Lee & Associates New Jersey arranged two industrial transactions in Middlesex County, reflecting sustained dealmaking velocity in the regional marketplace, according to a Tuesday announcement.
In Piscataway, BlackRock Realty Advisors acquired 330 S. Randolphville Road for $80 million. In South Plainfield, a logistics firm signed a 189,000-square-foot, full-building lease at 602 New Market Ave.
Matthew Schnurr of the commercial real estate firm’s Capital Markets team represented BlackRock in its investment acquisition. The nearly 300,000-square-foot South Randolphville Road complex is fully occupied by General Plumbing Supply Inc.
“BlackRock was drawn to the investment by the ideal location with proximity to the ports, immediate interchange access and a long-term lease involving a mission-critical corporate headquarters, showroom and distribution space operation,” Schnurr said. “It was a pleasure working with the BlackRock team, whose members were keenly aware of the unique investment and property attributes. The New Jersey industrial investment market as a whole remains one of the most sought-after nationwide, in terms of high occupancy, sustained rental growth and limited supply.”
In South Plainfield, Drew Maffey and Rick Marchisio represented the logistics tenant in its full-building lease at 602 New Market Ave. Colliers represented the landlord, Bridge Development. Situated on nearly 21 acres, the modern, energy-efficient building features 70 trailer spots, 36-foot clear ceiling height and 40 exterior docks.
The move to 602 New Market Ave. is an expansion play for Maffey’s and Marchisio’s client.
“The building’s features and ideal location were major draws,” Maffey noted. “The Western I-287 submarket allows for access to over a third of the U.S. population within a three-day drive.”
Maffey credited a collaborative relationship with the Bridge Development team for a smooth transaction.
“We were able to close the deal quickly while ensuring that all of the tenants’ needs were met,” he said.