700 Blair Road in Carteret — Courtesy: CBRE
By Joshua Burd
The Hampshire Cos. has sold a 30-building, 1.3 million-square-foot industrial portfolio in New Jersey to Colony Industrial, in a newly announced transaction by CBRE.
Brokers with the firm represented Hampshire in the sale of the properties, which include buildings such as 41 Slater Drive in Elmwood Park, 700 Blair Road in Carteret and 231-232 Main St. in Little Falls. Also included were three development sites in Carteret and West Caldwell totaling 46-acres.
Terms were not disclosed. A CBRE capital markets team including Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki, in partnership with CBRE Vice Chairman Thomas Monahan, negotiated the deal on behalf of Hampshire.
“This portfolio offered Colony Industrial the very rare opportunity to acquire a critical mass of high-quality industrial assets and a future development pipeline in a joint venture structure with Hampshire Real Estate Companies, one of the most respected developers in New Jersey,” said Fiumara, an executive vice president with CBRE. “This deal was a win-win for both parties and we are proud of the outstanding results our team was able to deliver.”
The portfolio, which was 99 percent leased at the time of the sale, is spread throughout the prominent northern New Jersey industrial market, CBRE said. The firm touted the opportunity for Colony Industrial, an affiliate of the investment giant Colony Capital, to obtain continuous cash flow with value enhancement potential through contractual lease escalations and rollover of existing tenants to continually increasing market rental rates.