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Feil Buys 1M-SF MXD Portfolio

CLARK, NJ-The sale price for the 22-building mixed-use holding was not released, but sources put the number in the $100-million range.

By Eric Peterson | Updated on June 04, 2008

CLARK, NJ-The New York City-based Feil Organization has agreed to buy a one-million-sf mixed-use portfolio here for an undisclosed price. The acquisition includes a total of 22 buildings on 70 acres along Raritan Road and Central and Terminal avenues at Exit 135 of the Garden State Parkway near this Union County city’s borders with Cranford and Westfield. Its uses include a variety of production and R&D facilities, office, flex and retail space adding up to about 820,000 sf of industrial/office and 180,000 sf of retail.

The seller was the Villa family, locally based, represented by a Newmark Knight Frank brokerage team led by managing director Richard Mirliss and including Hope Brodsky, David Noonan, Christopher LoSapio, Jennifer Schwartzman and Justin DiMare of the firm’s Rutherford and New York offices. Feil, which marks its entry into the New Jersey market with the acquisition, was represented in-house.

The sale price was not disclosed, although the portfolio had been listed in the summer of 2007 with an overall asking price of $100 million and sources say it likely traded for a number in that range. The Villa family had put portfolio up for sale in its entirety or in parts, and accepted bids through this past September.

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