The company has just acquired two industrial buildings totaling just over 203,250 sf at Raritan Center. The assets include 400 Raritan Center Parkway, a 123,000-sf facility that has 20,000 sf currently available; and the 80,000-sf 300 Columbus Circle, which has 46,000 sf available. The latter is divisible to 9,300 sf.
The $15 million acquisition deal was brokered by Cushman & Wakefield of New Jersey, based in East Rutherford. The seller was Principal Capital Management. The sale price for the properties factors out to just under $74 per sf of building space.
"We are very pleased to be making our first acquisition in Raritan Center," according to Hayden Tiger, First Industrial's regional director. "We intend to remain one of the most active industrial investment and development companies in New Jersey, and I think this acquisition is evidence of that.
"We feel that these two buildings will be able to satisfy a number of tenant requirements in the marketplace," Tiger continues. In particular, he notes, the two facilities have 19-foot clear ceilings and parking ratios of 3/1,000. The multi-tenant buildings have a tenant roster that includes Verizon, R.J. Reynolds and the US Post Office.
Raritan Center, located in Middlesex County, was developed on the site of the old Raritan Arsenal, a federal military facility that was de-commissioned back in the 1960s. The sprawling development is located adjacent to both the New Jersey Turnpike and Garden State Parkway, and to I-287.
Nationally, First Industrial owns a portfolio of some 80 million sf, valued at almost $3 billion, in 31 markets. The company's national and New Jersey focus is on both large and small warehouse, distribution and flex users.
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