CBRE has announced the sale, via a joint venture structure, of a vast portfolio of properties comprised of 30 industrial buildings in New Jersey, totaling more than 1.3 million s/f. Colony Industrial acquired the portfolio, which is situated on nearly 83-acres of land, for an undisclosed sale price. Also included in the transaction were three development sites located in Carteret and West Caldwell, New Jersey and totaling 46-acres.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team, in partnership with CBRE Vice Chairman Thomas Monahan, negotiated the multi-faceted transaction on behalf of Hampshire Real Estate Companies.
The assets are located within the Northern New Jersey industrial market. Currently 99 percent occupied by a diverse tenant roster, the portfolio provides a continuous cash flow.
“This portfolio offered Colony Industrial the very rare opportunity to acquire a critical mass of high-quality industrial assets and a future development pipeline in a joint venture structure with Hampshire Real Estate Companies, one of the most respected developers in New Jersey,” said Fiumara, Executive Vice President, CBRE. “This deal was a win-win for both parties and we are proud of the outstanding results our team was able to deliver.”
Among the properties in the portfolio are 41 Slater Drive, Elmwood Park, 700 Blair Road, Carteret and 231-232 Main Street, Little Falls, New Jersey.