NEW JERSEY—An affiliate of Cohen Asset Management Inc., an industrial and commercial real estatefirm, has acquired a nine-building industrial portfolio comprised of approximately 2.6 million sq. ft. of warehouse and office space in northern New Jersey. The portfolio was purchased for an undisclosed amount.
HFF marketed the portfolio on behalf of the seller, affiliates of Avidan Management L.L.C. The HFF investment sales team representing the seller was led by Managing Director Michael Nachamkin along with Jose Cruz, Andrew Scandalios and Jon Mikula, all senior managing directors, and Kevin O’Hearn and Jeff Julien, both managing directors, and Associate Director Michael Oliver.
The law firm of Greenbaum, Rowe, Smith and Davis L.L.P. represented the seller. The legal team was led by Jack Fersko along with Regina Schneller and Ken Bills. In addition, James C. McDonald of CFC Advisors acted as business consultant to Avidan Management L.L.C.
Comprised of a mix of bulk distribution, lightspace, cold storage and office space, the portfolio is 98 percent leased and its properties are located in South Brunswick, Edison, Elizabeth and Bayonne.
“This transaction represents one of the largest sales of industrial property in northern New Jersey in the past several years,” said Nachamkin. “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.”