Commercial Real Estate Notes from Around the State
July 30, 2014
NJ pharma: Real estate needs to reflect the changing needs of the industry
For Pernix Therapeutic Holdings, it was time to find a new home.
The Houston-based pharmaceutical company had new executives and a new $65 million war chest from investors, paving the way for a growth plan focused on specialty drugs. But that meant moving its headquarters to a state with a labor force that could help it build a new senior management team from the ground up. (read full story on njbiz.com here)
Unemployment dips to 6.6 percent in New Jersey
Officials say New Jersey’s unemployment rate inched down to 6.6 percent in June, its lowest level in more than five years. (read full story on sfgate.com here)
Trenton: New Mayor, New Plan
July 22, 2014
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.
Commercial Real Estate Updates
July 15, 2014
Report: N.J. incentives to bring bump to suburban offices in Q2
With a little help from the state’s revamped business incentives, a few New Jersey suburbs have seen bumps in office leasing in recent months, according to a new second-quarter analysis by the brokerage firm Avison Young. (read full story at njbiz.com)
New COAH rules set stage for new battle: Developers, advocates leery of new guidelines
The fight over affordable housing in New Jersey is far from over. (read full story at njbiz.com here)
Diamonds to dinosaurs: NJ towns struggle under weight of massive office park vacancies
They’re visible from many New Jersey highways – hulking, seemingly endless structures surrounded by oceans of asphalt parking lots and carefully planned landscaping. (read full story at nj.com here)
News from Around Mercer County
July 2, 2014
Bill expanding tax credits for film production advanced by senate panel:
A bill that would expand the state’s incentive offerings for film and digital media projects has passed the state Senate and is now headed to an Assembly committee. (njbiz.com)
Subsidizing big business in NJ: Burlington, Mercer Counties rank in top 10:
When executives of Burlington Coat Factory threatened to move the company from its longtime home in Burlington Township to Bensalem, Pa., Gov. Chris Christie’s administration enticed them with $41.2 million in incentives to build a bigger headquarters a few miles up Route 130 in Florence. (nj.com)
Lawrence: Office park plan OK’d by board:
The latest proposal for an office part for the Bristol-Myers Squibb Co., on Princeton Pike at Lewisville Road, gained the township Planning Boards approval on June 16th. (centraljersey.com)