DELRAN, NJ-Manhattan Management Co. LLC has acquired a portfolio of four flex buildings totaling 233,628 sf as well as more than 19 acres of development land in this South Jersey community. The Brooklyn, NY-based MMC bought the properties from Rudner Real Estate of Mt. Laurel, NJ.
The four buildings, which are 100% leased, range from just under 14,400 sf to 111,445 sf, and the development ground is in three parcels of 9.4, 6.4 and 3.6 acres. The price was not disclosed; Rudner Real Estate could not be reached for comment on the sale. The deal was arranged by Trammell Crow Co.'s Capital Markets Group.
"Three of the buildings are in Swedes Run Business Center, and the fourth is in Millside Industrial Park," says Karen Iman, Trammell Crow vice president in the firm's Princeton office. "The three developable lots are in Swedes Run. The buildings, part of the Route 130/Burlington County flex market, average 72% office and 28% warehouse/assembly.
"The fact that the properties are 100% leased provides a strong cash flow, with upside potential available as the existing leases roll over between now and 2012," Iman says. "Because of the nature of the market and the creditworthiness and longevity of the tenants, this portfolio drew interest from both institutional and private buyers."
The buildings' tenant roster includes CTB McGraw-Hill, Adaptive Data Storage, Gartner Group, Benefit Consultants Group, Interactive Services Group, RTC Transportation and Spradlin International. For MMC, the family-owned real estate company now owns seven commercial buildings in New Jersey outright, and five office buildings in partnership with Bergman Realty Co.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.