CUSHMAN & WAKEFIELD ARRANGES SALE OF TWO-STATE INDUSTRIAL PORTFOLIO
SK Realty Management acquired Four Buildings totaling 950,868 Square Feet in Maryland and New Jersey
THOROFARE, N.J./BALTIMORE, MD – January 10, 2012 – (RealEstateRama) — Cushman & Wakefield, Inc. has arranged the sale of the I-95 Net Leased Industrial Portfolio, comprised of four buildings totaling 950,868 square feet in Maryland and New Jersey. The four properties, 100 percent leased at the time of sale, were acquired by SK Realty Management from Prologis.
The Cushman & Wakefield team was led by Gary Gabriel of the firm’s Metropolitan Area Capital Markets Group in East Rutherford, N.J. and implemented locally by Cristopher D. Abramson, Brian N. Kruger and Nicholas Signor in Baltimore and Paul Torosian and John T. Plower in the Philadelphia office. Michael Ryan of Cushman & Wakefield Sonnenblick-Goldman provided financing alternatives for investors. Cushman & Wakefield represented the seller and procured the buyer.
“We are very pleased to have executed within a very tight time-frame,” said Gabriel. “This offering, which was on the market for just three weeks, drew considerable interest from prospective investors,” he added. “The buyer was able to close the all-cash transaction 39 days from award.”
The three Maryland industrial properties include 500 Hickory Drive, totaling 470,707 square feet on 44 acres in Aberdeen, long-term leased; the 205,030-square-foot 600 Hickory Drive on 18.5 acres also in Aberdeen is fully leased on a long-term basis; and the 93,761-square-foot 7616 Canton Center Drive on eight acres in Baltimore, with a full-building lessee.
The New Jersey property in the portfolio is 100 Friars Boulevard in Thorofare and consists of 181,370 square feet on 12.7 acres. All four properties are utilized for warehouse/distribution purposes.
“Each of the tenants within the portfolio were long-term building occupants, offered solid credit, and were fully utilizing the building,” said Gabriel. “That, combined with a portfolio-wide average remaining lease term of 6.42 years, made the offering particularly compelling.
“Multi-state portfolio transactions such as this require a great deal of cooperation,” said Gabriel. “In this instance, the coordination between all of the parties involved was the key factor in our ability to conclude the sale in a very timely manner.”
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