A real estate portfolio with four industrial/flex office properties has recently sold for $4.7 million, CBRE said on Tuesday.
The properties, situated in both primary and tertiary markets, are all part of a multigenerational family estate in Saddle Brook.
CBRE’s Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman represented the seller, Hildebrandt Properties, in the deals. Hildebrandt was advised by Rocco Labella of Ferro, Labella & Weiss LLC. The buyer was an undisclosed New York-based investor.
“This transaction was extremely complex as it involved many moving parts, including a number of tenant rollovers and pending restructuring of leases,” Berger, senior vice president, said. “Despite the challenges, this portfolio represented the ideal investment opportunity for the buyer.”
The portfolio’s square footage totals 95,000 square feet and is made up of four properties located at 275 Wagaraw Road in Hawthorne; 187 West Shore Ave. in Bogota; and 45 and 51 U.S. Highway 206 in Augusta.
“We were able to secure a buyer from New York, which further highlights New Jersey’s strong office and industrial markets,” Silverman, associate, said. “This is a portfolio sale which includes diverse assets and locations throughout New Jersey. The properties were previously marketed by a local broker who was not able to transact on the portfolio. CBRE got involved and took advantage of our national platform and our full-service expertise in order to produce several offers from aggressive out-of-town buyers and lead our client through a challenging transactional procedure.”
Universal Supply Group, a HVAC supplies distributor, has been the primary tenant at two of the four properties, CBRE said.