Rreef Buys 352,000-SF Industrial Portfolio

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FRANKLIN TWP., NJ-Rreef has picked up a three-building, industrial portfolio totaling approximately 352,000 sf. The Chicago-based company bought the properties on behalf of one of its institutional clients, which was not identified. The portfolio includes one building here, and two in Southern New Jersey. The seller was LaSalle Investment Management.

According to David M. Fazekas, vice president in Rreef’s New York City office, the largest of the trio is 65 Clyde Rd., a 158,788-sf, single-story warehouse and distribution facility located near I-287 in this Somerset County community. The other two are located in Moorestown, NJ, including 1263 Glen Ave., a 67,273-sf, single-story W/D building, and 1265 Glen Ave., a 126,239-sf single-story building. The latter two assets are within the Philadelphia MSA near Interstates 295 and 76. Terms of the sale, including the price of the portfolio, were not disclosed. However, industry sources estimate that the trio likely traded for a price in the $15-million range.

Combined, the three buildings are currently 98% leased to 10 tenants. Two of the 65 Clyde Rd. tenants, umbrella distributor Shaw Creations and the Denby Co., a pottery and dinnerware distributor, renewed their leases for five-year terms just last year. Both companies use the site as their headquarters.

And tenants in the two Moorestown buildings include Insterstate Connecting Components Inc., furniture distributor Barlow Tyrie, Symphony Inc., Royal China & Glass and Caithness Glass. Michael Hines and Michael Blunt of CB Richard Ellis, Philadelphia office represented Rreef, while LaSalle was represented in-house.