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Cushman & Wakefield Arranges Sale of 10-Building Mixed-Use Portfolio

| October 15, 2015 | 0 Comments

Cushman & Wakefield of New Jersey, Inc.Clark Mixed-Use
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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283,201-Square-Foot New Jersey Property Trades for $22.15 Million

CLARK, N.J., Oct. 15, 2015 – Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has completed the sale of a 10-building, 283,201-square-foot mixed-use portfolio in Clark, which traded for a sale price of $22.15 million. The East Rutherford, N.J.-based CMG team of Andrew Merin, David Bernhaut, Gary Gabriel and Nicholas Karali represented seller and procured buyer Denholtz Associates.

Located directly off Exit 135 of the Garden State Parkway and minutes from I-78 and the New Jersey Turnpike, the portfolio was 97 percent occupied at the time of sale. The site has served as the location of L’Oreal’s North American R&D facility since 1990, and other major tenants include Retro Fitness, New York Community Bank, Kindercare, The Lawbook Exchange, and as the headquarters of the Promptcare Companies. The property was rezoned in 2010 for a broad range of commercial and retail uses.

“The sale provides the new ownership with upside potential from redeveloping portions of the property as tenants roll over,” said Karali. “L’Oreal is exploring the potential of constructing their own facility across the street, which would create further opportunity for redevelopment.”

Largely constructed between 1962 and 1968, with some additional expansion in 2002 and 2006, the Clark portfolio is situated off Central Avenue along Terminal Avenue in the Union County community. The county is home to numerous national and international corporations in such industries as pharmaceuticals, technology and consumer goods. “A recent rezoning of Terminal Avenue has added a wider range of commercial uses, enhancing the value to the new owner,” said Karali.

“The sale represents an opportunity to acquire a large block of space in an infill market, which has historically held strong occupancy,” he said.

Based in East Rutherford, New Jersey, 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, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.2 billion in 2014.

The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.

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About Cushman & Wakefield

Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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