MCB Pays $70M for New Jersey Facility, Lands Full-Building Lease
The 368,000-square-foot property came online recently.
MCB Real Estate has acquired Howell 1, a 368,000-square-foot industrial facility in Howell Township, N.J., for $69.9 million. Active Acquisitions sold the asset, according to CommercialEdge information.
The new owner also signed a 15-year, full-building leasing agreement with a third-party logistics company operating in California and New Jersey.
The Class A property came online in February last year. In August 2022, the developer obtained a $59.8 million construction loan from Terra Capital Partners for this project, the same source shows.
READ ALSO: New Jersey’s Industrial Market Shows Bright Spots
Howell 1 has 38-foot clear heights and features 72 dock-high loading doors, 105 car parking spaces, four drive-in doors with ramps and 72 trailer stalls. The facility also has more than 9,000 square feet of dedicated office space.
The nearly 37-acre property is at 400 Fairfield Road, providing access to Highway 33 and Interstate 195. It is also some 60 miles from central Philadelphia. JFK International Airport is 63 miles northeast, while the Port of New York and New Jersey is within 41 miles.
Active Acquisitions is currently working on Howell 2, an adjacent industrial campus that will total about 504,000 square feet upon completion. Two buildings are planned, measuring 369,242 and 134,714 square feet.
New Jersey ranks high for industrial sales
New Jersey saw almost $1.2 billion in industrial investment volume year-to-date as of July, according to a CommercialEdge industrial report. Assets traded on average for $237 per square foot, ranking as the fourth most expensive U.S. market. The national average stood at $135 that same month.
Last month, B&D Holdings acquired Brunswick Industrial Campus, a six-building property in New Brunswick, N.J. Development Management Services sold the 206,069-square-foot asset after holding it for three years.
Another notable deal in the market was Brookfield Properties’ purchase of 300 John F. Kennedy Blvd. E., a 311,950-square-foot warehouse in Weehawken, N.J. The asset traded for $217 million, about $695 per square foot.
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