CBRE Arranges $17.5 Million Sale of Industrial Redevelopment Site in Mahwah, NJ
31 Jan 2022
CBRE announced today that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Matthew Saker and Patrick Cavanagh, represented TD Bank in the $17.5 million sale of 1000 MacArthur Blvd. in Mahwah, New Jersey. The CBRE team was also responsible for procuring the buyer, a partnership of Russo Development and PGIM.
This is the first acquisition for the partnership of Russo Development and PGIM and they have secured approvals to build a 200,000 sq. ft., Class A industrial building on the site. Demolition of the existing 60,000 sq. ft. building is expected to take place shortly and construction of the new building will commence immediately thereafter.
CBRE Vice Chairman, Mr. Jeffrey Dunne commented, “Russo separated themselves early on in this process and worked through a very challenging approval process. We are delighted to be a part of their first project with PGIM as we expect this will be the first of many deals together.”
“We appreciate the cooperation and involvement from CBRE and TD Bank as we worked towards obtaining the approvals needed for a successful closing. PGIM was a supportive partner throughout the process, and we look forward to collaborating with them on our first institutional joint venture in this Class A industrial development,” said Michael J. Pembroke, Chief Operating Officer, Russo Development.
“We continue to see antiquated office buildings be redeveloped for higher and better uses and 1000 MacArthur will become Russo’s newest Class A industrial development. We are confident this will be another in a long line of successful developments for them,” added Mr. Neuer, Executive Vice President, CBRE.
CBRE Institutional Properties has several other investment opportunities on the market including Studio Park, a 200,000 sq. ft. flex building in Hamilton, NJ that is 98% leased; 25 Hanover Road in Florham Park, a 132,737 sq. ft. Class A, multitenant office building in Florham Park, NJ that is 100% leased; 80 Park Plaza, a 973,610 sq. ft. Class A office building in Newark, NJ that serves as PSEG’s headquarters; and 211 Mt. Airy Road in Basking Ridge, a 306,000 sq. ft. Class A office building 100% leased to Daiichi Sankyo Pharma for its US headquarters.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.