Black Creek Group Expands New Jersey Industrial Presence
The firm is acquiring three buildings totaling 409,000 square feet, a redevelopment totaling 120,000 square foot and 72 acres for the development of 528,000 square feet.
TRENTON, NJ—Black Creek Group, a Denver-based real estate investment manager and development firm with a 25-year history, has expanded its New Jersey footprint. Since the beginning of 2019, Black Creek Group has acquired three industrial buildings totaling 409,000 square feet, bringing the firm’s New Jersey industrial holdings to 2.8 million square feet. The purchases totaled around $50 million, the firm says.
The acquisitions include:
- Two core industrial buildings located in the 7A submarket – 1100 Route 130, Robbinsville, NJ, a 177,000 square foot, 98%-leased functional class B asset that Black Creek declined to identify, and 17 Quakerbridge Plaza Drive, a 76,000 square foot, 100 percent leased class A asset, it acquired for $8.5 million from Matrix Development, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate
- 5 Paddock Street, Avenel, NJ, a 156,000 square foot value-add project located in the Exit 12 industrial submarket. According to Real Capital Analytics, Black Creek acquired the property from 5 Paddock St. Realty Co. for $21.5 million. The firm will be renovating the vacant, Class B industrial building to a modern, class A asset. Renovations are scheduled to be compete in late Q1 2020.
Additionally, the firm acquired 100 East Essex Avenue, Avenel, NJ, a 120,000 square foot redevelopment in the Exit 12 submarket and 72 acres in the Exit 6 submarket for the development of a 528,000 square foot industrial building. Black Creek Group is currently completing entitlements for both projects and will begin construction on both in Q2 2020.
A spokesman for Black Creek Group declined to identify the other sellers of the properties or the prices paid, citing “confidentiality restrictions.”
Update, 5/1/2019, 1:56 p.m.: Subsequent to the publication of this article, Black Creek Group identified the properties by street address, except for the parcel in the Exit 6 submarket, whose address may be changing.