Frequently Asked Questions

How long has The Bloom Organization been in business?

The Bloom Organization has been in business for 70 years providing real estate development, construction firm. Having a single focus for over six decades gives Bloom a unique position in the Southern New Jersey Commercial Real Estate marketplace.

Where are your commercial real estate properties located?

The Bloom Organization has commercial and industrial real estate property in South Jersey. Specifically, single-story and mid-rise offices, industrial, land-ground, and office flex properties are available in New Jersey's Burlington and Camden Counties.

How do I know which commercial and industrial properties are available?

This website enables you to do a quick Property Search to view our available real estate. If you are looking for availability in a specific town, you can select the town to view current inventory. Other parameters such as the type of property and square footage can also be included to refine one's search.

Who should I contact about leasing South Jersey industrial and office space?

The Bloom Organization's leasing team, which can be reached at 856-778-0300, exists solely to assist businesses in locating commercial and industrial properties to meet their specific needs.

Real Estate Terms

"AS IS" CONDITION

Premises accepted by a tenant in the condition existing at the time of the lease.

ASSIGNMENT

The method by which a right or contract is transferred from one person to another.

BASE RENT

A set amount used as a minimum rent in a lease.

BASE YEAR

The year upon which a direct expense escalation of rent is based.

BUILDING CLASSIFICATIONS

  • Class A - Building has excellent location and access to attract the highest quality tenants. Building must be of superior construction and finish, relatively new or competitive with new buildings, and providing a professional on-site management.
  • Class B - Building with good location, management and construction.
  • Class C - Generally an older building with growing functional and/or economic obsolescence.
  • Class D - An older building in need of extensive renovation as a result of functional obsolescence or deterioration.

BUILDING CODE

A set of laws regulating the design, materials and construction of buildings.

BUILDING PERMIT

Permission granted by a local government to build a specific structure or reconfigure an existing building at a particular site.

BUILDING STANDARD

A list of construction materials and finishes used in building out office space for a tenant that the landlord contributes as a part of the basic tenant improvements and within the basic rent structure. Examples of standard building items are: doors, partitions, lights and floor covering.

BUILDOUT

The cost of configuring and finishing new or re-let space in accordance with improvement specifications.

BUILD TO SUIT

A method of leasing property whereby the landlord builds a new building in accordance with a tenant's specifications and leases the entire building to the tenant.

C.A.M.

Common Area Maintenance

CERTIFICATE OF INSURANCE

A document, issued by the insurance company, setting out the particulars of the insurance coverage for a particular property.

CERTIFICATE OF OCCUPANCY

A certificate issued by a local government building department or agency stating that a building is in a condition suitable for occupancy. Sometimes also called a "C of O."

COMMERCIAL PROPERTY

Property zoned, designed or intended for use retail, office, or similar users.

COMMON AREA

The total area within the building that is not designed for rental to tenants but that is available for common use by all tenants, their invitees.

COMMON AREA MAINTENANCE (C.A.M.) CHARGES

Includes income collected from tenants for operating and maintaining items pertaining to common areas. Leases usually contain a clause requiring the tenant to pay its share of operation and maintenance for common areas. Such clauses typically define the basis on which charges are mad and the type of cost items allocable to maintenance of the common area.

CONDEMNATION

The process by which private property is taken by a governmental agency for public use without consent of the owner, but only upon payment of just compensation.

CONSUMER PRICE INDEX (CPI)

A federal government index that measures the change in the cost of a variety of goods and services. Used in leases as a measure by which to adjust future payments to reflect inflation.

DEFAULT

The omission or failure to perform a legal or contractual duty or to pay an obligation when due.

DEMISING WALLS

The boundaries that separate a tenant's space from another tenant's space and from a public corridor.

EMINENT DOMAIN

A right of the government to acquire private property for a public use by condemnation, in return for just compensation.

ESCALATION CLAUSE

A clause in a lease providing for increased rent at a future time. May be accomplished by several means such as (1) Fixed increase; or (2) Cost of living - sometimes known as a graduated lease.

ESTOPPEL CERTIFICATE

A statement concerning the status of a lease agreement and the performance of obligations under the lease agreement relied upon by a third party, including a prospective lender or purchaser.

EXPENSE STOP

Provision in a lease establishing the maximum level of operating expense(s) to be paid by the landlord. Expenses beyond this level are to be reimbursed by the tenant.

FLEX SPACE

A one story building with high ceilings, load-bearing floors and loading dock facilities, and little or no common areas. Usually configured to allow a small amount of office space in combination with light assembly or warehouse/distribution uses.

FORCE MAJEURE

A force that cannot be controlled or resisted. Something beyond the control of the parties involved. Includes acts of God (flood, tornadoes, etc.) and acts of man (riots, strikes, arson, terrorism, war, etc.).

GROSS LEASE

A lease that provides that the landlord shall pay all expenses of the leased property, such as taxes, insurance, maintenance, utilities, etc.

GROUND LEASE

A lease covering the use of land only, with the lease sometimes secured by improvements installed by the tenant. Also called a "land lease."

GROUND RENT

Rent paid for vacant unimproved property. If the property is improved, ground rent is that portion of the total earnings attributable to the land only.

GUARANTOR

One who makes a guaranty. Person who becomes liable for debt or performance.

HOLD OVER TENANT

A tenant who retains possession after the expiration of a lease.

HVAC

The acronym for Heating, Ventilating, and Air-Conditioning. Refers to the equipment used to heat and cool a building.

INDUSTRIAL PROPERTY

A plot of land used for distribution, manufacturing or light assembly or other industrial use.

LEASE

An agreement whereby the owner of real property (landlord) gives the right of possession to another (tenant) for a specified period of time (term) and for a specified consideration (rent).

LESSEE

A tenant under a lease.

LESSOR

A landlord under a lease (the owner of the property being rented).

LEASE COMMENCEMENT DATE

The date on which occupancy commences and the legal terms of the lease go into effect.

LIABILITY INSURANCE

A contract made with an insurance company to cover costs arising out a person's responsibility for injuries to others.

LONG TERM LEASE

A lease whose term exceeds five or more years from initial signing until the date of expiration or renewal option.

LOSS FACTOR

The percentage of common areas in a building (rest rooms, hallways) that, when added to the net usable square footage equals the net rentable square footage.

MECHANIC'S LIEN

A claim created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair or improvements to land, and which attaches to the land as well as to the improvements.

NET LEASE

A lease in which the tenant pays, in addition to rent, certain costs associated with a leased property, including property taxes, insurance premiums, repairs, utilities, and maintenance.

NET RENTABLE AREA

A Floor area of a building less any common areas.

OPERATING EXPENSES

The actual cost of operating income-producing property, including management, utilities, taxes, insurance and common area maintence charges.

OPERATING COST ESCALATION

Refers to the clause in a lease agreement used to adjust rents over the term of a lease to account for increased operating costs.

PARKING RATIO

Figure representing the number of parking spaces available per 1,000 square feet of gross building area.

PASS THROUGHS

  • A method of escalation found in leases whereby the tenant directly pays increases in operating expenses of the property.
  • Building and operating expenses that are paid by the tenant under the terms of a lease.

PREMISES

A descriptive term for the land, building or parts thereof involved in a particular transaction.

PUNCH LIST

An itemized list noting incomplete or unsatisfactory construction. Usually prepared by the tenant after the owner delivers the space to the tenant.

RENEWAL OPTION

The right of a tenant to renew a lease for a stated period of time and rent.

RENT

Consideration paid for the occupancy and use of a space.

RENT COMMENCEMENT DATE

The date on which a tenant begins paying rent.

RENTABLE SQUARE FEET / RENTABLE AREA

Yes. Usable square feet plus a percentage (the loss factor) of the common areas of the building, including hallways, bathrooms, lobbies and utility rooms. Rentable square footage is the number of square feet on which a tenant's rent is based.

RIGHT OF FIRST REFUSAL

A clause occasionally inserted into a lease that gives a tenant the first opportunity to buy a property if the owner decides to sell. The owner must have a legitimate / good faith offer which the tenant can match or refuse.

SECURITY DEPOSIT

A deposit of money by a tenant with a landlord to secure performance of a lease.

SITE PLAN

A detailed plan, to scale, depicting development of a parcel of land and containing all information required by the zoning ordinance.

SPACE PLAN

A graphic representation of a tenant's office space requirements, showing wall and door locations, room sizes, and any other improvements.

SPECULATIVE SPACE

Any space that has not been leased to a tenant prior to commencing construction on a new building.

STRIP CENTER

Any shopping area, generally with common parking, comprised of a row of stores.

SUBLEASE

A rental contract between a tenant and someone who rents from the tenant.

SURVEY

The measurement of the boundaries of a parcel of land, its area and sometimes its topography.

TENANT

A holder of property under a lease or other rental agreement.

TENANT IMPROVEMENTS

Improvements to a building to meet the needs of a tenant.

TIME IS OF THE ESSENCE

Yes. It is a clause used in lease to bind one party to performance at or by a specified time in order to bind the other party to performance.

TRADE FIXTURES

Personal property used in a business and attached the property, but removable upon lease expiration.

TRIPLE NET (NNN) RENT

Rent stipulated in a lease in which the tenant agrees to pay a share of the landlord's operating expenses including insurance, maintenance or real estate taxes for the building proportionate to the amount of space it occupies.

USE

Specific purpose for a building or a portion thereof is used for.

UTILITIES

Services such as water, sewer, gas, and electricity that are generally required to operate a building.

WEAR AND TEAR

Physical deterioration of property as the result of use, weathering, and age.

ZONING

A method of regulating use of real estate by dividing a city or other area into zones and designating which uses may be permitted for land in each zone.

Top