A four-building portfolio in Hawthorne, Bogota and Augusta — Courtesy: CBRE
By Joshua Burd
A family estate has sold a four-building, 95,000-square-foot industrial and flex portfolio in northern New Jersey, under a newly announced transaction by CBRE.
The real estate services firm represented the seller, Hildebrandt Properties LLC, in a transaction spanning Bergen, Passaic and Sussex counties. A New York-based private investor paid $4.7 million for the properties, which include:
- 275 Wagaraw Road in Hawthorne
- 187 West Shore Ave., in Bogota
- 45 and 51 Route 206 in Augusta
The CBRE tristate investment properties team of Charles Berger, Elli Klapper and Mark Silverman completed the assignment on behalf of the seller, which was also advised by Rocco Labella of Ferro, Labella & Weiss LLC.
“This transaction was extremely complex as it involved many moving parts, including a number of tenant rollovers and pending restructuring of leases,” said Berger, a senior vice president with CBRE. “Despite the challenges, this portfolio represented the ideal investment opportunity for the buyer.”
The brokerage team noted that Universal Supply Group, a distributor of HVAC equipment, parts and accessories, has been the primary tenant at two of the four properties, occupying the majority of the available space. The four buildings boast large acreage of valuable land within easy access to public transportation.
“We were able to secure a buyer from New York, which further highlights New Jersey’s strong office and industrial markets,” said Silverman, an associate with CBRE. “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.”