The Hampshire Companies announced the $146.85 million sale of a six-building industrial portfolio totaling 1.2 million square feet in northern New Jersey.
Holliday Fenoglio Fowler (HFF) marketed the transaction on behalf of Hampshire.
The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South Hackensack (245,824 square feet); and 5 Henderson Drive (210,530 square feet) and 2 Dedrick Place (80,000 square feet) in West Caldwell.
The stabilized portfolio is 96 percent leased to a variety of tenants, including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air.
The Hampshire Companies team was led by principals and executive vice presidents Todd Anderson and Mark Rosen.
“Given its access to the Ports and major area highways, northern New Jersey has become a hub for logistics real estate,” said Anderson.
“As e-commerce continues to grow it will fuel demand for logistics real estate. This demand will include new and existing space. Our northern New Jersey industrial portfolio offers immediate access to large population centers making it highly attractive for companies requiring last-mile facilities. With demand high and product limited now was the right time to execute our investment strategy and sell the portfolio.”
The HFF team was led by executive managing director Joe B. Thornton, Jr., senior managing directors Jon Mikula and Jose Cruz, managing director David Giancola and associate director Robert Borny.
Mikula said the deal represents the largest industrial sale in New Jersey this year.