February 10, 2020 – DLP Real Estate Capital has sold the 42,653-square-foot Fox Hollow Industrial Science Center to a private entity for $6,400,000 announced Cushman & Wakefield. The commercial real estate services firm’s New Jersey capital markets team arranged the sale of the flex/industrial property at 3434 Route 22 in Branchburg, N.J.
Cushman & Wakefield investment sales specialists Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Jordan Sobel represented the seller and procured the buyer. The asset is fully leased to three tenants – Cimquest, Bovine Collagen Products and Blue Hill Data Services.
“Fox Hollow’s diverse tenant roster and strong cash flow made the asset particularly attractive to the buyer,” said Schwartz, senior director at Cushman & Wakefield who led the assignment. “Further, the Branchburg industrial submarket, which has an inventory of more than four million square feet, boasts a tight vacancy rate of less than three percent. Fox Hollow itself has historically enjoyed high occupancy as its flex/industrial space is in such high demand.”
Situated on 6.53 acres, the property includes best-in-class flex features such as 22-foot ceiling heights, 40×40 foot column spacing, four loading docks and a 3.78 per 1,000SF parking ratio. Recent improvements of the asset, which was originally constructed in 1988, include a newly-installed roof.
“DLP Real Estate Capital acquired this asset in extreme distress. We were able to successfully stabilize and unlock significant value creation for its investor base,” said Anthony Ruben, Director of Investments of DLP Real Estate Capital, which has over $800 million in assets under management, over 400 loans in portfolio, and has closed over 12,000 real estate transactions totaling more than $2 billion.
Strategically located on Route 22, Fox Hollow provides direct access to I-287 and I-78. It offers proximity to over 70 businesses within a three-mile radius, including numerous high-profile, global companies nearby. Fox Hollow serves one of the most densely-populated areas in the entire country; additionally, a new townhouse community adjacent to the industrial asset is currently under development.
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $34 billion worth of transactions since 2000, closing over $3.0 billion in sales in 2019.