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21 Building NJ Industrial Investment Portfolio Sells for $16M

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Warehouse Flex Sites Total 241,410 Square Feet

March 2, 2020 [West Berlin, NJ]Ian Richman and Marc Isdaner of Colliers International’s industrial team have completed the sale of a large portfolio investment sale totaling 241,410 square feet across 21 buildings in West Berlin, NJ for a price of $16,050,000. The buyer was an affiliate of Industrial Investments, Inc., headquartered in Blue Bell, PA, and was represented by Michael T. Bown, Sr., in this transaction

The sale included Bloomfield Business Park, which is comprised of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.

The portfolio consisted of 55 tenants and was 98% occupied at the time of sale.

Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in several phases.  Each building is 10,500 square feet.  The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors.  The early stage buildings have drive-in loading only.  In the later stages of construction, the buildings were built on larger lots that allowed for five tailgate loading doors in the back and drive-in doors on the end units.

Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation. 

The West Berlin industrial sub-market consists of nearly 1.9 million square feet with roughly 2/3 of the square footage being owner-occupied.  This was an attractive investment opportunity for one buyer to control a substantial amount of the investor-owned inventory.  

Regarding their recent purchase, incoming owner Industrial Investments offered: 

“We are delighted to expand our footprint in the South Jersey Industrial Market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways. The Bloom Organization has done an excellent job in the design, construction and management of this portfolio, and we are pleased to have had the opportunity to purchase such a desirable asset with the help and expert guidance from Marc and Ian. We look forward to further developing the property, utilizing the available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each.”

Bloomfield2
L to R: Marc Isdaner, Christopher Bown, Michael Bown and Ian Richman

For further information, contact:  
Ian Richman, Senior Managing Director 
+1 856 414 1257 | Ian.Richman@colliers.com

 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. 
With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.  Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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Ian Richman

Senior Managing Director | Southern New Jersey

Mount Laurel

Ian joined Colliers International’s industrial division in 2006. He specializes in the leasing and sale/acquisition of commercial and industrial properties in Southern New Jersey. He is especially adept at developing acquisition strategies and assisting with debt placement options for buyers that require financing. Ian has much success in the sale of industrial properties by utilizing his background in finance to assist buyers in finding and then financing an acquisition.

Prior to joining Colliers, Ian worked in Commerce Bank’s Commercial Lending  Division where he was responsible for performing financial analysis for the  bank’s commercial loan portfolio.
 

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Marc Isdaner

Senior Managing Director

Mount Laurel

Marc specializes in the leasing and sale/acquisition of commercial and industrial properties in Southern New Jersey, including landlord and tenant representation. Marc manages the Colliers Mount Laurel office and is a partner of the firm. 

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