High Street Takes N.J. Industrial Portfolio
- Apr 18, 2008
An 11-building, 750,000-square-foot New Jersey portfolio has sold to High Street Equity Advisors for an undisclosed price, according to a report from Cushman & Wakefield Inc.’s metropolitan area capital markets group in East Rutherford, N.J. The group orchestrated the deal. The properties include seven buildings totaling 367,000 square feet in Allendale Park, Allendale; two buildings totaling 177,000 square feet on Apgar Road in Franklin Township; and 300 Columbus Circle (pictured) and 400 Raritan Center Parkway, totaling 205,000 square feet, in Raritan Center, Edison.The seller was assisted in its original buys by the Cushman team. It acquired the industrial buildings at different times during the past decade. The Cushman team consisted of Gary Gabriel, Andrew Merin, David Bernhaut and Jose Cruz. According to Gabriel, the successful close of the portfolio sale demonstrates the continued market for quality properties despite current, challenging capital markets conditions.In other New Jersey Industrial property news, AMB Property Corp. purchased nearly 50 acres of land in Jersey City, N.J., from the Roman Catholic Archdiocese of Newark. As reported last month by CPN The developer plans to erect the 878,000-square-foot AMB Pulaski Distribution Center on the former landfill site.