Federal Realty Trust Venture Buys Hoboken Properties
A joint venture led by Federal Realty Investment Trust said today that it had acquired a portfolio of 39 mixed-use properties in Hoboken, New Jersey, from a private seller.
A person close to the deal said the 129 residential units and 172K SF of urban retail primarily located on Washington Street sold for more than $200M.
"We're very bullish on Hoboken as it continues to mature and find favor among New York City commuters, especially given its proximity to the increasingly important West Side of Manhattan and the $25-plus billion Hudson Yards development," Federal Realty CEO Don Wood said in a Q4 earnings call. "This exciting joint venture creates a highly productive business development arm for us in Hudson County. We expect this portfolio to be just the beginning of a very successful long-term relationship."
The portfolio represents one of the biggest single sales of mixed-use properties along the New Jersey waterfront, according to Newmark Knight Frank.
NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Managing Director Dean Tselepis represented the undisclosed seller.
