By Joshua Burd
Bain Capital and Oliver Street Capital have acquired an 11-building, 784,000-square-foot industrial portfolio in northern New Jersey for $208 million, the firms announced Thursday.
In a news release, the joint venture said the properties consist of Class B warehouses in what it described as infill markets. The firms also noted the portfolio is 88 percent leased to a mix of local and national tenants, offering warehouse suite sizes averaging 23,000 square feet.
Published reports identified Blackstone as the seller and Burry Klein of Branch Industrial as a broker involved in the deal. Bain and OSC did not disclose the individual addresses.
“This is a compelling opportunity to meaningfully scale and diversify our infill industrial portfolio in the northern New Jersey market, one of the country’s most supply-constrained and strategically important warehouse markets serving the unmatched consumption base of the New York City MSA,” said Ryan Cotton, head of Bain Capital’s real estate team. “This portfolio is tailor-made for our thematic infill strategy, with the majority of properties concentrated in our highest-conviction submarkets. As demand continues to shift toward smaller-format facilities, we continue to see significant opportunities to partner with OSC to invest in these infill industrial assets in high demand by a diverse tenant base.”
The off-market deal represents Bain Capital and OSC’s fifth acquisition in northern New Jersey since the joint venture began to focus on the region in late 2023, the news release said.
“This transaction marks a watershed moment in our platform’s expansion into the northern New Jersey market, raising our presence to 15 assets within two years,” said Jon Hyde, managing principal of OSC. “We continue to have high conviction in the northern New Jersey industrial market.”
Fellow Managing Principal Jon O’Donnell added: “We’re building a truly unique multimarket portfolio of functional and irreplicable warehouses in highly infill locations, which is a testament to our relationships and the great local networks that help us source, lease and manage the assets.”
A Seyfarth Shaw team led by Partner Michael Dowley represented the joint venture in the deal.
“This transaction highlights the continued investor appetite for functional, last-mile industrial assets in high-barrier markets,” Dowley said. “We’re proud to support Bain and Oliver Street and other clients like them executing on long-term strategies in competitive logistics corridors like northern New Jersey.”
