BRIDGEWATER, NJ, – KRE Group, one of the largest privately held real estate companies in New Jersey, announced today that their vacancy rate has fallen below 2% in New Jersey following a significant increase in activity in 2012.
The vacancy rate of KRE Group’s office and industrial portfolio, which comprises more than 6 million square feet of leased space, is down to below 2% from an early-2012 high of 6%. That is well below the statewide average of over 25% office vacancy and 8% industrial vacancy, according to Jones Lang LaSalle Inc., the real estate brokerage firm.
“Our commercial real estate division experienced strong activity in 2012,” said Justin Gingeleskie, Director of Leasing for KRE Group. “Our ability to attract and retain high quality tenants stems, in part, from the marketplace responding to the stability of a well-funded New Jersey based ownership that is committed to upgrading and modernizing our properties, and prides itself on providing a superior level of service.”
Lease transactions in 2012 at KRE’s commercial and industrial properties include:
- Suite K Value Added Services, Inc., leased an additional 156,211 square feet at 161 Docks Corner Road in South Brunswick. The industrial complex is situated on 17 acres and has direct access to Exit 8a on the NJ Turnpike;
- Samsung Mobile engaged in a major expansion at 685 Route 202/206 in Bridgewater, where the global consumer electronics company now occupies 75,000 square feet;
- OfficeNJ expanded its presence at 991 Route 22 in Bridgewater. The building is located at the 4-way interchange of Bridge Street and Route 22 just minutes from the downtown Somerville Train Station;
- Advance Clinical Concepts expanded its space and extended its lease at 520 Route 22 in Bridgewater, a 61,394 square-foot building which offers immediate access to Routes 202, 206 and 287 and is minutes from Route 78;
- Quadrant HealthCom, Inc. expanded its space and extended its lease at 7 Century Road in Parsippany, a 65,758 square-foot building located within the Parsippany Corporate Center with immediate access to Routes 202, 10, 80 and 287;
- Emergency Medical Associates of NJ signed a long-term lease at 3 Century Road in Parsippany, a 68,216 square-foot building located within the ParsippanyCorporateCenter;
- Bluenog Corp. signed a long-term lease at 285 Davidson Avenue in FranklinTownship;
- New retail tenants at the repositioned 60,000 square-foot Village Shopping Center in Basking Ridge include Kumon Learning Center, Get in Shape for Women, Top Mixed Martial Arts Inc. and Hills Business Center Pack and Ship.
“As a locally based organization, we are able to consistently interact with our tenant base, enabling us to provide a high level of personal service and create innovative real estate solutions to meet the needs of our occupants today and in the future,” Mr. Gingeleskie said. “This tenant-first approach focuses on creating flexible deals designed specifically to meet their individual needs.”
KRE Group’s commitment to modernizing its portfolio of properties to better suit its diverse tenant base is evident in the number of capital improvement and renovation projects it has completed portfolio-wide. Recent projects include the addition of a new lobby, conference facility, full-service café and expanded parking lot at 685 Route 202/206 in Bridgewater; new lobbies and cafés at 1170 Route 22 and 991 Route 22 in Bridgewater; lobby and common area upgrades at 1031 Route 22 in Bridgewater; and a new café and lobby and landscaping upgrades at 285 Davidson Avenue in Franklin Township.
About KRE Group
Headquartered in Bridgewater, NJ, KRE Group is one of the largest privately held diversified real estate companies in New Jersey. It owns and manages more than 6 million square feet of office, warehouse and retail space. It also has a multi-family portfolio which exceeds 5,000 existing apartments, with an additional 7,000 in various stages of approval and construction. For more information, visit the company’s website at www.thekregroup.com.