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Bottled-water manufacturer buys facility for $14M
Brian Pedersen//February 21, 2019//
Listen to this articleThe deal is part of a nearly 30-building national portfolio sale made by a New Jersey firm, totaling $197 million.
The Silverman Group, a private equity and real estate development firm based in Basking Ridge, N.J., said in a news release that it bought 27 properties across New Jersey, Connecticut, Massachusetts, Iowa, Indiana, and Alabama for $183 million from Rubenstein Properties, a property management firm in Little Falls, N.J.
In addition, Crossroads Beverage Group, a tenant occupying one of the properties in the portfolio at 1055 Crossroads Blvd. in Muhlenberg Township, bought the more than 5 million-square-foot-site that serves as its manufacturing facility.
Crossroads Beverage is a private-label packager that makes blow-mold water bottles and fills them, said Brian Archibald, managing member of Rubenstein Properties, which owned the property.
“They had an option to purchase the property, which they exercised,” Archibald said. “They are a fixture in the community; they plan to be there a while.”
Efforts to contact officials from Crossroads Beverage were unsuccessful.
A group of brokers from CBRE, including Bill Wolf from CBRE’s Upper Macungie Township office, negotiated the transaction on behalf of Rubenstein Properties.
According to CBRE, the portfolio is 95.8 percent occupied and includes a mix of warehouse, distribution and light industrial facilities with a large concentration in the densely populated Northeast market.
