Page 10 - RE-NJ

8 WINTER 2024
URBAN EDGE SELLS HOME DEPOT
PROPERTY IN UNION FOR $71 MILLION
Urban Edge Properties has sold a
232,000-square-foot Home Depot
property in Union Township for $71
million, announcing the deal as part
of its quarterly earnings report.
The real estate investment trust
said the transaction, which closed
in late October, came as part of a
Section 1031 like-kind exchange
with a corresponding acquisition
of an upscale retail center in
Gambrills, Maryland. According to
a listing for the Union asset, the
single-tenant property houses a
Home Depot Super Store and one
of the retailer’s largest in the U.S.,
serving as a base for retail sales,
INDUSTRIAL OUTDOOR STORAGE
PORTFOLIO SELLS FOR $156 MILLION
An investment firm has acquired a
nearly 49-acre industrial outdoor
storage portfolio in Harrison and
Kearny for $156.3 million, in a deal
arranged by CBRE and NAI James
E. Hanson.
According to a news release, Chica-
go-based Ambient Capital Partners
purchased the collection of six
properties in a deal with an undis-
closed seller. The 48.7-acre port-
folio includes 310 Manor Ave., 505
Manor Ave. and 401 and 500 Supor
Blvd. in Harrison and 129 Sanford
Ave. and 433 Bergen Ave. in Kearny,
all of which are less than 10 miles
from Port Newark-Elizabeth and
easily accessible from Interstate
280 and the New Jersey Turnpike.
CBRE’s Brian Fiumara and Ben
Shapiro represented the seller, with
Murphy Schiller & Wilkes LLP’s Kel-
len Murphy, Charles J. Wilkes, Holly
Burke, Jessica R. Brenner, Joseph
Vigliotti and Diana Dziedzic pro-
viding legal counsel. NAI Hanson’s
Scott Perkins, Christopher Todd
and William Ericksen represented
Ambient Capital Partners, a real es-
tate investment platform specializ-
ing in supply chain real estate with
deep expertise in low coverage,
high-flow-through IOS properties.
Ambient has since tapped Jason
Crimmins, Alessandro Conte, Peter
J. Murano Jr., Troy Schaasfma and
Dylan Meade of The Blau & Berg
Co. as its leasing team for some
650,000 square feet of industrial
space within the portfolio.
“As a vital component of our
increasingly complex global sup-
ply chain, the industrial outdoor
storage market continues to expe-
rience strong institutional demand,
especially in supply-constrained
areas like northern New Jersey,”
Todd said. “The limited availabili-
ty of space makes transactions of
this scale exceptionally rare, and
we were thrilled to collaborate
closely with our clients to success-
fully close this complex deal and
help them achieve their real estate
goals.”
storage and regional company
needs on a site that backs up to
Interstate 78.
Urban Edge did not disclose the
buyer’s name in the transaction
at 2445 Springfield Ave., though
it noted that the owner assumed
an outstanding $44.6 million
mortgage in the deal. The Maryland
property, Village at Waugh Chapel,
is a 382,000-square-foot, grocery-
anchored center within 20 miles
of Washington D.C., Baltimore and
Annapolis.
“Our third-quarter results reflect
continued momentum in executing
our strategic
plan,” said
Jeff Olson,
Urban Edge’s
chairman and
CEO, noting
that it paid
$126 million in
the Maryland
Jeff Olson
deal. “Over the
last year, we have acquired $552
million of high-quality retail assets
in our core markets at a 7 percent
capitalization rate and have sold
over $425 million of noncore and
single-tenant assets at a 5 percent
capitalization rate.”
evolving needs at Hunterdon Healthcare’s
DMR RETURNS TO
HEALTHCARE PROJECTS
TO KEEP UP WITH
TECHNOLOGICAL NEEDS
Healthcare facilities are unlike
any other real estate class in that
technology and healthcare delivery
continually evolve, engendering far
more “design edits” than traditional
costs are in the loss of facilities while
that it is only a matter of time until we
welcome change, while curating
There are no small changes
we try to make it so that even
While construction
into Somerset County with the
conversion of a Bank of America
over many years, with design needs
changing and evolving throughout
construction to accommodate new
DMR Architects, known for its versatile
DMR ARCHITECTS
is designed to serve the needs of today while
PRADEEP KAPOOR, AIA
PRESIDENT & CEO