The property has two six-story buildings totaling 427,600 square feet and a development parcel.

Located in East Greenwich, NJ, the new, fully-leased warehouses total 535,790 square feet and were purchased by Watson Land Co.

Innovo Property Group has sold the 81,000-square foot warehouse to CenterPoint Properties, according to a source.

The lack of entry-level housing supply and rising home prices puts the multifamily rental market in control.