Cushman & Wakefield arranges industrial sale in Avenel

Cushman & Wakefield announced Thursday it has arranged the trades of two industrial buildings.

The trades of 191 Blair Road and 215 Blair Road from Sitex Group to Barings Real Estate on behalf of an undisclosed institutional investor were managed by Cushman & Wakefield’s investment sales team.

The two properties sold for a combined $65 million, C&W said.

“We maintain a positive outlook on the industrial sector and are pleased to acquire these high-quality, well-located properties that offer the opportunity to add value to our investors,” said Mike Zammitti, head of U.S. real estate equity for Barings Real Estate. “We appreciate the efforts made by Cushman & Wakefield and Sitex Group to close this transaction.”

The two properties, a 175,182-square-foot building and a 198,854-square-foot newly-constructed building, are located off New Jersey Turnpike Exit 12.

“These vacant-forward sales demonstrate the sustained appeal of well-located industrial product in our region,” said Gary Gabriel, Cushman & Wakefield investment specialist.

Gabriel represented the seller and found the buyer, along with Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald.

“Both buildings exhibited significant leasing interest prior to close,” Schmidt said. “Users are drawn to the properties’ Port location, highly functional building designs and site layouts that accommodate highly sought-after excess trailer parking.”