Joint venture led by Federal REIT drops $203M for Hoboken portfolio

A private owner sold a mixed-use portfolio in Hoboken to a joint venture led by Federal Realty Investment Trust for $203 million, Commercial Observer reported. Newmark Knight Frank represented the anonymous seller and brought the buyer. The portfolio includes 129 residential units and roughly 172,000 square feet of “urban retail” that add up to a combined 279,00 square feet, according to the outlet. “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 REIT president and CEO Donald Wood said in a statement. [CO]