April 10, 2020– Novaya Foxfield Industrial, in conjunction with Drake Real Estate Partners, completed the sale of seven industrial assets. The portfolio consisted of 553,579 SF located in Mount Laurel, Delran and Swedesboro, NJ and was approximately 90% leased at the time of sale. The partnership continues to own three Class A assets located at 301 Grove Road, West Deptford, NJ and 1405 & 1473 Zeager Road, Elizabethtown, PA.
Brad Ruppel, Michael Hines, Brian Fiumara, and Lauren Dawicki of CBRE National Partners represented the partnership on the sale of the assets.
Novaya Principal, Jeff Theobald, commented “We are pleased to achieve a great outcome for our investors, especially given the challenges posed by the COVID-19 Pandemic. We added substantial value to the portfolio during our hold period through a combination of leasing and building upgrades, which is reflected in the sale.”
Foxfield Principal, Jeff Harper, notes “We were early to recognize Southern New Jersey’s increasing importance to the regional supply chain. At the time, vacancy was also being under-valued on a relative basis in the market. We were fortunate to execute on our strategy through off-market purchases of each of these assets. The portfolio’s success is the result of great execution from our team, leasing tailwinds from e-commerce, and an influx of institutional equity to both light industrial product and the Southern New Jersey region. Congratulations to our team and our partners.”
The sale of the southern New Jersey portfolio marks Novaya’s third successful disposition in the previous month, totaling over $130mm of value and over 1 million square feet of real estate. The other assets sold were 55 Technology Drive in Lowell, MA, which sold to Legacy Real Estate Ventures on March 27th and 300 Baker Ave, Concord, MA sold to Taurus Investment Holdings on April 15th.