The joint venture acquired the 40,000-square-foot 72 N. Washington Ave. and next-door multifamily residential building at 21 W. Church St., which they expect to redevelop as part of a long-term ownership strategy for the overall site.
“In a market where opportunities to acquire fully leased industrial properties with credit-grade tenants are few and far between, the acquisition of 72 N. Washington Ave. stands out,” Diversified Properties founder and Managing Principal Nicholas Minoia said in a prepared statement. “Not only does this transaction mark the addition of another high-quality industrial property to our growing northern New Jersey industrial portfolio, but the adjacent multifamily component provides unique value-add potential that is hard to find in the current market, particularly in Bergen County.”
Greg Sabato and Tom Consiglio of Resource Realty of Northern New Jersey represented the undisclosed seller in the off-market transaction, and represented the new owners in a lease modification and extension. The tenant is Cooper Electric, a Sonepar company based in Germany.
“Our diversified investment platform enables us to uncover unique real estate investment opportunities and drives results from multiple asset sectors,” Hampshire Executive Vice President and Principal Deborah P. Hanson said in a statement. “The industrial and multifamily markets have been resilient to the challenges other asset classes have faced during the pandemic. This acquisition with Diversified Properties will enable both firms to leverage their decades of hands-on experience to drive value at both sites.”
The deal is the two firms’ latest joint venture, and second industrial acquisition in North Jersey over the last 12 months.