Pair of NJ Industrial Assets Commands $65M
Sitex Group recently developed one of the buildings and completely renovated the other. Both assets sit in the active New Jersey Port submarket.
By Corina Stef
215 Blair Road, Avenel, N.J.
Sitex Group has disposed of two industrial buildings in Avenel, N.J., for a combined $65 million. Barings Real Estate purchased the Class A assets on behalf of an institutional investor.
The first property is a new 198,854-square-foot distribution center located at 191 Blair Road. The other asset is situated at 215 Blair Road and comprises 175,182 square feet of recently renovated space. The upgrades include a new roof, façade, dock areas, HVAC and lighting systems, as well as repaved parking.
The buildings are positioned within the highly active New Jersey Port submarket, at Exit 12 of Interstate 12. Companies are attracted to the area due to its proximity to the port and large consumer population. Although vacant at the time of the sale, both assets attracted strong institutional, REIT and private investor interest.
A Cushman & Wakefield team comprising Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald represented the seller in the transaction and procured the buyer.
“These vacant-forward sales demonstrate the sustained appeal of well-located industrial product in our region,” Gabriel said in a prepared statement.
Image courtesy of Yardi Matrix
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