One of the largest sales of a New Jersey-based industrial real estate portfolio in the past few years was completed last week, with our firm’s Real Estate Department representing affiliated entities of Avidan Management LLC as the sellers of approximately 2.6 million square feet of office and warehouse space located in South Brunswick, Edison, Elizabeth and Bayonne.
Our partner Jack Fersko, along with partners Regina E. Schneller and Kenneth T. Bills, served as legal counsel to the Avidan team on the high-value transaction. The nine-building portfolio of properties, which includes office, light industrial, cold storage and bulk distribution space, was acquired by an affiliate of Cohen Asset Management Inc., an industrial and commercial real estate investment firm.
Avidan Management LLC, a leading solar energy developer in the New Jersey market, has worked closely with our real estate group on a number of alternative energy projects in the past. Mr. Fersko and his team negotiated five power purchase agreements on behalf of the Avidan team covering over 6 MWs of solar production in conjunction with this portfolio sale.