Cushman & Wakefield has arranged the recapitalization of a Newark industrial center, the real estate services firm announced this week.
C&W said in a news release that it represented institutional investors advised by J.P. Morgan Global Alternatives and Turnbridge Equities in the deal involving the Newark Distribution Center, a three-building property at 397-447 Ferry St., 400 Ferry St. and 100 Christie St. in the city. Long Wharf Capital LLC, a Boston-based investment firm, recapitalized J.P. Morgan, while Turnbridge will continue to act as an operating partner.
The team of Gary Gabriel, Kevin Donner, Adam Doneger, David Bernhaut, Kyle Schmidt and Ryan Larkin, with support from Tom Tucci, represented the investors.
“The property’s functionality and access to consumers and labor, as well as the recently completed capital improvements that totaled more than $13 million, repositioned the complex and significantly increased occupancy and (net operating income) over the past 18 months,” Gabriel said in a prepared statement. “New ownership has the opportunity to continue to build on J.P. Morgan and Turnbridge’s success and further boost the NOI via lease-up and marking rents to market.”
Newark Distribution Center total 807,845 square feet on 16.2 acres, between the three buildings. It is currently 87% occupied by 18 tenants.
Financial terms of the deal were not disclosed.