ASG Equities has tapped Newmark to market a portfolio of four fully leased warehouses encompassing 1M SF in Secaucus, a deal aiming for $400M per SF.
While bids on the individual properties will be considered, the portfolio is being touted as a rare opportunity to achieve industrial scale on the NJ Meadowlands, which has been one of the hottest industrial markets in the US in recent years, according to a report in Green Street.
A prospective buyer's initial annual yield on the portfolio would be 4.6%, based on net operating income of $18.5M. The portfolio has a weighted average remaining lease term of 10.9 years, with in-place rents averaging $18.15 per SF, well below the market-rate average of $25.15 per SF.
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