Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza, Suite 1100
East Rutherford, New Jersey 07073
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Release Date: Thursday, January 30, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Cushman & Wakefield Sells Nearly One-Million-Square-Foot Industrial Portfolio
Prologis Sheds 28 Northern New Jersey Buildings
FAIRFIELD/LITTLE FALLS, N.J., Jan. 30, 2014 – Cushman & Wakefield, Inc. has completed the sale of the Fairfalls Industrial Portfolio, comprising 989,200 square feet in 28 buildings. The firm’s Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt represented the seller Prologis and procured the buyer, Hampshire Companies, a private investment firm based in Morristown, NJ.
“The portfolio’s high occupancy and tenant retention record speaks to its functionality and desirability within the local market,” said Gabriel. “There was a high level of interest in the portfolio, given its location, size and rent roll diversification. More than 150 investors executed and returned signed confidentiality agreements.”
“Located in one of the top submarkets in Northern New Jersey, the portfolio consistently outperformed the market with average occupancy rates exceeding 90 percent, even during the depths of the most recent recession,” added Schmidt. Of the 28 buildings in the portfolio, 26 are located in the town of Fairfield and two are situated on adjacent parcels in the town of Little Falls. The portfolio was leased to 57 tenants and has a history of strong tenant retention.
The Northern New Jersey market is characterized by high barriers to entry, a lack of developable land, a product-constrained market and relatively few sales each year. The market has even fewer portfolio sales, and assemblage is further complicated by aggressive competition for offerings, along with a significant amount of private/family ownership.
Ideally situated along I-80 and Rt-46, minutes from I-287 and Rt-23, and surrounded by upper income suburban Essex and Morris County residential communities, all properties offer convenient executive commutes and exceptional labor access.
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.