FLORHAM PARK, NJ–HFF has completed the sale of a nine industrial buildings in port areas for Avidan Management. The portfolio comprising a total of 2.6 million square feet, mostly warehouse and flex office space in northern New Jersey, was purchased by an affiliate of Cohen Asset Management for an undisclosed amount.
The properties located in South Brunswick, Edison, Elizabeth and Bayonne are 98 % occupied. They includes a mix of bulk distribution, light industrial space, cold storage and office space, according to Florham Park-based HFF.
“This transaction represents one of the largest sales of industrial property in northern New Jersey in the past several years,” says Michael Nachamkin, who led the HFF investment sales team that made the deal. “The land-constrained, infill locations have a long history of steady tenant demand including port-driven exporters and importers requiring key locations in close proximity to the Port of New York/New Jersey in Elizabeth, Newark and Bayonne.”
The HFF investment sales team representing the seller also included senior managing directors Jose Cruz, Andrew Scandalios and Jon Mikula, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.
Avidan Management has been a major industrial landlord in New Jersey for more than 40 years, and has recently focused on providing solar energy technology through its Avidan Energy Solutions affiliates. Five purchase agreements for power, involving more than six megawatts of solar production, were negotiated as a part of the sale transaction.
Cohen Asset Management is a national owner/operator of industrial real estate sector with expertise in value-add strategies. Cohen is based in Southern California, with a regional office in northern New Jersey managed by Howard Freeman.
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