1578 Sussex Turnpike, Unit 5, Randolph, NJ
LITTLE FALLS, NJ—Strong demand for industrial properties nationally and the lack of a clear successor after the death of one of its principals led Rubenstein Properties of Little Falls, NJ to sell a national portfolio of 28 industrial properties to the Silverman Group of Basking Ridge, NJ for $183 million. The portfolio consisted of more than five million square feet of leasable space for industrial distribution and warehouse use, across New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama.
In addition to the portfolio sale, Rubenstein sold a property at 1055 Crossroads Boulevard in Muhlenberg Township, PA, to the tenant occupying the property for $14 million.
Owen Hughes, Mandelbaum Salsburg
“Rubinstein Properties has been operating in the industrial property space probably for over 40 years,” Owen Hughes of Mandelbaum Salsburg, the Roseland, NJ law firm that worked on the portfolio disposition, tells GlobeSt.com exclusively. “The remaining principal, the general partner/manager is in his mid-70s. So, the company actually lacked a clear successor, and ownership considered that current market conditions presented an excellent opportunity. Cap rates for sales are attractive, and in particular, warehouse and logistical center property is in demand. So given all of those factors, they thought it was a an excellent opportunity to present the portfolio to the marketplace.”
Rubenstein is still evaluating whether it will reinvest the proceeds in other properties or simply wind down operations, Hughes says.
Bill Rubenstein, managing member, Rubenstein Properties
“Our properties were fully rented in prime real estate locations, which made it an attractive deal,” says Bill Rubenstein, managing member of Rubenstein Properties.
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 1901Crossroads Boulevard, Muhlenberg Township, PA.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
