Five-building industrial portfolio sold in Essex County

CushWake arranges sale of Port Newark Light Industrial Park

Jessica Perry//September 12, 2022//

Five-building industrial portfolio sold in Essex County

CushWake arranges sale of Port Newark Light Industrial Park

Jessica Perry//September 12, 2022//

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The Port Newark Light Industrial Park is a five-building, 113,743-square-foot industrial portfolio located at 119, 175 & 182 Hill St. and 43 Hickory St. in Orange.
The is a five-building, 113,743-square-foot industrial portfolio located at 119, 175 and 182 Hill St. and 43 Hickory St. in Orange. –

 

A joint venture of Westbrook Partners and Camber Real Estate acquired the five building Port Newark Light Industrial Park in Essex County.

The purchase of the 113,743-square-foot industrial portfolio located at 119, 175 and 182 Hill St. and 43 Hickory St. in Orange was announced by Cushman & Wakefield Sept. 9. The firm arranged the sale on behalf of Sitex Group, an Englewood-based vertically integrated real estate private equity firm focused exclusively on industrial assets.

Financial terms were not disclosed.

Executive Vice Chair Gary Gabriel, Executive Director Kyle Schmidt, Executive Vice Chair David Bernhaut and Associate Director Ryan Larkin represented the seller.

“Shallow bay, multi-tenanted infill product is limited in this region, with no notable construction in the pipeline,” Gabriel said. “The buyer recognized the scarcity of inventory and the ability of the park to cater to a wide variety of occupiers.”

Units at Port Newark Light Industrial Park range from 2,500 square feet to 13,500 square feet. Each features individual store fronts and dedicated loadings docks. The portfolio is leased to 22 tenants, Cushman & Wakefield said.

It is located immediately off Exit 11B of Interstate 280, just west of the Garden State Parkway, the New Jersey Turnpike and the Port of New York/New Jersey.