Real Estate

DTZ Completes Sales Totaling $35 Million in NJ and PA

DTZ, in Chatham, a leader in commercial real estate services, announces the completion of three recent sales with a total aggregate value of over $35 million.  Two of the transactions were industrial properties in King of Prussia, Pennsylvania, and Holmdel, New Jersey, and the third sale was a land deal in Hamilton, New Jersey.

Holmdel Realty Development purchased a 540,000 square foot facility at 2182 Route 35 South in Holmdel, for approximately $24.5 million from Croddick Real Estate. The DTZ team of Chuck Fern, Graham Stephens and Andrew Houston represented both parties in the transaction.

Additionally, the DTZ team of Andrew Houston, Matthew Marshall and Jeff Williams negotiated the investment sale of a 77,000 square foot facility in King of Prussia, Pennsylvania, on behalf of an institutional owner. The team has a long-standing relationship with the owner and worked to find an appropriate buyer. Audubon Land Development Corporation purchased the property for approximately $4.9 million, expanding and diversifying the company’s industrial portfolio in the suburban Philadelphia market.

In Hamilton, the DTZ team of Andrew Houston, Chuck Fern, Tyler Peck and Graham Stephens represented both the buyer, Matrix Development Group, and an institutional owner in the sale of 35 acres of land for redevelopment at 530-584 Route130. The team worked with the owner and buyer to create a seamless non-contingent transaction.

“Industrial investment is strong throughout New Jersey and Eastern Pennsylvania with institutional owners leveraging portfolios to attract buyers with discretionary capital that are either looking to enter a new market or expand and existing presence,” said Mr. Houston, Vice President of DTZ.

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