The Silverman Group Acquires 27 Industrial Properties in Major US Markets
CBRE today announced the sale of an immense national portfolio comprised of 28 buildings and one development parcel totaling more than five million sq. ft. The Silverman Group acquired 27 properties—which span across New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama—for $183 million. In addition, a tenant occupying one of the properties in the portfolio—located at 1055 Crossroads Boulevard in Muhlenberg Township, Pennsylvania—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 multi-faceted transaction on behalf of Rubenstein Properties.
“The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Mr. Fiumara, Executive Vice President, CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity to grow rents by capitalizing on a renewed tenant focus on population-centric, interstate-accessible last-mile fulfillment assets.”
Currently 95.8 percent occupied by a diverse and deeply-rooted tenant roster, the portfolio consists of a critical mass of functional and flexible warehouse, distribution and light industrial facilities significantly below replacement cost, with a large concentration in the mature, densely populated Northeast market.
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
