A Massachusetts-based real estate firm has grown its New Jersey industrial portfolio with the acquisition of a Piscataway property, it announced Wednesday.
Marcus Partners purchased 151 Old New Brunswick Road, an 89,070-square-foot building, from an undisclosed seller. The undisclosed tenant will remain in place at the building, just 500 feet from the exit ramp of Interstate 287.
Financial terms of the deal were not disclosed.
“Even in today’s challenging market, we continue to find compelling value-add opportunities that align with our investment strategy along the Northeast Corridor,” Todd Minerley, senior vice president, said in a prepared statement. “Joel Lubin with JLL played a vital role from start to finish, and we appreciate his tireless efforts on our behalf to add this property to our growing New Jersey portfolio.”
JLL represented both the buyer and seller in the transaction.
Marcus Partners, based in Boston, has regional offices in New Jersey, Connecticut and metro Washington, D.C.