Cushman & Wakefield announced the addition of more than 2.2 million square feet in New Jersey property management assignments, continuing a period of notable growth for the firm’s regional Asset Services practice. According to Michael Nevins, managing director, the three new agencies dovetail with continued strong investor activity and record user demand in the state’s thriving industrial market.
“Among the new assignments, Cushman & Wakefield Asset Services was appointed to manage a portfolio of six Northern New Jersey industrial properties totaling 963,000 square feet.” In the red-hot Turnpike Exit 8A market, Cushman & Wakefield is managing a 734,000-square-foot asset that an affiliate of Zurich Alternative Asset Management recently purchased at 355 Davidson Mill Road in Monroe.
“We are seeing a significant volume of institutional investment in New Jersey, which is creating opportunity for third-party property managers,” Nevins noted, adding that Cushman & Wakefield maintains long-standing relationships with both owner entities on a national basis. “These organizations are partnering with providers that offer deep resources, a strong local presence and skilled practitioners. Cushman & Wakefield offers that along with the benefit of a global platform focused on best-in-class services.”
The team’s third property management appointment stems from a new relationship with a private joint venture investment partnership. Turnbridge Equities and Harbor Group International recently acquired 100 Jefferson Road in Parsippany in a sale/leaseback with PNY Technologies. PNY’s Global Headquarters continues to occupy a portion of the 540,000-square-foot asset, a former Pfizer manufacturing facility. The new ownership immediately launched a $4.5 million, mixed-use repositioning that will re-introduce the balance as Class A warehouse space, which Cushman & Wakefield’s Andrew Siemsen and Jason Goldman are marketing as exclusive leasing agents. Cushman & Wakefield Asset Services is providing both property management and construction management services for the full campus.
“While the Turnbridge/Harbor Group partnership is a new property management client, this assignment still speaks to the importance of relationships,” Nevins noted. “The sale/leaseback transaction included the involvement of three additional Cushman & Wakefield service lines: capital markets, finance and leasing. The opportunity to win this agency stemmed from the buyer’s satisfaction with our people and our brand. The new ownership also recognized the benefit of our Advantage Program, through which our relationships with local and national vendors enable us to offer cost savings for various building services.”
The newest additions to Cushman & Wakefield’s New Jersey property management portfolio mark continued expansion for the firm’s regional Asset Services practice. The East Rutherford-based team currently serves approximately 100 properties totaling 16.5 million square feet, representing a 25 percent increase in square feet managed over the past 18 months.
Cushman & Wakefield Asset Services provides comprehensive property management services throughout the asset life cycle. Focused on enhancing asset value, the firm’s professionals are empowered to minimize operating costs, improve efficiencies, and enhance customer service in order to protect the value of each investment. Across the globe, Cushman & Wakefield manages all types of real estate on behalf of corporate, institutional, and private clients.
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