Mandelbaum Salsburg, CBRE represent Rubenstein Properties in $183M portfolio sale

Roseland-based law firm Mandelbaum Salsburg P.C. and CBRE announced Monday they had represented Little Falls-based Rubenstein Properties in the $183 million sale of a 28 property portfolio to Basking Ridge-based Silverman Group.

The national portfolio, which spans New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama, has more than 5 million square feet of leasable industrial distribution and warehouse space. In addition, Rubenstein recently sold a property in Muhlenberg, Pennsylvania for $14 million.

The New Jersey properties in the portfolio include:

  • 10 Park Place, Butler;
  • 20-21 Wagaraw Road, Fair Lawn;
  • 39 Avenue C, Bayonne;
  • 101 East Main St., Little Falls;
  • 114 Beach St., Rockaway;
  • 1578 Sussex Turnpike, Randolph (units two through five).

“We’re proud of the team effort by the members of our Real Estate and Environmental practices to ensure a successful portfolio sale for Rubenstein Properties, a long-standing client,” Barry Mandelbaum, a founding member of the firm and chairman of the board, said. “The transaction involved complex contract negotiations, title and survey issues, property condition diligence, tenant issues, bulk sale and environmental compliance activities and negotiation and procurement of environmental insurance.”

Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team; along with local CBRE professionals Kyle Roberts, Morey Knutsen, Tom Cooler, John Reed and William Wolf; negotiated the deal on behalf of Rubenstein.

“The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” Fiumara, executive vice president, CBRE, said. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity to grow rents by capitalizing on a renewed tenant focus on population-centric, interstate-accessible last-mile fulfillment assets.”

Mandelbaum’s team consisted of Barry Mandelbaum and Owen Hughes and a team of attorneys and support from its Real Estate practice. Gordon Duus of the firm’s Environmental Law Practice group also provided assistance.