CBRE Arranges Sale of Delancey Street Industrial Warehouse in Newark

On Jan 26, 2018

CBRE announced that it has successfully negotiated the sale of 429 Delancey Street — a to-be-constructed 661,539-square-foot industrial warehouse located in Newark. This sale marks the final phase of Bridge Industrial Portfolio, a more than 4.2 million square-foot, twelve-property portfolio located throughout New Jersey, Florida and California.

The portfolio was acquired by Duke Realty for $692,450,000. The off-market transaction was executed in four phases between September and December of 2017.

Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners negotiated on behalf of the seller, Bridge Development Partners and Banner Oak Capital Partners.

The 12 properties range in size from 193,805 square feet to 718,000 square feet and consist of newly constructed Class A industrial buildings and properties under construction.

CBRE National Partners arranged the sales of eleven properties in New Jersey in 2017, totaling $928 million in total consideration. The 11 transactions combined for more than seven million square-feet sold, making this the team’s most successful year to date in New Jersey.

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