380 Hudson St. in Hackensack — Courtesy: CBRE
By Joshua Burd
A nonprofit children’s services agency has sold nine properties totaling nearly 82,000 square feet, under a series of newly completed transactions by CBRE.
Brokers with the firm represented the seller, Youth Consultation Services, or YCS, in a portfolio sale that spanned Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell Manor, Vineland and Blackwood, according to a news release. The deals totaled $8.27 million, with one of the buyers acquiring seven buildings as part of a sale-leaseback with YCS, while the two other buyers each purchased a building that was recently vacated by the agency.
CBRE investment sales brokers Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of the firm’s brokerage services group, completed the assignment and also procured the majority of the buyers, the news release said. The firm noted that Eigen and Sperling’s relationship with YCS was critical to bringing the deal to fruition,
“The properties, which are a mix of youth centers, residential facilities and schools, are all in prime locations and gave the buyers the ability to diversify,” said Berger, a senior vice president with the firm. “The new owners of the net leased properties will be able to maintain a steady cash flow for the near future, with the possibility of development in the longer term, while the owners of the vacant assets will be repositioning them for alternative uses.”
YCS provides services to thousands of New Jersey families who have children with special needs, including individualized educational, mental health and/or behavioral health programming.
“We are also very proud to be helping a nonprofit that services challenged youths,” Eigen added. “These were complex transactions and only through a great deal of determination, creativity and collaboration between the CBRE teams were we able to maximize value for our client.”