Wednesday, November 26, 2014

HFF closes sale of industrial flex facility in Lakewood, NJ

Michael Nachamkin
FLORHAM PARK, NJ – HFF announced it has closed the sale of a 74,400-square-foot industrial flex facility in Lakewood, a township in eastern New Jersey.

HFF marketed the property on behalf of the seller, LNR Property LLC.  Cedar Group of NJ LLC purchased the center free and clear of existing debt for an undisclosed amount.

The asset is situated on 6.28 acres at 150 Oberlin Avenue just off Route 623, approximately one mile from the Garden State Parkway and two and a half miles from Route 9.

 The multi-tenant facility is in the Ocean County industrial submarket, which is one of the closest distribution hubs to service the Jersey Shore in addition to being less than one hour from Newark Liberty International Airport and Port Elizabeth/Newark. 

Renovated in 2000, the building has 24,000 square feet of industrial space and 50,400 square feet of office space and features 20’-28’ clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces.  Tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County.

Kevin O'Hearn
The HFF investment sales team was led by managing director Michael Nachamkin along with senior managing director Jose Cruz, managing director Kevin O’Hearn and real estate analyst Jordan Avanzato.

“We were pleased with the results of running the process for the seller and attracting a lot of bidders for the property,” Michael Nachamkin said.  “The end result was a smooth transaction with a quick closing.”

LNR Property LLC is a market leader in commercial real estate finance, management and development, with established expertise and demonstrated capability in the investment, management and servicing of commercial real estate assets, secured real estate loans and loan pools. 

LNR is headquartered in Miami Beach, Florida.  LNR's Commercial Property Group is focused on creating value by acquiring, developing, repositioning, managing and selling interests in commercial and multi-family real estate, including land. 

150 Oberlin Avenue, Lakewood, NJ
LNR's Real Estate Financing and Servicing Group focuses on LNR's loan and loan securities businesses and is one of the nation's leading buyers of non-investment grade and unrated commercial mortgage backed securities (CMBS), and is the leading special servicer in the U.S.

Cedar Group of NJ is a local investor based in Lakewood, New Jersey.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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