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F. Greek Development Buys Somerset Industrial Portfolio

High Street Realty Sells 170,000 SF for $15M
February 27, 2018
F. Greek Development, a commercial developer and owner based in East Brunswick, NJ, acquired a two-building industrial portfolio at 400 and 500 Apgar Dr. in Somerset, NJ from High Street Realty, a Boston-based private equity real estate investment fund, for $15 million, or $88 per square foot.

The property located at 400 Apgar totals 111, 874 square feet and has 12 loading docks and 24-foot ceiling heights. The proeprty at 500 Apgar totals 58,585 square feet and has six loading docks and 24-foot ceiling heights.

The assets were reported to be 91 percent occupied at the time of sale to multiple tenants including Mazda, PKG Group and Byram Healthcare.

Gary Gabriel, David Bernhaut, Brian Whitmer, Kyle Schmidt, Andrew Schwartz, Andrew Merin and Andrew MacDonald of Cushman & Wakefield represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4137563 for more information on this transaction.
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