Newmark has brokered the sale of a five-building, 405,000-square-foot portfolio of newly built industrial space at 120 Raskulinecz Road and 200 and 250 Federal Blvd. in Carteret and 1 and 5 Dedrick Place in West Caldwell. — Courtesy: Newmark
By Joshua Burd
A five-building, 405,000-square-foot portfolio of new industrial space in Carteret and West Caldwell has changed hands, in a deal arranged by brokers with Newmark.
According to the team, an institutional investor acquired the properties for an undisclosed price. The firm noted that the portfolio — which includes 120 Raskulinecz Road and 200 and 250 Federal Blvd. in Carteret, plus 1 and 5 Dedrick Place in West Caldwell — is 100 percent leased, with a weighted average lease term of six years and locations in top-end markets.
Newmark Executive Managing Director Kevin Welsh and Managing Director Brian Schulz of the firm’s capital markets team collaborated with Jack Fraker and Dustin Voltz, president and vice chairman of global industrial and logistics, respectively, to advise on the sale. Managing Director Chris Koeck served as the team’s leasing market advisor.
“This portfolio exemplifies best-in-class logistics design in high-barrier markets with durable income streams in irreplaceable locations,” Welsh said. “The investor recognized the rare opportunity to deploy core capital in scale in the northern New Jersey industrial market. This transaction will be highly accretive as rents are marked to market and the portfolio’s value grows over a long-term hold.”
In announcing the deal, Newmark described the portfolio as a “critical mass of modern generation, Class A single-tenant industrial properties” ranging in size from 50,802 to 134,453 square feet. Features include 32- to 36-foot clear ceiling heights, loading capacity of one per 7,500 square feet and 1.1 spaces per 1,000 square feet for car parking.
The firm added that the average building size of 80,000 square feet “offers a distinct differentiation from other modern inventory, yielding a market rent premium for smaller standalone spaces.” Newmark also cited the labor and population density in the properties’ respective submarkets, along with their proximity to Exit 12 of the New Jersey Turnpike in Carteret and Interstate 80, Route 46 and Route 23 in West Caldwell.
Individual property sizes include:
- 120 Raskulinecz Road: 84,628 square feet on 4.6 acres
- 250 Federal Blvd.: 54,062 square feet on 2.9 acres
- 200 Federal Blvd.: – 50,802 square feet on 2.9 acres
- 1 Dedrick Place – 134,453 square feet on 10.6 acres
- 5 Dedrick Place – 80,768 square feet on 7.4 acres
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