MT Freehold BPD acquired a six-building industrial portfolio at the Freehold Business Park from Asbury Avenue Partners for $15.2 million, CBRE announced Wednesday.
In addition to the six warehouse buildings (which total 90,677 square feet), the portfolio sale includes 100 Business Park Drive, a roughly one-acre lot that is suitable for the development of another 13,750 square feet of industrial property.
Located at 1 Business Park Drive, Freehold Business Park sits on 14.27 acres of land. The industrial complex was built in 2007 and renovated in 2021 to meet the demands of users for high-quality industrial space in one of the tightest markets in the nation.
The complex is situated near Route 33, Route 18, Route 9, Interstate 95 (New Jersey Turnpike) and the Garden State Parkway. Tenants at the park consist of a wide range of users, which offered a diversified investment for the buyer. The acquisition also offered new ownership a tremendous opportunity for long-term rent growth.
The CBRE Investment Properties team of Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick collaborated with Lou Belfer and Scott Belfer of CBRE’s Transaction & Advisory Group in representing the seller.
“The sale of the properties within the Freehold Business Park represents the sixth transaction our team has completed in Freehold over the past few years, demonstrating the area’s status as a premier industrial submarket in central New Jersey,” Berger said.
“In fact, industrial real estate is now on par with the multifamily sector as one of the most highly coveted asset classes within commercial real estate, with both still trading at aggressive cap rates.”