FLORHAM PARK, NJ – HFF announced today that it has closed the sale of a nine-building industrial portfolio comprised of approximately 2.6 million square feet of primarily warehouse and office space in port-centric locations in northern New Jersey.
HFF marketed the portfolio on behalf of the seller, affiliates of Avidan Management LLC. An affiliate of Cohen Asset Management, Inc., an industrial and commercial real estate investment firm, purchased the portfolio for an undisclosed amount.
The portfolio includes a mix of bulk distribution, light industrial space, cold storage and office space, and is 98 percent leased to a diverse base of tenants. The properties are located in South Brunswick, Edison, Elizabeth and Bayonne, New Jersey.
The HFF investment sales team representing the seller was led by managing director Michael Nachamkin (middle right photo) along with senior managing directors Jose Cruz (middle left photo), Andrew Scandalios (lower right photo)and Jon Mikula, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.
The law firm of Greenbaum, Rowe, Smith and Davis, LLP represented the seller. The legal team was led by Jack Fersko, Esq. along with Regina Schneller, Esq. and Ken Bills, Esq. In addition, James C. McDonald of CFC Advisors acted as business consultant to Avidan Management LLC.
“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. HFF is extremely pleased to have been a part of such a significant industrial transaction,” commented Nachamkin.
Avidan Management, LCC has been a significant owner of industrial and commercial properties in New Jersey for more than 40 years and is one of the foremost experts on providing solar energy technology through its Avidan Energy Solutions affiliates.
There were five power purchase agreements negotiated as a part of the sale transaction, involving in excess of six megawatts of solar production.
Established in 1992, Cohen Asset Management, Inc. is a national owner and operator of commercial property with a primary focus on the industrial real estate sector and extensive experience in successfully implementing value-add strategies.
Cohen Asset Management, Inc. is strategically headquartered in Southern California with a regional office in northern New Jersey managed by Howard Freeman, Senior Vice President.
Contacts:
MICHAEL NACHAMKIN
HFF Managing Director
(973) 549-2000
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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