Red Bank-based Denholtz Properties has created a joint venture with an investment partner targeting certain multitenant industrial projects.
Denholtz announced it launched the effort, along with an affiliate of an institutional investment management firm, which will zero in on developments in densely populated, high-growth infill areas on Feb. 16.
The partners plan to acquire and develop properties with a total value of more than $1 billion.
“Finding and capitalizing on value creation opportunities in the current industrial market requires the sophistication and capabilities of an institutional investment platform paired with an entrepreneurial and agile approach,” said Denholtz Properties Chief Executive Officer Steven Denholtz in a statement.
The current industrial market, particularly in New Jersey, is experiencing high demand, with low vacancy rates and relatively little new construction.
“We look forward to leveraging our unique operating platform and decades of multitenant industrial experience with our investment partner,” Denholtz added.
Last summer, the firm celebrated milestones for two such developments in Tinton Falls: the ribbon-cutting for a new 26,400-square-foot Class-A flex/industrial building, and the groundbreaking for a another 24,000-square-foot Class-A flex/industrial building just across the street.
According to the firm, years of experience developing and managing these kinds of multitenant industrial buildings have sharpened its ability to identify overlooked investment opportunities to create value.
The joint venture will build upon this groundwork, focusing on core-plus, value-add targets near its headquarters in the Garden State, its regional HQ in Orlando, Fla., and across the Southeast.