CBRE announced Monday the sale of a 33-property portfolio in New Jersey.
The portfolio comprised of 30 industrial buildings situated on nearly 83-acres totaling more than 1.3 million square feet as well as three development sites located in Carteret and West Caldwell, totaling 46 acres, CBRE said.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team, in partnership with Thomas Monahan, vice chairman, CBRE, negotiated the deal on behalf of Hampshire Real Estate Cos. Colony Industrial acquired it for an undisclosed price.
The assets, CBRE said, are located within the North Jersey industrial market and are 99% occupied.
“This portfolio offered Colony Industrial the very rare opportunity to acquire a critical mass of high-quality industrial assets and a future development pipeline in a joint venture structure with Hampshire Real Estate Companies, one of the most respected developers in New Jersey,” Fiumara, executive vice president, said. “This deal was a win-win for both parties and we are proud of the outstanding results our team was able to deliver.”
Among the properties in the portfolio are:
- 41 Slater Drive, Elmwood Park;
- 700 Blair Road, Carteret;
- 231-232 Main St., Little Falls.