Denholtz Associates, a privately-held, fully integrated real estate development, investment and management company, has announced the acquisition of a 21-acre mixed use site in Clark in a joint venture with MB1 Capital Partners. MB1 Capital Partners is a privately-held owner and operator of commercial real estate investments and is based in Belmar. The portfolio consists of 10 commercial buildings totaling 283,201 square feet and one unimproved parcel that Denholtz will evaluate for future development.
L’Oreal, one of the largest cosmetics companies in the world, leases over 190,000sf of the portfolio and houses its North American research and development facility on the property. Other major tenants include Retro Fitness, Kindercare, The Lawbook Exchange, New York Community Bank, and the headquarters of the Promptcare Companies. Located just off Exit 135 of the Garden State Parkway between Central and Rahway Avenue, the site offers easy access to I-78 and the New Jersey Turnpike.
“The recent rezoning of Terminal Avenue for a broad range of commercial and retail use and future development opportunities made this portfolio an attractive investment for us and our partner, MB1 Capital Partners,” said Stephen Cassidy, president of Denholtz Associates. “This acquisition fit perfectly into our strategy of actively targeting and acquiring multi-tenant properties to diversify risk and provide maximum returns for our partners.”
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass, served as exclusive advisors on this transaction. Cushman & Wakefield’s Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel and Nicholas Karali represented the seller and procured the buyer.