114 Beach St. in Rockaway — Courtesy: CBRE
By Joshua Burd
Six industrial properties in northern New Jersey have changed hands as part of a six-state, $183 million portfolio sale announced Tuesday by Mandelbaum Salsburg P.C.
Working alongside CBRE, the law firm said it represented Rubenstein Properties of Little Falls in the sale of 28 properties spanning more than 5 million square feet. The Silverman Group acquired the portfolio, which includes sites in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama.
The New Jersey properties include:
- 10 Park Place in Butler
- 20-21 Wagaraw Road in Fair Lawn
- 39 Avenue C in Bayonne
- 101 East Main St. in Little Falls
- 114 Beach St. in Rockaway
- 1578 Sussex Turnpike in Randolph (units two through five)
The Mandelbaum Salsburg team comprised senior members Barry Mandelbaum and Owen Hughes, who worked with attorneys and support personnel from the real estate practice. Gordon Duus of the firm’s environmental law practice group provided assistance on securing environmental liability insurance policies that would protect both the seller and purchaser after closing.
“We’re proud of the team effort by the members of our Real Estate and Environmental practices to ensure a successful portfolio sale for Rubenstein Properties, a longstanding client,” said Barry Mandelbaum, a founding member of the Roseland-based firm and chairman of the board. “The transaction involved complex contract negotiations, title and survey issues, property condition diligence, tenant issues, bulk sale and environmental compliance activities and negotiation and procurement of environmental insurance.”
The CBRE team consisted of Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki from the capital markets group’s institutional properties team. The team also included Bill Waxman and his team from New Jersey and Kyle Roberts of Connecticut, Morey Knutsen of Iowa, Tom Cooler of Indiana, John Reed of Massachusetts and William Wolf of Pennsylvania.
“The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Fiumara, an executive vice president with CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity to grow rents by capitalizing on a renewed tenant focus on population-centric, interstate-accessible last-mile fulfillment assets.”
Other properties in the region included 20, 50 and 80 Utopia Road, 118 Sanrico Drive and 135 Sheldon Road in Manchester, Connecticut, 428 Hayden Station Road in Windsor, Connecticut, and 1901 Crossroads Blvd. in Muhlenberg, Pennsylvania. In addition, Rubenstein sold a property at 1055 Crossroads Blvd. in Muhlenberg to the tenant occupying the property for $14 million.
