Lee & Associates New Jersey on Wednesday said it orchestrated the $36.5 million sale of an approximately 200,000-square-foot, two-building Middlesex County industrial property.
Boston-based Marcus Partners acquired 18-20 Harmrich Road in South Plainfield from a private ownership entity.
Lee & Associates’ Rick Marchisio, vice president and principal; Crista Governara, vice president and partner; and Drew Maffey, partner, represented the seller and procured the buyer in the off-market transaction.
“The New Jersey industrial market is extremely tight, and this is a highly desirable, fully tenanted warehouse property in a submarket that has emerged as a sought-after location for last-mile distribution,” Governara said. “Marcus Partners was looking for a specific investment type, and all the stars aligned to make this an attractive deal in a competitive marketplace.”
Marcus Partners ultimately secured a solid new addition to its growing New Jersey portfolio, Governara added.
“This company was fantastic to work with, especially Todd Minerly, SVP of acquisitions, who helped to bring this deal over the finish line,” she said.
18-20 Harmrich Road sits on 17 acres in the heart of one of the most densely populated industrial corridors in northern New Jersey. The multitenant property is logistically close to Port Newark-Elizabeth, Interstate 287, the New Jersey Turnpike and Routes 1 and 9. Adding to the appeal, the property offers significant outdoor storage, up to 28-foot clear ceiling heights, ample parking and multiple loading docks.