“This is a compelling opportunity to meaningfully scale and diversify our infill industrial portfolio in the Northern New Jersey market, one of the country’s most supply-constrained and strategically important warehouse markets serving the unmatched consumption base of the New York City MSA,” said Ryan Cotton, head of Bain Capital’s real estate team.

“This portfolio is tailor-made for our thematic infill strategy, with the majority of properties concentrated in our highest conviction submarkets.

The purchase builds on Oliver and Bain's JV, which was first established in 2019. The duo has acquired a total of 62 properties across more than 45 transactions and taking up over six million square feet. The JV, which has deployed more than $1.5 billion in capital, has not only focused on expanding its presence in New Jersey, but New York, Boston and Washington D.C too. The strategy between Oliver and Bain prioritizes "high-quality, infill industrial properties in select, supply-constrained markets," according to the investment managers.

Also, the latest acquisition represents the JV's fifth purchase in Northern New Jersey. And JV claims to be one of the top buyers of infill industrial assets in the New York Ctiy MSA.

Bain's New Jersey portfolio currently shows properties in East Rutherford and South Plainfield.

In 2024, New Jersey's industrial market overall struggled with vacancy, as the supply failed to meet the demand. The rate ticked up to six percent compared with 4.7 percent in the previous year, a market analysis report from NAI James E. Hanson showed. That came as 9.5 million square feet of product was delivered as vacant.