Marcus Partners Increases Industrial Portfolio in New Jersey
Portfolio Adds +/- 155,000 Square Feet to Existing Holdings
MARCUS PARTNERS, a real estate investment, management and development firm, today announced the acquisition of four (4) commercial properties totaling 154,860 square feet. The acquisition consisted of two warehouse properties, the AMC Movie theater (including parking garage) and retail property along route 10 in East Hanover, NJ.
“We are very excited to add these properties to our growing New Jersey portfolio. This acquisition provides immediate cash flow, solid tenants and a value-add component due to some existing vacancy. These properties fit well with the portfolio we are aggregating in New Jersey and align well with our existing portfolio spanning Boston to Washington DC,” said Todd Minerley, Senior Vice President at Marcus Partners. “Demand is at an all-time high for well-located facilities and we are excited to diversify our growing portfolio with these properties”.
The 15-acre retail site consists of approximately 70,500 SF of retail space located off Route 10 in East Hanover New Jersey. This retail center is strategically located in the heart of one of the most densely populated retail corridors in Northern New Jersey. This highly visible site consists of the AMC Theatre, three retail tenants and a separate parking structure with over 800 parking spaces.
The industrial properties, located at 17 and 23 Farinella Drive, total 84,360 sf of light Industrial space with 22′ clear ceiling heights, great parking and market loading ratios. 23 Farinella Drive will have +/- 35,000 sf of vacancy that will be brought to the market in the upcoming days.
About Marcus Partners
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is headquartered in Boston, with regional offices in Metro New York City and Metro Washington, D.C. The firm focuses on strategic and opportunistic investment strategies across multifamily, industrial, life science and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates owns, operates or is developing 6M+ square feet of real estate and 1,500+ multifamily units. For more information, please visit WWW.MARCUSPARTNERS.COM.
April 2022