CBRE on Tuesday announced the $4.7 million sale of a real estate portfolio comprised of four industrial and flex-office properties throughout the state. Situated in both primary and tertiary markets, the properties are part of a multigenerational family estate.
The portfolio totals approximately 95,000 square feet and is made up of properties at 275 Wagaraw Road in Hawthorne; 187 W. Shore Ave. in Bogota; and 45 & 51 U.S. Highway 206 in Augusta. Universal Supply Group – a distributor of HVAC equipment, parts and accessories – has been the primary tenant at two of the four properties, occupying the majority of the available space.
The four buildings boast large acreage of valuable land within easy access to public transportation.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman represented the seller, Hildebrandt Properties LLC, in the negotiations. Hildebrandt Properties LLC was advised by Rocco Labella of Ferro, Labella & Weiss LLC. The buyer was a New York-based private investor.
“This transaction was extremely complex as it involved many moving parts, including a number of tenant rollovers and pending restructuring of leases,” said Berger, senior vice president, CBRE. “Despite the challenges, this portfolio represented the ideal investment opportunity for the buyer.”
“We were able to secure a buyer from New York, which further highlights New Jersey’s strong office and industrial markets,” added Silverman, an associate with the firm. “This is a portfolio sale that includes diverse assets and locations throughout New Jersey. The properties were previously marketed by a local broker who was not able to transact on the portfolio. CBRE got involved and took advantage of our national platform and our full-service expertise in order to produce several offers from aggressive out-of-town buyers and lead our client through a challenging transactional procedure,” continued Silverman.