Cushman & Wakefield's team reports successful year in sales

Real Estate Weekly, March 12, 2003

The New Jersey branch of Cushman & Wakefield's metropolitan area financial services group closed 23 investment sales transactions valued at more than $1 billion during 2002, announced Andrew J. Merin, executive vice president. The team's record-breaking activity involved nearly 7.3 million SF of existing space, as well as undeveloped acreage.

The New Jersey FSG office specializes exclusively in real estate investment banking in northern New Jersey, Fairfield county, Conn., and Long Island and Westchester counties, N.Y.

According to David Bernhaut, executive director, the East Rutherford FSG office essentially doubled its production in 2002. This achievement earned it the distinction as the top investment sales team within the global Cushman & Wakefield organization for the ninth consecutive year.

"Given the economic climate during 2002, our success is largely a testament to the synergy among our team's eight full-time professionals," Merin said.

"In addition, the market has witnessed the continuing shift from the stock market to tangible investments, which has created a surge of capital into real estate. Despite the softening market for leasing activity, there is a strong demand for well-located, stabilized properties across all product types."

Within this paradoxical market, FSG's activity during 2002 involved office, industrial, and retail product throughout the tri-state area.

Among the New Jersey team's office investment highlights during the year was the $85 million sale of One Gateway Center in Newark, N.J.

FSG represented the seller, Newark Acquisition LLC, and procured the buyer, Advance Realty Group.

The team also orchestrated the sale of Rockefeller Group Corporate Park in Florham Park, N.J.

In one of the largest office transactions of 2002, Investcorp International purchased three buildings totaling 606,000 SF from the Rockefeller Group for more than $110 million.

The industrial sector represented a significant portion of activity in 2002, as well.

The group's largest sale involved Allendale Park in Allendale, N.J.. First Industrial Realty Trust acquired the eight-building, 408,000 SF, high-tech park from TA Associates for $30 million.

FSG represented both parties in the transaction.

On the retail front, FSG was involved in a number of major transactions, including the sale of Essex Green Shopping Center in West Orange, N.J., one of the largest open-air shopping centers to change hands in North Jersey during 2002.

Principal Global Investors acquired the 351,430 SF asset from Crow Holdings for $52.9 million.