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Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, today announced its sold 758 Lidgerwood Avenue in Elizabeth, New Jersey, a 9,950-square-foot-industrial-building, for $2,200,000.
Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, today announced its leased the entirety of 621 Commerce Road in Linden, New Jersey, a 14,500-square-foot industrial building.
More than 4+ million square feet leased during the second quarter of 2022 in the Northern/Central NJ industrial market. Compared to the second quarter from a year ago, leasing activity decreased approximately 4 million square feet due to the scarcity of inventory. However, the market overall average asking rent rose to approximately $12.00 to $14-persquare-foot, an increase of $2.00-per-square-foot over the same quarter last year. Availability/vacancy rate ticked downward from just over 2 percent in the second quarter 2021, to sub-2 percent, despite millions of square feet of new construction coming online during the year. Over the past 12 months, the total overall sales volume exceeded $2.1 billion, with the average asking price at approximately $180 to $250-per-square-foot; near historical highs for the New Jersey marketplace.