MCR, which is headquartered in New York City and Dallas, acquired the 150-room hotel located nearby the Prudential Center, a major entertainment venue and home to the New Jersey Devils, for an undisclosed price.

The firm has shifted from its 6,000-square-foot headquarters in Elizabeth to approximately 12,000 square feet of space at 45 Academy St. in Newark.

The brokerage firm ranked the top 10 warehouse markets with the Inland Empire, CA leading the way with 23.4 million square feet in the ground and a 3.2% vacancy rate and 9.4% annual rent growth.

The firm's first real estate fund closes oversubscribed at $120 million, exceeding its initial $100 million goal.