(Read more on the industrial market.)
MONTVALE, NJ-Ivy Equities has acquired a seven-building, one-million-sf portfolio to its holdings, which have grown by 2.3 million sf and $300 million over the past 12 months. The seven buildings were all managed by the Paramus-based Alexander Summer LLC and owned by partnerships managed by the firm.
"We're continuing to grow our portfolio with significant bulk acquisitions such as this," says David Archibald, CIO of Ivy Equities, based here. "We're particularly pleased to be expanding in the industrial sector. This acquisition is consistent with our track record of identifying and closing on strategic assets that leverage our value-add relationships."
The sale price was not released. The specifics of the assets were also not released, but were described as four industrial buildings in Carteret, two office buildings in Morristown and a flex building in Leonia. Overall occupancy of the portfolio was described as "nearly 100%."
"This sale is part of our strategy to focus our efforts in new joint venture and asset management opportunities," says Alexander von Summer III, the seller's managing partner. "This transaction provides answers for the divergent needs of our investment partners. Our strategy going forward is to seek new investment opportunities across a range of asset classes."
Advisors to the deal were Martin Klebanoff and James Poole, both SVPs with Northmarq Capital in Parsippany. On the legal side, Stephen Soleymani of Morrison Cohen represented the buyer; Michael Sternlieb of Cole Schotz Meisel Forman & Leonard, represented the sellers.
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