TA Realty Buys $22.3M NJ Industrial Portfolio

ENGLEWOOD, NJ-TA Realty has purchased a 290,000-sf New Jersey industrial portfolio from First Industrial Realty Trust for $22.3 million. The Metropolitan Area Financial Services Group (FSG) at Cushman & Wakefield of New Jersey Inc. represented the seller and procured the buyer in the transaction.

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.