Ivy Realty

Ivy Equities Grabs Industrial, Office Portfolio in New Jersey from Alexander Summer
Dec 7, 2007
By: Gail Kalinoski, Contributing Editor

Ivy Equities, a Montvale,N.J.-based real estate developer and investor, has expanded its holdings in New Jersey with the acquisition of a 1 million-square-foot portfolio of industrial and office properties from Alexander Summer L.L.C. The amount of the transaction, announced today by both privately-owned firms, was not released.

The assets, acquired from partnerships managed by Paramus, N.J.-based Alexander Summer, consist of four industrial buildings in Carteret; two office buildings in Morristown; and a flex building in Leonia. The portfolio is nearly 100 percent leased with high-quality tenants, according to a press release on the deal.

“Ivy is proud to be continuing to grow our portfolio with significant bulk acquisitions such as the Alexander Summer portfolio and we are particularly pleased to be expanding in the industrial sector,” David Archibald, chief investment officer of Ivy Equities, said in the release. “This acquisition is consistent with our track record of identifying and closing on strategic assets that leverage our value-add relationships throughout the New York metropolitan area.”

“The sale of this portfolio is part of our firm’s strategy to focus our efforts in new joint venture and asset management opportunities,” stated Alexander von Summer, managing partner.

He added that the firm’s strategy going forward was to “continue to build on the Alexander Summer franchise by seeking new investment opportunities across a range of asset classes.”

Advisors in the transactions were Martin Klebanoff, senior vice president and marketing director, and James Poole, senior vice president and marketing director of Northmarq Capital in Parsippany, N.J. Stephen Soleymani of Morrison Cohen L.L.P., represented Ivy Equities. Michael Sternlieb of Cole Schotz Meisel Forman & Leonard P.C., represented the real estate partnerships.

With the Alexander Summer transaction, Ivy Equity caps off a busy year with acquisitions over the past 12 months totaling more than $300 million and 2.3 million square feet. On April 24, CPN reported that a joint venture between Ivy Equities and a Philadelphia-based development company had bought Merrill Lynch’s 685,000-square-foot office campus in Plainsboro, N.J., in a sale-leaseback deal worth $122 million. In addition to the Class A office space leased by Merrill Lynch and BlackRock, an adjacent site can handle a 700,000-square-foot office development. In late March, the firm paid more than $100 million for two office towers in Newark, N.J., according to a March 30 CPN story.

Ivy has also been busy selling office properties in New Jersey. On April 3, CPN reported that Tishman Speyer had acquired the Metropark Office Center, a three-building, 833,000-square-foot Class A complex in Woodbridge, N.J., for nearly $150 million from an Ivy Equities and Rockwood Capital joint venture. Also in Woodbridge, Ivy Equities sold Plaza Nine, a Class A, 112,600-square-foot property in Woodbridge to Heritage Capital Group L.C.C., according to a June 25 CPN story. The price was not released.




			Ivy Equities Grabs Industrial, Office Portfolio in New Jersey from Alexander Summer Dec 7, 2007 By: Gail Kalinoski, Contributing Editor Ivy Equities, a Montvale,N.J.-based real estate developer and investor, has expanded its holdings in New Jersey with the acquisition of a 1 million-square-foot portfolio of industrial and office properties from Alexander Summer L.L.C. The amount of the transaction, announced today by both privately-owned firms, was not released. The assets, acquired from partnerships managed by Paramus, N.J.-based Alexander Summer, consist of four industrial buildings in Carteret; two office buildings in Morristown; and a flex building in Leonia. The portfolio is nearly 100 percent leased with high-quality tenants, according to a press release on the deal. “Ivy is proud to be continuing to grow our portfolio with significant bulk acquisitions such as the Alexander Summer portfolio and we are particularly pleased to be expanding in the industrial sector,” David Archibald, chief investment officer of Ivy Equities, said in the release. “This acquisition is consistent with our track record of identifying and closing on strategic assets that leverage our value-add relationships throughout the New York metropolitan area.” “The sale of this portfolio is part of our firm’s strategy to focus our efforts in new joint venture and asset management opportunities,” stated Alexander von Summer, managing partner. He added that the firm’s strategy going forward was to “continue to build on the Alexander Summer franchise by seeking new investment opportunities across a range of asset classes.” Advisors in the transactions were Martin Klebanoff, senior vice president and marketing director, and James Poole, senior vice president and marketing director of Northmarq Capital in Parsippany, N.J. Stephen Soleymani of Morrison Cohen L.L.P., represented Ivy Equities. Michael Sternlieb of Cole Schotz Meisel Forman & Leonard P.C., represented the real estate partnerships. With the Alexander Summer transaction, Ivy Equity caps off a busy year with acquisitions over the past 12 months totaling more than $300 million and 2.3 million square feet. On April 24, CPN reported that a joint venture between Ivy Equities and a Philadelphia-based development company had bought Merrill Lynch’s 685,000-square-foot office campus in Plainsboro, N.J., in a sale-leaseback deal worth $122 million. In addition to the Class A office space leased by Merrill Lynch and BlackRock, an adjacent site can handle a 700,000-square-foot office development. In late March, the firm paid more than $100 million for two office towers in Newark, N.J., according to a March 30 CPN story. Ivy has also been busy selling office properties in New Jersey. On April 3, CPN reported that Tishman Speyer had acquired the Metropark Office Center, a three-building, 833,000-square-foot Class A complex in Woodbridge, N.J., for nearly $150 million from an Ivy Equities and Rockwood Capital joint venture. Also in Woodbridge, Ivy Equities sold Plaza Nine, a Class A, 112,600-square-foot property in Woodbridge to Heritage Capital Group L.C.C., according to a June 25 CPN story. The price was not released.
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