20 Utopia Rd
SADDLE BROOK, NJ—The Silverman Group has acquired an industrial portfolio from Rubenstein Properties for $197 million. The portfolio consists of 28 buildings and one development parcel and totals more than 5 million square feet.
Twenty-seven properties, which are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama, traded for $183 million. In Muhlenberg Township, PA, a tenant occupying one of the properties in the portfolio purchased the asset for $14 million.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets' Institutional Properties team, and CBRE National Partners partnering with Bill Waxman and his team from New Jersey along with local CBRE professionals Kyle Roberts (Connecticut), Morey Knutsen (Iowa), Tom Cooler (Indiana), John Reed (Massachusetts) and William Wolf (Pennsylvania), negotiated the transaction on behalf of Rubenstein Properties.
The properties are located within infill locations and the portfolio is 95.8% occupied. It consists of warehouse, distribution and light industrial facilities that are trading significantly below replacement cost.
Among the properties in the portfolio are 10 Park Place, Butler, NJ; 20-21 Wagaraw Road, Fair Lawn, NJ; 39 Avenue C, Bayonne, NJ; 101 East Main Street, Little Falls, NJ; 114 Beach Street, Rockaway, NJ; 1578 Sussex Turnpike, Randolph, NJ (units two through five); 20, 50 and 80 Utopia Road, Manchester, CT; 118 Sanrico Drive, Manchester, CT; 135 Sheldon Road, Manchester, CT; 428 Hayden Station Road, Windsor, CT; and 1901 Crossroads Boulevard, Muhlenberg Township, PA.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
