Dealmaker: $183M Industrial Portfolio Changes Hands
The Silverman Group, Basking Ridge, N.J., acquired 27 industrial properties in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama for $183 million.
CBRE, Los Angeles, negotiated the transaction for seller Rubenstein Properties, Little Falls, N.J.
CBRE Executive Vice Presidents Brian Fiumara and Michael Hines, Vice Chairman Brad Ruppel, Director Lauren Dawicki, Executive Vice President Bill Waxman, Vice President Kyle Roberts (Connecticut), Vice President Morey Knutsen (Iowa), Senior Vice Presidents Tom Cooler (Indiana) and John Reed (Massachusetts) and Executive Vice President William Wolf (Pennsylvania), represented Rubenstein Properties.
“The properties are all strategically located within infill locations to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” Fiumara said. He noted the portfolio will allow The Silverman Group to grow rents by capitalizing on renewed demand for population-centric, interstate-accessible last-mile fulfillment assets.
Currently 95.8 percent occupied, the warehouse, distribution and light industrial facilities are concentrated in the densely populated northeastern U.S. The properties included 10 Park Place, Butler, N.J.; 20-21 Wagaraw Road, Fair Lawn, N.J.; 39 Avenue C, Bayonne, N.J.; 101 East Main Street, Little Falls, N.J.; 114 Beach Street, Rockaway, N.J.; 1578 Sussex Turnpike, Randolph, N.J. (units two through five); 20, 50 and 80 Utopia Road, Manchester, Conn.; 118 Sanrico Drive, Manchester, Conn.; 135 Sheldon Road, Manchester, Conn.; 428 Hayden Station Road, Windsor, Conn. and 1901 Crossroads Boulevard, Muhlenberg Township, Pa.
