980 High St. in Perth Amboy
By Joshua Burd
A national publication has recognized CBRE for its role in last year’s blockbuster sale of a three-state, 3.4 million-square-foot industrial portfolio by Bridge Development Partners.
The outlet, Real Estate Finance & Investment, honored the firm and the $557 million deal earlier this month as part of its Commercial Real Estate 20 Awards. The distinction highlighted CBRE National Partners’ role in the deal, which was anchored by more than 3 million square feet of existing and under-construction space in northern and central New Jersey.
Led by Brian Fiumara, the CBRE team represented Bridge Development and Banner Oak Capital Partners in the sale to Duke Realty. All told, the portfolio included 11 properties in New Jersey, South Florida and Southern California ranging in size from 193,805 square feet to 718,000 square feet.
The deal was executed in phases between September and November, CBRE said, noting that it used its national platform to value each asset in each submarket. The firm had to consider a host of variables, including the conditions of buildings that were both stabilized and under construction.
“The challenges of completing this transaction were a result of the ongoing construction and timelines projected to complete the construction,” CBRE wrote in a description of the deal. “Due to the infill nature and location of the properties, there was environmental remediation that need to be finalized prior to the transaction being completed in New Jersey.
“Another challenge was structuring the deal to benefit the buyer and sellers tax consequences and forward sale price projections on the properties being constructed.”