In what it calls one of the largest single sales of mixed-use properties on the New Jersey waterfront, Newmark Knight Frank (NKF) arranged the joint venture sale of a 39-property, mixed-use portfolio concentrated primarily along Washington Street on behalf of a private owner. Published reports put the price at more than $200 million.
Executive Managing Director Kevin Welsh and Managing Director Brian Schulz of NKF’s Capital Markets group represented the seller in the transaction, along with support from NKF Retail Managing Director Dean Tselepis. The team was also responsible for procuring the joint venture partner, Federal Realty Investment Trust.
“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-plus 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 278,879-square-foot portfolio comprises 129 residential units and 171,959 square feet of urban retail including Sephora, Chipotle, Quality Greens, Honeygrow and CVS.