Horizon Center Portfolio, a six-asset composition of office/flex (67%) and office (33%) buildings totaling 237,834 rentable square feet on 38.63 acres in Hamilton, sold for $26.5 million, according to a Tuesday announcement from Newmark.
The portfolio includes two office buildings with two land sites totaling 12.82 acres within the Horizon Center North, one office building and three office/flex buildings within the Horizon Center Business Park.
The buildings are 71% leased to 18 tenants, providing the new owner with stable in-place cash flow. Additionally, the excess acreage of 2 S. Gold Drive and the two development sites, currently zoned “RD — research & development,” allow numerous uses, including office, lab, medical, industrial or distribution and warehousing. The land is well-positioned for more flex space and fast food-related retail development.
The portfolio traded from Denholtz Properties to Cammeby’s International Group. Newmark Executive Managing Directors Steven Schultz and Stephen Tolkach, Managing Director Tony Georgiev and Director Robert Loderstedt represented the seller in the transaction.
“We acquired the Horizon Center Portfolio five years ago to drive value for our investors by creating one of Mercer County’s premier office/flex campuses,” Stephen Cassidy, president of Denholtz Properties, stated. “This sale highlights the completion of that process and will provide us with additional capital to redeploy as we aggressively target similar value-add opportunities across the country.”
“This portfolio presented the unique opportunity to secure a dominant presence within the Hamilton/I-295/I-195 corridor, and we received significant investor interest as a result,” Schultz stated. “While investors were invited to bid either on the portfolio in its entirety or on pieces thereof, the winning bid ultimately went to Cammeby’s International Group for the entire portfolio.”
Horizon Center is situated in a high-traffic niche submarket within the greater Princeton market, one of the top-performing suburban New Jersey submarkets for more than 30 years. The property offers access to the New Jersey Turnpike at Exit 7A and Interstate 295, Interstate 195 and Routes 1 and 130.
The location also offers exceptional shopping, banking, restaurants, hotels and a highly skilled labor pool. Situated directly across from Horizon Center Business Park is Hamilton Marketplace, a 970,000-square-foot power center boasting major retailers, including Barnes & Noble, Lowe’s, Walmart, Super ShopRite, Kohl’s, Bed Bath & Beyond, BJ’s Wholesale Club, and Michaels.