Blackstone Venture Acquires North Bergen Industrial Asset
The Blackstone entity acquired the property in partnership with Roman Real Estate Holdings, Inc., according to NAI James E. Hanson, which brokered the deal on behalf of the buyer.
NORTH BERGEN, NJ—Link Industrial Properties, Blackstone’s US industrial real estate operating platform, has acquired the 130,000-square-foot industrial building at 7300 West Side Ave.
The New York City-based Blackstone entity acquired the property, according to NAI James E. Hanson, which brokered the deal on behalf of the buyer. NAI James E. Hanson’s Scott Perkins, SIOR, Greg James, and Chris Todd represented the new ownership. Bonnie Heller of Cushman and Wakefield represented the seller—Roman Real Estate Holdings, Inc.—in the deal.
No financial terms of the transaction were disclosed.
7300 West Side Ave., which is located less than 10 miles from New York City, features easy access to both the George Washington Bridge and Holland Tunnel as well as Interstates 78, 80, and 95 and Routes 3, 4, and 46. The industrial building boasts 22’ ceilings, 19 tailgates, and ample car parking.
“We continue to see a surge in industrial acquisition activity in the New York City area as available industrial space has been all but spoken for over the past several quarters,” Todd says. “As a result, deals of this size have become increasingly rare and expensive in this type of market.”
The nearly 94 million-square-foot Meadowlands industrial submarket continues to stand out as one of northern and central New Jersey’s most competitive and highest priced markets. The market currently has a 3.1% vacancy rate and a record-high price per square foot of $10.42, the highest in the region. The pricing represents a $1.22-increase from the third quarter of 2018 and a $2.91-increase from the third quarter of 2016, according to NAI James E. Hanson.
Kristen Jost, research analyst at NAI James E. Hanson, notes, “With just over 600,000 square feet of industrial space under construction in the Meadowlands right now, it does not appear that the market’s space shortage shows any sign of abating in the near future. Coupled with ever-increasing demand, pricing will continue to rise and place sellers in a highly advantageous position moving forward for the foreseeable future.”
James and Todd, along with Tom Vetter, SIOR and Jeff DeMagistris, SIOR at NAI James E. Hanson have been named exclusive leasing brokers for 7300 West Side Ave.