This latest acquisition is part of Keystone's ongoing $300 million partnership with CalEast, according to John P. DiCola, senior vice president of the West Conshohocken, PA-based REIT. CalEast is comprised of the Chicago-based LaSalle Investment Management and the Sacramento, CA-based California Public Employee Retirement System (CalPERS).

"We are pleased to further increase our ownership of bulk warehouse product in Northern New Jersey," DiCola says. "With this acquisition, our total ownership in the state now stands at approximately 11 million sf."

That figure includes almost 1.6 million sf of space that is currently under construction at various locations, according to DiCola. Nearly half of the 1.6 million sf under construction involves a warehouse/distribution center that Keystone is doing as a build-to-suit for Home Depot in Cranbury, NJ (see earlier story).

"In addition, we have a development pipeline in New Jersey that can support another 1.6 million sf," DiCola adds.

Altogether, Keystone Property Trust's current portfolio totals more than 29 million sf in 125 properties in the eastern half of the US. Located at 230 Brighton Ave. in the Clifton/Route 3 submarket, the latest acquisition has a tenant roster that includes Warehouse Distribution & Internet Fulfillment (Waitex) and ClientLogic.