Park Avenue at Morris County in Florham Park — Courtesy: KBS
By Joshua Burd
The CBRE team behind a host of high-profile investment sales in the region closed 23 transactions in 2020, the firm announced, touting a combined value of more than $1.5 billion.
The deals by the 15-member team include the sale of Park Avenue at Morris County, a six-building, 1.2 million-square-foot office campus in Florham Park that sold for $311 million to Opal Holdings. CBRE announced the deal last January, kicking off what was a successful year in spite of the COVID-19 health and economic crisis.
“Despite the many challenges we faced due to the global pandemic, 2020 proved to be a successful year for our clients in terms of real estate transactions,” said Jeffrey R. Dunne, a CBRE vice chairman who leads the firm’s Institutional Properties Group in the tristate region. The team also includes Jeremy Neuer, Gene Pride, Steven Bardsley and David Gavin as well as a support team of financial analysts, client coordinators and marketing professionals.
“The market still experienced strong demand from investors for high-quality office assets and multifamily continues to be the product type of choice for institutional and private investors,” Dunne added. “The retail sector was especially hit hard, and investment sales proved lacking in 2020. We expect retail sales will be up dramatically in 2021.”
In a news release, CBRE said the 23 transactions are comprised of nine office and industrial sales valued at $511 million, 13 multifamily building and land sales valued at over $1 billion and one retail sale for $12 million.
Other notable sales completed in 2020 included:
- La Bonne Vie, a 915-unit multifamily complex in Patchogue, New York, which sold to Renaissance Management for $232 million
- Devonshire Hills, a 656-unit multifamily property in Hauppauge, New York, which sold for $232 million to Renaissance Hills Properties LLC
- Infinity Apartments, a 240-unit luxury residential property in Stamford, Connecticut, which sold for $90 million to AJH Management