IPT Acquisitions Buys Avenel, NJ Industrial

2323 Randolph Avenue, Avenel, NJ

AVENEL, NJ— IPT Acquisitions, an industrial real estate investment trust that owns and operates distribution warehouses throughout the United States, has purchased 2323 Randolph Avenue in Avenel, NJ, a multi-tenanted industrial asset, from Bailey Industries, for $6.7 million. Bussel Realty Corp. arranged the sale, with senior vice president Earl Lapides as the exclusive broker representing the seller in the transaction. “ IPT Acquisitions purchased the property due to its great location near the ports and Newark Liberty Airport, and since it is near full occupancy,” says Lapides .  “Northern New Jersey’s proximity to metro New York markets makes the property an ideal investment as users continue to seek quality industrial space in Avenel and surrounding markets. 2323 Randolph Avenue is a 79,988-square-foot industrial property located near highly-sought after Exit 12 of the New Jersey Turnpike.  The multi-tenanted building offers high ceilings, tailboard loading, abundant parking, heavy power and wet sprinklers.