(Read more on the industrial market and the multifamily market.)
BEDMINSTER, NJ-It's no secret that Advance Realty Group, based here, has been actively shopping its existing commercial portfolio, while planning to keep its development holdings and perhaps a couple of its existing properties. And it's been rumored widely that the company has been talking to officials of Normandy Real Estate Partners about a sale that would involve most of those existing holdings, which amount to 5.5 million sf of office, flex, industrial, retail and multifamily properties.
Now, GlobeSt.com has learned, the rumored deal may be near. Normandy officials did not respond to a request for comment. A spokesman for Advance issued a statement that, "we've heard the rumor, but both parties agree that it is just that, a rumor. There is no information or news at this time…should any news become available…we will let you know."
But as a reliable source tells GlobeSt.com, "everybody knows it's happening. It's been held up by the extended due diligence. They're also trying to work out some structuring details for tax purposes. It's a very complex transaction. It has a lot of moving parts."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.