Devli Real Estate recently acquired three properties totaling 4 acres of industrial space in the Meadowlands.
According to the Wallington-based owner, operator and developer, a combination of the properties’ low coverage and core location was key to Devli’s decision to assemble and acquire the Carlstadt site, which includes:
“Assembling the site from three separate owners presented its unique challenges that required tremendous effort and coordination. Our team’s expertise and unwavering commitment enabled us to overcome those challenges and further solidified the confidence in our team’s ability to tackle even the most intricate real estate transactions,” Mark Devli, the company’s CIO, said in a statement.
According to Devli, the firm has a long-term goal to expand its “sizeable” Meadowlands portfolio. One of the premier industrial markets across the nation, the area is close to major highways, ports and airports – offering unparalleled access for logistics operators.
In October, Devli said its footprint in the region had grown to 34 developable acres.
Financial terms of the latest deal were not disclosed. The properties were acquired from three separate, undisclosed sellers arranged by CBRE Executive Vice President Stephen D’Amato and Vice Chairman Jeffrey Babikian and Lyndhurst-based Team Resources Vice President Alex Rosenberg and President Greg Sholom.
In a statement, Devli Chief Operating Officer Chris Devli thanked the brokers involved with the deal.
“It is always a pleasure working with knowledgeable and resourceful brokers,” he said. “Our success lies in these relationships that our team has built and continues to build with each new deal.”