B&D Holdings Buys New Jersey Industrial Asset

August 2, 2024

JLL arranged $23.3 million in acquisition financing.

Property at 1460 Livingston Ave., New Brunswick, N.J. — The former owner planned to add two new warehouses to the Brunswick Industrial Campus. *Image courtesy of JLL*

B&D Holdings has acquired Brunswick Industrial Campus, a six-building, 206,069-square-foot property in New Brunswick, N.J. The company obtained a fixed-rate, $23.3 million acquisition loan in a deal arranged by JLL. CommercialEdge identified the previous owner as Development Management Services.

DMS had purchased the property in 2021 for $15.5 million from The Goldstone Group, CommercialEdge information shows. At that time, the campus—a four-building, 142,000-square-foot mixed-use property—comprised spaces with different uses, including office, medical office and industrial.

Built in 1955, the property features 19- to 30-foot clear heights, 14 dock doors and 15 drive-ins, among others. Following the purchase, DMS expanded the campus with the addition of two new warehouses and repurposed some of the existing facilities.

Located at 1460 Livingston Ave. across roughly 21 acres, Brunswick Industrial Campus is less than 1 mile from U.S. Route 1, as well as some 3 and 6 miles from U.S. Route 130 and Interstate 95, respectively. The Newark Port and International Airport operate less than 30 miles northeast.

JLL Director Max Custer alongside Managing Director Thomas Didio Jr. and Senior Analyst Benjamin Morgenthal led the Debt Advisory team that arranged the financing on behalf of B&D Holdings.

Since its inception in 2008, B&D Holdings’ portfolio grew to more than 235 properties encompassing upward of 8.5 million square feet throughout the U.S. Industrial space makes up roughly 65 percent of the company’s footprint.

In March, B&D expanded its Mid-Atlantic industrial portfolio with the purchase of a nearly 400,000-square-foot industrial campus in Chesapeake, Va. Link Logistics sold the asset.

Industrial New Jersey prices outperform the national average

Despite having an industrial vacancy rate of 7.1 percent as of June, New Jersey’s industrial asking rental rates soared by 9.6 percent year-over-year through June, according to a recent CommercialEdge report.

Throughout New Jersey, investors traded $1.06 billion year-to-date through June with an average price per square foot of $256—outperforming the national average price per square foot of $139 during the same period, the report shows.

In one of the early 2024 transactions, Invesco Real Estate acquired 152 Ridge Road, a 216,000-square-foot industrial asset in South Brunswick Township, N.J., for $55 million. The building was fully leased at the time of sale.