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Recently, a portfolio of 10 industrial buildings totaling 372,438 square feet of highly sought-after shallow bay infill space straddling two parks in Blackwood and Cherry Hill closed. Nemelz.
NAI Mertz acquired the park lease nearly 40 years ago and has successfully represented the owner ever since. Fred Meyer, Executive Vice President of Corporate Services, was the original leasing agent and later handed over leadership to Roy Kardon, Vice President of Industrial, who has been responsible for all leasing activities across the portfolio for nearly 30 years.
The team consisting of President Scott Mertz, Executive Vice President John Adderly, Kardon and Meyer represented the seller and buyer, respectively, in the sale of the portfolio.
“This was a unique transaction that had been in the works for several years and had gone through interest rate hikes and the tragic death of a key executive, which were not easy to deal with but were overcome in the end,” Mr Adderley said.
NAI Mertz introduced the buyer, DH Real Estate Holdingsparticipated in this transaction and was appointed as the leasing agent for the portfolio, which currently has vacant space ranging from 4,000-40,000 sq. ft. DHPH is a New York-based real estate development, investment and asset management firm founded in 2016 by Dov Hertz.
“DH Property Holdings plans to invest millions of dollars in portfolio upgrades to further institutionalize the park. We look forward to working with Scott Mertz and his NAI Mertz team on leasing, which includes many units that have not been on the market for over 10-20 years,” said DHPH President Hertz.
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