The brokers declined to identify that seller of the properties. However, all had been previously listed with First Industrial Realty Trust as the owner , and their acquisition by the REIT had previously been reported by GlobeSt.com.
The portfolio includes seven buildings, totaling just less than 369,000 sf, that make up most of Allendale Park, an industrial/flex campus here. The seven buildings are currently listed as 94% leased.
Two of the buildings are in Franklin Twp., Somerset County, identified as 400 and 500 Apgar Rd. Totaling approximately 177,000 sf, the assets are currently 95% occupied. The two remaining buildings are 300 Columbus Circle and 400 Raritan Center Pkwy. in Raritan Center, Edison. Totaling just less than 205,000 sf, the latter two are currently 100% leased.
"The owner had acquired these well-located industrial buildings at different times during the past decade," says C&W's Gary Gabriel, who co-brokered the sale with Andrew Merin, David Bernhaut and Jose Cruz. According to Gabriel, "the close of this portfolio sale demonstrates the continued market for quality properties despite current, challenging capital markets conditions. We went out to a select list with this offering. In this market, it's very important to choose your buyer very carefully, as the availability and cost of financing has changed significantly."
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