The portfolio consists of four, multi-tenanted flex industrial properties, including a 110,000-sf building at Smith St. and West Forest in Englewood; a 75,000-sf structure at 601-629 Montrose Ave. in South Plainfield; and 43,000-sf and 62,000-sf buildings, respectively, at 60 and 70 Ethel Rd. West in Piscataway. Occupancy at the time of the sale was 92%.

"This transaction, which was completed in just 40 days, exemplifies continued demand for industrial property in the State of New Jersey," notes Gary Gabriel, an FSG senior director. "It also reflects a recent shift in investor preferences from bulk distribution buildings to flex product." Gabriel says New Jersey is a top-tier large market for industrial properties that buyers find attractive for multiple reasons.

According to Gabriel, the buildings in the portfolio all occupy strong locations accessible to major thoroughfares. He also credits the nature of the tenant mix in attracting TA Realty. "The largest tenant in any of the buildings occupies no more than 7% or 8% of the rentable area," he says. "This diversity limits the exposure to risk, which is highly appealing, especially in the current environment, to selective investors like TA Realty."