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$77 Million Takes 11 Industrial Properties

ALLENDALE, NJ-Boston-based High Street Equity Advisors buys the almost 750,000 sf throughout the state from First Industrial Realty Trust.

By Brianne Harrison | Updated on May 30, 2008

ALLENDALE, NJ-High Street Equity Advisors, a real estate investment company based in Boston, has acquired 11 industrial buildings throughout the state from First Industrial Realty Trust for $76.7 million. The properties, which total nearly 750,000 sf, have been grouped into three sub-portfolios: Allendale, Edison and Franklin Township.

The Allendale portfolio, totaling 428,833 sf, was the largest acquisition. Located on Route 17 in north west Bergen County, the portfolio includes a seven-building light industrial park at 1, 2, 3, 5, 6 and 7 Pearl Court, totaling 368,833 sf, and 59 Route 17, which is 60,000 sf. The total purchase price was $42.7 million. The properties, which are currently 94% occupied, have access to I-287 and the Garden State Parkway.

In Edison, High Street acquired two light industrial buildings at 300 Columbus Dr. and 400 Raritan Center for $22 million. The properties, which total 204,440 sf, are 100% occupied and are located three miles from I-287, SR 440 and the New Jersey Turnpike.

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