121 and 131 Ethel Road West in Piscataway — Courtesy: Lee & Associates – WBE New Jersey
By Joshua Burd
Longpoint has acquired two industrial buildings in Piscataway, expanding its portfolio by more than 101,000 square feet in a deal arranged by Lee & Associates – WBE New Jersey.
The private equity real estate firm, which is based in Boston, paid $19.4 million for the small-bay facilities at 121 and 131 Ethel Road West, according to a news release. Lee & Associates’ Drew Maffey and Joseph Komitor represented the buyer in the off-market trade, noting that the seller was a private investor that owned the property for 25 years.
The buildings, which total 101,454 square feet, are 100 percent leased to users from sectors such as distribution and warehousing, food production and research and development.
“Small-bay product is seeing high demand in New Jersey from investors and tenants alike — it’s the industry’s sweet spot in today’s climate,” Maffey said. “This combination of asset size and location was particularly desirable, and we were pleased to identify and execute this off-market opportunity for a longtime client.”
The properties are a short drive from both Interstate 287 and Route 18.
“Longpoint continues to expand its presence in northern New Jersey,” said Rob Delaney, Longpoint’s head of acquisitions for the region. “This difficult-to-replicate asset and its location, with proximity to I-287 and the New Jersey Turnpike, were particularly attractive.”
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