Boston-based NorthBridge Partners has picked up a last mile
distribution center in Branchburg, NJ.
JLL Capital Markets announced that it brokered the sale of
the 50,400 s/f facility at 161 Meister Avenue that is fully leased to Fed-Ex.
JLL marketed the property on behalf of the seller, Elberon
Development Group and The Avidan Group.
The facility is situated on 3.49 acres at 161 Meister Ave.,
less than one mile from State Route 22, the region’s main commercial
thoroughfare. It is also minutes from Interstates 78 and 287, two of the New
York metro area’s largest and most heavily trafficked highways.
Additionally, 161 Meister Ave. is situated in what is known
as New Jersey’s “wealth belt” due to median household incomes more than two
times the national average.
Fed-Ex has occupied 161 Meister Ave. since it was
constructed in 1988 and uses it as a last-mile delivery center that serves
Somerset and the regional community. The tenant, recently executed a long-term
lease extension.
The JLL Capital Markets team representing the sellers was
led by Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh.
“This is the most active and robust industrial market that
we have seen all cycle,” Duval said. “Investors continue to pursue
opportunities in the industrial space, and existing operators are rapidly
ramping up their platforms.”
Elberon and The Avidan Group paid $3.57 million for 161 Meister Avenue in 2014. The recent sale price was not disclosed.
NorthBridge acquires, modernizes and develops small-to-mid-sized final mile industrial real estate assets located near dense population centers. In April, the company partnered with New York-based Park Madison Partners on a $500 million fund backed by public and private pensions, foundations, asset managers, family offices, and high net worth individuals.
The fund strategy is a continuation of the prior two
vehicles, targeting strategically located US East Coast industrial assets that
are critical to the modern e-commerce supply chain as companies compete for the
shortest delivery times to consumers.
The success of Fund III follows NorthBridge’s March 2021 recapitalization
of a $360 million, 2.3 million square foot portfolio of final-mile industrial
properties in partnership with Brookfield Asset Management’s new secondaries
platform. Park Madison Partners served as NorthBridge’s exclusive capital
advisor on the recapitalization.
