MONROE, NJ–Morgan Stanley’s Prime Property Fund has acquired a six-building, 1.02 million-sf industrial portfolio in the New Jersey Turnpike Exit 8A submarket from BlackRock for an undisclosed sum. Cushman & Wakefield Inc.'s Metropolitan Area Capital Markets Group of East Rutherford represented BlackRock and procured the buyer.
"We’ve had a lot of money looking to buy in the industrial market," Andrew Merin of the Capital Markets Group told GlobeSt.com. “People think we have turned the corner.”
The property drew more than two dozen offers, Merin tells me, noting that little space has been on the market. He notes that offers increased through each round of bidding, with those in the second round upping their prices by as much as 15%. Morgan Stanley’s Fund currently has 10% of its funds in industrial properties and has allocated 15% to the sector. “They were motivated.”
Completed between 1985 and 1989 by Matrix Development Group, the Exit 8A Industrial Portfolio consists of 3 and 6 Fitzgerald Ave., 151,000 and 204,000 sf respectively; 3 and 17 South Middlesex Ave., 170,000 and 195,000 sf respectively; the 145,000-sf Engelhard Drive; and the 161,500-sf 32 Commerce Court.
The portfolio is 93% leased and has just one recently vacated 75,000-sf unit available. Tenants include Villeroy & Boch, Dr. Jay's, Vertis, NAL Worldwide, Santini/NYDC, Hair System, Illinois Tool Works, and Sonsopete/Pack-Rat.
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