Although New Jersey’s industrial sector began 2014 at a tepid pace relative to the flurry of activity witnessed over the prior three quarters, year-over-year metrics dictate that the market was considerably stronger than it had been in previous years.
Capital markets activity in New Jersey also slowed in the first quarter compared with previous quarters. However, Russo Development is reportedly in contract to sell 680 Belleville Turnpike in Kearny to an investor, and the transaction could potentially set a new high-water mark in terms of pricing for the market.