SADDLE BROOK, NJ-CBRE has completed the sale of the Nelson Portfolio, consisting of industrial properties, a vacant office property and an empty lot, in Northern New Jersey, for $5 million to an undisclosed buyer. CBRE’s Charles Berger, Elli Klapper and Thomas Mallaney represented the owner, Nelson.
The portfolio consists of: the vacant 27,000-square-foot office site at 141 Shepherds Ln. in Totowa; the 33,600-square-foot 171 Shepherds Ln. in Totowa occupied by Verizon; the 7,715-square-foot industrial service center at 51 Old Ledgewood Rd., and an adjacent empty five-acre lot at 49 Old Ledgewood Rd. The combination of lease renewals and marketing for sale required CBRE to bring in a diverse team, the company says.
"In order to meet all of the client's needs for this particular type of transaction, Brokerage Services was brought in to lease, the Private Capital Group to sell and Asset Services to manage," says CBRE’s Charles Berger, in a statement. "It was truly a team effort."
Mallaney, first VP of brokerage services, assisted the owner in negotiating the renewals, while David Koch, of Asset Services, managed the portfolio. Berger, of the Private Capital Group, and Klapper, of National Net Lease Group, teamed to sell the portfolio. After a short time on the market, Seth Pollack, of the Private Capital Group, procured the buyer.
"The new owner is looking to lease up the vacant building and hold the entire portfolio for investment purposes," Mallaney says. "The new owner is also considering developing the land parcel at some point in the future."
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