A recent portfolio sale comprising 10 industrial buildings — totaling 372,438 square feet featuring highly desirable shallow-bay infill space spanning two parks located in Blackwood and Cherry Hill — has been traded, thanks to the expert real estate services of NAI Mertz.
NAI Mertz secured the listing to lease the parks nearly 40 years ago and has successfully represented the owner from that time to this. Fred Meyer, executive vice president, corporate services, was the initial leasing agent prior to transitioning the lead position to Roy Kardon, vice president, industrial, who had been on point for all leasing activity throughout the portfolio for nearly 30 years.
The team of Scott Mertz, president, John Adderly, EVP, Kardon and Meyer represented the seller and buyer in the sale of the portfolio.
“This was a unique transaction that was in process for several years, through rate hikes as well as the unfortunate passing of a key executive, neither of which were easy to navigate, but were ultimately overcome,” Adderly said.
NAI Mertz introduced the buyer, DH Property Holdings, to the transaction and has been named leasing agent for the portfolio, which currently has vacancies from 4,000-40,000 square feet. DHPH is a New York-based real estate development, investment and asset management firm founded in 2016 by Dov Hertz.
“DH Property Holdings is planning on investing several million dollars of upgrades into the portfolio to further institutionalize the parks. We look forward to working with Scott Mertz and his team at NAI Mertz on the lease-up, which includes many units that have not been available to the market for 10-20-plus years,” Hertz, president for DHPH, said.
