns (whose names often get replaced by “Princeton”) weigh in and add their comments in this nj.com article. Previously this year, the cache attached to the Princeton name and how it effected corporate tenant’s location decisions was discussed also.

If you enjoy our news updates- please consider following us @MercerOakRealty on twitter for more Princeton area & commercial real estate news. Mercer Oak Realty can also be found on Facebook & LinkedIn.

Glaxo loses jobs, Camden gains a headquarters & sustainable offices evolve

GlaxoSmithKline’s looming job cuts

Earlier this fall it became known that GlaxoSmithKline, British drugmaker, was planning a restructuring of their U.S. operations over the next three years. GSK plans to eliminate $1.57 billion in annual expenses. Details began to surface early this week (read more on njbiz.com)  and fears that some of the jobs located in the Parsippany office would be lost began to grow. Once Wednesday rolled around, GSK had announced that there would be significant (upwards of 900 jobs) cuts from North Carolina’s Research Triangle Park and consolidations would happen in Philadelphia offices, with no firm news on New Jersey jobs(details at philly.com).

Camden’s mystery company revealed

Monday morning brought us news from the New Jersey Economic Development Authority: $100 million more incentives and 1,000 jobs were heading to Camden. (full story at Philadelphia Business Journal) At the time, there was no official disclosure of what company would be creating those jobs, although there were suspicions about who it could be. Suspicions were confirmed today when Subaru announced that they would be moving to the Campbell Gateway district. (follow-up article from the Philadelphia Business Journal with new information)

Expanding definition of sustainability

Generally, when one thinks of sustainable practices in office buildings green roofs, rainwater collection and solar panels come to mind. While these are all helpful, companies are finding different ways to be more green. Wyndham Worldwide has a headquarters campus in Parsippany that is prime example on the evolution of a company’s sustainability policy. (learn about it on njbiz.com here)

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

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.

Congrats, Archer & Greiner!

We are very happy to hear that our friends, Archer & Greiner P.C., have recently been ranked among the region’s best law firms- according to U.S. News & World ReportBest Lawyers report out earlier this week.

Archer & Greiner, a full-service law firm, is one of the five largest law firms in New Jersey and also has offices in Delaware, Pennsylvania and New York. Aubrey and our Mercer Oak team have been lucky to call Archer & Greiner’s Princeton office a client over the years and we couldn’t be happier for them to receive some well deserved praise. Keep up the great work!

For a little more about Archer & Greiner’s recent accomplishment check out the news section of their website.

Steps for Scotch Road

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

Trenton: New Mayor, New Plan

Trenton 250

Mercer Oak Realty was in attendance last week at the recently renovated Wyndham Garden on West Lafayette Street in the Capitol City as MIDJersey Chamber welcomed Trenton’s newly-elected Mayor Eric Jackson and learned more about the Trenton250 plan.

Opening remarks were delivered by the Honorable Eric Jackson, a Capitol City native and Fairleigh Dickinson graduate. Jackson had a 17 year career with the City of Trenton before taking the position of City Public Works Director in Plainfield, NJ and then returning to Trenton in July, this time as Mayor.

Mayor Jackson addressed the business community and made it clear that he was grateful for their support and aware of how important local industry is to helping Trenton realize its full potential.

“Having a Mayor in office who understands the role that the local business community can play in the revitalization of Trenton is key. The current GrowNJ tax incentives make Trenton an especially attractive option for a large company headquarters, creating a nearly rent-free scenario for up to 10 years in certain cases. For example, a property we represent, the proposed Vista Center, is an approved 25-story LEED platinum office tower located directed across from the Trenton Transit Center. That incentive package, coupled with a business friendly atmosphere and responsible government is integral to drawing a large company and up to 1,000 employees to Trenton. An influx of professionals spending their days in Trenton, many of them eventually moving there to be closer to work, would do wonders to kick-start the economy.” explains Sab Russo, President of Mercer Oak Realty.

The Trenton250 team presented its concept for achieving a community driven long-range Master Plan to guide Trenton through its 250th Anniversary (which will be in 2042). The concept behind Trenton250 is to gain a deeper understanding and knowledge of Trenton- its strengths and its weaknesses- and use that to create a vision that capitalizes on the city’s unique assets, and addresses its problem areas. Trenton250 is hoping to engage the community in every step of the process through various in-person and online forms.

Check out Trenton250.org to learn more about the plan and become part of the discussion.

We look forward to seeing Trenton move forward into a bright future.