LAKEWOOD, NJ-An investment portfolio of a dozen industrial buildings, all located within the Lakewood Industrial Park, has been sold. The sellers, Advantage Properties LLC, Advantage Properties of NJ LLC and Stamos & Sommers LLC, are all locally based investment groups, as is the buyer Lakewood Industrial Holding LLC. The total space involved in the buildings is 463,000 sf.
Further details of the transaction, including the sale price, were not disclosed by the parties involved in the sale. Industry sources tell GlobeSt.com, however, that the portfolio likely traded for a number in the $35-million-to-$40-million range.
The sellers were represented in the transaction by Rosemarie Caruso, managing director of Turton Commercial Real Estate, Brick. The buyer was represented by Charles T. Kavanagh, executive vice president of the Blau and Berg Co., Springfield.
© 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.