Jeff Dunne, team leader of CB Richard Ellis' Tri-State Investment Team, says, "There was significant interest in the portfolio, mostly by local groups who saw the upside potential in the portfolio's vacancy rate of 28%. The buyer knows the market and should do well with the purchase as evidenced by the leasing activity that occurred between contract signing and closing."
Earlier this year, CB Richard Ellis brokered the sale of a 619,000-sf industrial portfolio in Hartford for First Industrial Realty Trust. The Tri-State Team also handled the sale of a 148,267 sf-industrial portfolio in Northern New Jersey on behalf of Keystone Property Trust.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
