The CBRE National Partners Northeast team said Jan. 26 that it had an extremely successful 2020, completing investment sales valued at more than $4.4 billion—$1.9 billion in the state of New Jersey—despite the challenges of a global pandemic.
The CBRE National Partners’ team comprised of Brian Fiumara, Michael Hines, Brad Ruppel, Bo Cashman, Jonathan Beard and Lauren Dawicki far surpassed their annual totals over the past several years in 2020, arranging 23 property sales throughout the New Jersey market, totaling more than 13.8 million square feet of commercial assets. Compared with the 17 sales transactions comprising 8.3 million square feet completed in 2019, the team was able to realize remarkable results for their clients, setting the benchmark in the industry.
“Despite the unprecedented challenges our industry faced in 2020, we were able to attain exceptional returns for our clients while posting another record-breaking year,” said Brian Fiumara, vice chairman, CBRE. “Our entire team worked diligently through this unusual year to negotiate deals with numerous parties under challenging conditions in order to realize excellent outcomes for our clients.”
Among the most noteworthy transactions completed in 2020 was the industry redefining sale of Bridge Point 78, a master-planned, development site located in the heart of the Lehigh Valley in Phillipsburg. PGIM acquired the 380-acre property from Bridge Development Partners. Located on 942 Memorial Parkway, Bridge Point 78 has approvals in place to construct 3.9 million square feet of warehouse/distribution space – one of the largest concentrations of approved land for such development in the highly desirable Lehigh Valley.
In addition, the team arranged 11 sales in the state during the month of December: Portside Distribution Center in Newark; 10 Edison, a 900,022-square-foot property in Edison; Cabot Core Fund I, a portfolio of properties totaling 1.6 million square feet; and the Meadowlands Circle Industrial Portfolio, totaling 849,131 square feet.
The team is currently actively marketing 13 additional properties totaling nearly 9.3 million square feet of commercial space throughout the state. Since 2015, the CBRE National Partners Northeast team has closed on 86 transactions totaling nearly $5.1 billion and more than 44.5 million square feet in New Jersey.