Rubenstein Properties Sells 28 Industrial Properties for $197M
LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million.
Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama.
The portfolio was 95.8 percent leased at the time of the sale.
10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5).
20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor;
207 Jacintoport Blvd., Saraland.
2190 Summit St., New Haven, Ind.
Further details about the properties were not disclosed.
In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million.
“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 Brian Fiumara, executive vice president of 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.”
CBRE had several offices represent the Little Falls-based seller in the transaction. Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki (Capital Markets’ Institutional Properties team); Bill Waxman (New Jersey); Kyle Roberts (Connecticut); Morey Knutsen (Iowa); Tom Cooler (Indiana); John Reed (Massachusetts); and William Wolf (Pennsylvania) all worked on the sale. Silverman Group, a privately owned company, now operates more than 16 million square feet of industrial, office, retail and aviation properties in 16 states.
— Alex Tostado