Press Release

CBRE Arranges $4.7 Million Sale of New Jersey Industrial and Flex-Office Portfolio

14 1月 2020

Hildebrandt Portfolio

Multifaceted Transaction Liquidates Portion of Multigenerational Family Estate 

CBRE today announced the $4.7 million sale of a real estate portfolio comprised of four industrial and flex-office properties in New Jersey. Situated in both primary and tertiary markets, the properties are part of a multigenerational family estate.

The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman represented the seller, Hildebrandt Properties, LLC, in the negotiations. Hildebrandt Properties, LLC was advised by Rocco Labella of Ferro, Labella & Weiss LLC. The buyer was a New York-based private investor.

“This transaction was extremely complex as it involved many moving parts, including a number of tenant rollovers and pending restructuring of leases,” said Mr. Berger, Senior Vice President, CBRE. “Despite the challenges, this portfolio represented the ideal investment opportunity for the buyer.” 

“We were able to secure a buyer from New York, which further highlights New Jersey’s strong office and industrial markets,” added Mr. Silverman, an Associate with the firm. “This is a portfolio sale which includes diverse assets and locations throughout New Jersey. The properties were previously marketed by a local broker who was not able to transact on the portfolio. CBRE got involved and took advantage of our national platform and our full-service expertise in order to produce several offers from aggressive out-of-town buyers and lead our client through a challenging transactional procedure,” continued Mr. Silverman.

The portfolio totals approximately 95,000 sq. ft. and is made up of four properties located at 275 Wagaraw Road in Hawthorne; 187 West Shore Avenue in Bogota; and 45 & 51 US Highway 206 in Augusta, New Jersey. Universal Supply Group, a distributor of HVAC equipment, parts and accessories, has been the primary tenant at two of the four properties, occupying the majority of the available space. The four buildings boast large acreage of valuable land within easy access to public transportation.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.