What is driving the New Jersey retail investment market? New York City is one major factor, says Marcus & Millichap Investments VP Michael Lombardi (here with wife Laura and son Joseph). He tells us that he’s seeing a lot of exchange capital from the five boroughs come into New Jersey because of the better return there. The capital is often generated from the sale of apartment buildings, and there is currently more demand than supply, which is also driving prices up; if a deal is priced right, Michael says, multiple offers at or above list price happen within a week. For more information on our Bisnow partner, click here.
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