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Barings Picks Up Pair of NJ Industrial Assets for $65M
After three bidding rounds that drew institutional and private investors, a pair of industrial properties in Avenel, NJ has traded for $65 million. Cushman & Wakefield’s East Rutherford, NJ-based sales team represented Sitex Group in its sale of 191 Blair Rd. and 215 Blair Rd. to Barings Real Estate.
The sale included a fully renovated, 175,182-square-foot building and a newly constructed, 198,854-square-foot property, both vacant at the time of the sale. “These vacant-forward sales demonstrate the sustained appeal of well-located industrial product in our region,” noted Cushman & Wakefield investment specialist Gary Gabriel.
In particular, said Gabriel’s colleague Kyle Schmidt, “Users are drawn to the properties’ Port location, highly functional building designs and site layouts that accommodate highly sought-after excess trailer parking.” Along with Gabriel and Schmidt, Cushman & Wakefield’s Andrew Merin, David Bernhaut, Brian Whitmer and Andrew MacDonald helped procure the buyer.
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- ◦Sale/Acquisition
