355 Davidson Mill Road in Monroe — Courtesy: Cushman & Wakefield
By Joshua Burd
Cushman & Wakefield has added more than 2.2 million square feet to its New Jersey property management assignments, thanks to continued demand from both industrial tenants and investors.
The real estate services firm announced three new assignments in the industrial sector, including a portfolio of six northern New Jersey properties totaling 963,000 square feet. Elsewhere, its asset management team is now managing a 734,000-square-foot complex 355 Davidson Mill Road in Monroe, which was recently acquired by Zurich Alternative Asset Management.
“We are seeing a significant volume of institutional investment in New Jersey, which is creating opportunity for third-party property managers,” Michael Nevins, managing director with C&W, said in a prepared statement. “These organizations are partnering with providers that offer deep resources, a strong local presence and skilled practitioners. Cushman & Wakefield offers that along with the benefit of a global platform focused on best-in-class services.”
A third recent assignment follows a sale-leaseback at 100 Jefferson Road in Parsippany. A joint venture of Turnbridge Equities and Harbor Group International acquired the 540,000-square-foot property from PNY Technologies, which continues to occupy a portion of the space for its global headquarters.
The new ownership launched a $4.5 million, mixed-use repositioning to upgrade the balance of the warehouse space, which is now being marketed by C&W’s Andrew Siemsen and Jason Goldman. The firm’s asset services group is providing both property management and construction management services for the full campus.
Nevins noted that the transaction involved three additional C&W service lines: capital markets, finance and leasing.
“The opportunity to win this agency stemmed from the buyer’s satisfaction with our people and our brand, Nevins said. “The new ownership also recognized the benefit of our Advantage Program, through which our relationships with local and national vendors enable us to offer cost savings for various building services.”
All told, the firm’s East Rutherford-based team now oversees some 100 properties totaling 16.5 million square feet, representing a 25 percent increase in square feet managed over the past 18 months.