{"id":1004302310,"date":"2019-02-22T00:12:31","date_gmt":"2019-02-22T08:12:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004302310"},"modified":"2021-05-15T04:02:04","modified_gmt":"2021-05-15T12:02:04","slug":"the-silverman-group-pays-183m-for-multi-state-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-silverman-group-pays-183m-for-multi-state-portfolio\/","title":{"rendered":"Silverman Group Pays $183M for Multi-State Portfolio"},"content":{"rendered":"
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101 E. Main St.<\/p><\/div>\n

The Silverman Group has acquired an industrial portfolio of 27 properties in six states\u2014most in the Northeast\u2014for $183 million from Rubenstein Properties. The seller, a Little Falls, N.J.-based privately held owner and manager of industrial assets, also sold an additional property at 1055 Crossroads Blvd. in Muhlenberg Township, Penn., for $14 million to a long-time tenant.<\/p>\n

The national portfolio, which totaled more than 5 million square feet across New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama, was 95.8 percent occupied by a diverse and deeply-rooted tenant roster. It includes functional and flexible warehouses as well as distribution and light industrial facilities significantly below replacement cost.<\/p>\n

Several CBRE teams represented Rubenstein Properties in the multifaceted transaction. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets\u2019 Institutional Properties team were joined by Bill Waxman, a New Jersey-based executive vice president & leader of CBRE\u2019s Port and Integrated Logistics Practice, and his team, alongside local CBRE professionals\u2014 Kyle Roberts, Connecticut; Morey Knutsen, Iowa; Tom Cooler, Indiana; John Reed, Massachusetts and William Wolf, Pennsylvania.<\/p>\n

\u201cThe properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,\u201d<\/em> Fiumara, a CBRE executive vice president, said in a prepared statement. \u201cRubenstein Properties\u2019 portfolio provided the buyer with an exceptional opportunity to grow rents by capitalizing on a renewed tenant focus on population-centric, interstate-accessible last-mile fulfillment assets.\u201d<\/em><\/p>\n

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114 Beach St.<\/p><\/div>\n

A team of attorneys and support staff from law firm Mandelbaum Salsburg\u2019s Real Estate practice including Barry Mandelbaum and Owen Hughes represented Rubenstein Partners. Gordon Duus of the firm\u2019s Environmental Law practice group also provided assistance.<\/p>\n

\u201cThe transaction involved complex contract negotiations, title and survey issues, property condition diligence, tenant issues, bulk sale and environmental compliance activities and negotiation and procurement of environmental insurance,\u201d <\/em>Mandelbaum, a founding member & chairman of the board, added.<\/p>\n

Properties in the portfolio include:<\/p>\n