By Joshua Burd
Denholtz Properties has sold nearly 240,000 square feet of office and flex space in Hamilton as part of a newly announced, $26.5 million deal arranged by Newmark.
According to the brokerage team, Cammeby’s International Group purchased the portfolio of six buildings, which span 38.63 acres, as well as two land sites totaling 12.82 acres. The properties include pieces of both the Horizon Center North and Horizon Center Business Park complex at the junction of Route 130 and Interstate 195, housing 237,834 rentable square feet that is 71 percent leased.
Newmark executive managing directors Steven Schultz and Stephen Tolkach, Managing Director Tony Georgiev and Director Robert Loderstedt represented Denholtz in the sale.
“This portfolio presented the unique opportunity to secure a dominant presence within the (Hamilton, Interstate 195 and Interstate 95) corridor, and we received significant investor interest as a result,” Schultz said. “While investors were invited to bid either on the portfolio in its entirety or on pieces thereof, the winning bid ultimately went to Cammeby’s International Group for the entire portfolio.”
Newmark said the Horizon Center portfolio is home to 18 tenants. The asset includes two office buildings with excess developable acreage at 2 South Gold Drive and 3 AAA Drive, plus two land sites at 5 and 6 AAA Drive, all within Horizon Center North. Also included are an office building and three office and flex buildings within the Horizon Center Business Park, at 100, 200, 300 and 500 Horizon Drive.
Additionally, the excess acreage of 2 South Gold Drive and the two development sites, currently zoned for research and development, allow for uses including office, lab, medical, industrial or distribution and warehousing, Newmark said. The land is also well-positioned for more flex space and fast-food-related retail development.
“We acquired the Horizon Center portfolio five years ago to drive value for our investors by creating one of Mercer County’s premier office-flex campuses,” said Stephen Cassidy, president of Denholtz Properties. “This sale highlights the completion of that process and will provide us with additional capital to redeploy as we aggressively target similar value-add opportunities across the country.”
The Horizon Center buildings are minutes from Exit 7A of the New Jersey Turnpike and Interstate 295, providing quick access to retail, restaurants, hotels and a highly skilled labor pool. Denholtz purchased the portfolio from the former Mack-Cali Realty Corp., which had owned it since 2007.