The San Diego-based company closes on 12 properties in the UK under long-term net lease agreements with Sainsbury's.

“Tenants occupying this market are typically looking for facilities with good functionality in a strategic location, proximate to the major transportation arteries, the ports, Newark Liberty International Airport, and New York City. 1416 East Linden checks all the boxes…,” says Bussel Realty SVP Jordan Metz.

The portfolio totals 1.27 million square feet of office space. SREIT is managed by Starwood REIT Advisors L.L.C., a subsidiary of Starwood Capital Group.

The former prison site is a prime location for new commercial or mixed-use development, state officials note.