CBRE today announced the sale, via a joint venture structure, of a vast portfolio of properties comprised of 30 industrial buildings in New Jersey,totaling more than 1.3 million sq. ft. Colony Industrial acquired the portfolio, which is situated on nearly 83-acres of land,for an undisclosed sale price. Also included in the transaction were three development sites located in Carteret and West Caldwell, New Jersey and totaling 46-acres.

Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team, in partnership with CBRE Vice Chairman Thomas Monahan, negotiated the multi-faceted transaction on behalf of Hampshire Real Estate Companies.

The assets are located within the Northern New Jersey industrial market, one of the most desired and prominent industrial locations on the East Coast. Currently 99 percent occupied by a diverse tenant roster, the portfolio provides a continuous cash flow with value enhancement through contractual lease escalations and rollover of existing tenants to continually increasing market rental rates.

“This portfolio offered Colony Industrial the very rare opportunity to acquire a critical mass of high-quality industrial assets and a future development pipeline in a joint venture structure with Hampshire Real Estate Companies, one of the most respected developers in New Jersey,” said Mr. Fiumara, Executive Vice President, CBRE. “This deal was a win-win for both parties and we are proud of the outstanding results our team was able to deliver.”

Among the properties in the portfolio are 41 Slater Drive, Elmwood Park,700 Blair Road, Carteret and 231-232 Main Street, Little Falls, New Jersey.

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.