CBRE on Monday announced the sale, via a joint venture structure, of a portfolio of properties within the Northern New Jersey industrial market comprising 30 industrial buildings.
Situated on nearly 83 acres of land, Colony Industrial acquired the portfolio, which totals more than 1.3 million square feet, for an undisclosed sale price. The purchase also includes three development sites located in Carteret and West Caldwell totaling 46 acres.
Executive Vice President 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 transaction on behalf of Morristown-based Hampshire Real Estate Cos.
Currently 99-percent occupied by a diverse tenant roster, CBRE said the portfolio provides a continuous cash flow with value enhancement through contractual lease escalations and rollover of existing tenants to continually increasing market rental rates.
“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 Cos., one of the most respected developers in New Jersey,” said Fiumara.
Among the properties in the portfolio are 41 Slater Drive in Elmwood Park, 700 Blair Road in Carteret, and 231-232 Main St. in Little Falls.