Richman & Isdaner of Colliers International completes 21 building portfolio sale

April 14, 2020

West Berlin, NJ — Ian Richman and Marc Isdaner of Colliers International’s industrial team have completed the sale of a large portfolio investment sale totaling 241,410 s/f across 21 buildings in West Berlin, NJ for a price of $16.05 million. The buyer was an affiliate of Industrial Investments, Inc., headquartered in Blue Bell and was represented by Michael Bown, Sr., in this transactionThe sale included Bloomfield Business Park, which is comprised of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.The portfolio consisted of 55 tenants and was 98% occupied at the time of sale. Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in several phases. Each building is 10,500 s/f. The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors. The early stage buildings have drive-in loading only. In the later stages of construction, the buildings were built on larger lots that allowed for five tailgate loading doors in the back and drive-in doors on the end units.Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation. The West Berlin industrial sub-market consists of nearly 1.9 million s/f with roughly 2/3 of the square footage being owner-occupied. READ MORE

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