An affiliate of Cohen Asset Management, Inc. acquired a nine-building industrial portfolio comprised of roughly 2.6 million square feet in port-centric locations in northern New Jersey. Avidan Management sold the portfolio for an undisclosed amount.
The portfolio includes a mix of bulk distribution, light industrial, cold storage and
office space, and is currently 98 percent leased to a diverse tenant roster including RPM Warehousing & Transportation, Jacobson Co., Performance Team, and ASA Apple, Inc. The properties are located in
Edison, NJ:45 Brunswick Ave.55 Carter Dr.742 Old Post Rd.180 Raritan Center Pky145 Talmadge Rd.
Elizabeth, NJ:5-61 Bay Ave.1201 Corbin St.
Bayonne, NJ:99 Hook Rd.
Cranbury, NJ:115 Melrich Rd.
"This transaction represents one of the largest sales of industrial property in northern New Jersey in the past several years. The land-constrained, infill locations have a long history of steady tenant demand including port driven exporters and importers requiring key locations in close proximity to the Port of New York/New Jersey in Elizabeth, Newark and Bayonne," said Michael Nachamkin, managing director at HFF.
Avidan is a significant owner of commercial properties in New Jersey, and is one of the foremost experts on solar energy technology. There were five power purchase agreements as part of the sales transaction, involving more than six megawatts of solar production. Cohen is a national owner of commercial property with a focus on implementing value-add strategies in the industrial sector.
The HFF investment sales team, led by Michael Nachamkin, along with senior managing directors Jose Cruz, Andrew Scandalios and Jon Mikula, managing directors Kevin O'Hearn and Jeff Julien, and associate director Michael Oliver, represented Avidan Management in the sale. Jack Fersko, Esq., Regina Schneller, Esq., and Ken Bills, Esq. with Greenbaum Rowe Smith and Davis LLP provided legal counsel to the seller, and James C. McDonald of CFC Advisors acted as business consultant to Avidan.
Please see CoStar COMPS #2546258 for additional information on this transaction.