CBRE DRAWS ON VARIOUS SPECIALTIES TO HELP OWNER LEASE, MANAGE AND SELL FOUR PROPERTIES IN NORTH NJ
SADDLE BROOK, N.J. (NOVEMBER 30, 2011) –CBRE, New Jersey’s largest commercial real estate brokerage firm, announced today its successful completion of the $5 million sale of the Nelson Portfolio, which is made up of four properties in Totowa. and Flanders, N.J. The CBRE team of Charles Berger, Elli Klapper and Thomas Mallaney represented the owner.
The portfolio consists of 141 and 171 Shepherds Lane in Totowa and 51 Old Ledgewood Road in Flanders, as well as an adjacent empty five-acre lot at 49 Old Ledgewood Road.
Verizon occupies the 33,600-sq.-ft. building at 171 Shepherds Lane and the 7,715 sq.-ft. building at 51 Old Ledgewood Road. The company, which just negotiated new 10-year leases on the properties with CBRE, uses both facilities as industrial service centers. The 27,000 sq.-ft. 141 Shepherds Lane office site is vacant.
“This deal highlights the strength of CBRE and the depth of our services because it involved multiple brokers specializing in different aspects of commercial real estate,” stated Mr. Berger. “In order to meet all of the client’s needs for this particular type of transaction, Brokerage Services was brought in to lease, the Private Capital Group to sell and Asset Services to manage. It was truly a team effort.”
First Vice President Tom Mallaney, of Brokerage Services, assisted the owner in negotiating the renewals, while David Koch, of Asset Services, was brought in to manage the entire portfolio. Mr. Berger, of the Private Capital Group, and Mr. Klapper, of National Net Lease Group, teamed up to sell the portfolio. After a short time on the market, Seth Pollack, of the Private Capital Group, procured the undisclosed buyer.
“The new owner is looking to lease up the vacant building and hold the entire portfolio for investment purposes,” said Mr. Mallaney. “The new owner is also considering developing the land parcel at some point in the future.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.