Newmark is pleased to announce the joint venture sale of a 39-property, mixed-use portfolio in Hoboken, NJ (“Portfolio”) on behalf of a private owner. Executive Managing Director Kevin Welsh and Managing Director Brian Schulz of Newmark’s Capital Markets group represented the seller in the transaction, along with support from Newmark Retail Managing Director Dean Tselepis. The team was also responsible for procuring the joint venture partner, Federal Realty Investment Trust.
The 278,879-square-foot Portfolio represents one the largest single sales of mixed-use properties along on the New Jersey waterfront. The acquisition provides an opportunity of unparalleled scale in one of the region’s most prominent urban lifestyle markets. Concentrated primarily along Washington Street, Hoboken’s premier retail corridor, the Portfolio comprises 129 residential units and 171,959 square feet of urban retail featuring a number of Hoboken’s leading brands including Sephora, Chipotle, Quality Greens, Honeygrow and CVS.
“We’re very bullish on Hoboken as it continues to mature and find favor among NYC commuters, especially given its proximity to the increasingly important West Side of Manhattan and the $25+ billion Hudson Yards development,” said Donald Wood, President and CEO of Federal Realty Investment Trust. “This exciting joint venture creates a highly productive business development arm for us in Hudson County. We expect this Portfolio to be just the beginning of a very successful long-term relationship.”
“The Seller was able to create significant value by building this remarkable Portfolio over more than 30 years, providing Federal Realty with the opportunity to acquire unprecedented scale in one of the Country’s premier lifestyle environments,” said Welsh. “The partnership’s unique combination of local expertise and national retailer relationships will have a transformative impact on Hoboken for years to come.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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