March 20, 2020
NKF arranged the joint venture sale of a 39-property, mixed-use portfolio in Hoboken, NJ on behalf of a private owner, in a deal reportedly valued at more than $200 million. The JV is led by Federal Realty Investment Trust.
Assembled over a 30-year period, the 278,879-square-foot portfolio represents one of the largest single sales of mixed-use properties along the New Jersey waterfront. The portfolio comprises 129 residential units and 171,959 square feet of urban retail featuring a number of Hoboken’s leading brands.
“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 Federal CEO Donald Wood.
Kevin Welsh and Brian Schulz of NKF’s Capital Markets group represented the seller and procured the buyer, with support from NKF Retail managing director Dean Tselepis.
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