By Joshua Burd
B&D Holdings and investors advised by J.P. Morgan Asset Management have acquired a 205,000-square-foot portfolio of shallow-bay industrial buildings in North Brunswick.
According to a news release, the deal includes five Class A and B properties with an average unit size of under 12,000 square feet and clear ceiling heights of 18 to 30 feet. B&D also noted that the portfolio is 100 percent occupied with a diverse roster of warehouse, industrial, research and development and manufacturing tenants, adding to the appeal of the transaction.
Terms and the exact locations of the buildings were not disclosed.
“Across our national portfolio, we continue to see significant tenant demand for similar assets to this acquisition,” said Rob Logan, a principal of B&D. “The shallow bay industrial product, especially Class A, is well-situated for continued rent growth and strong performance.”
The deal brings B&D’s shallow-bay and industrial outdoor storage portfolio to 9 million square feet nationally, the news release said. Northern New Jersey is among the firm’s target markets, with Jack Shulman recently joining its team to spearhead its expansion in the region.
“I am grateful to the B&D transactions team, our partners at J.P. Morgan Asset Management, our lender Grant Street, the capital markets team at JLL and Guy Hananya at Clear Height, for their seamless execution and commitment to this deal,” said Shulman, senior vice president of acquisitions.
Preston Meyer, managing director and portfolio manager at J.P. Morgan Asset Management, added: “The portfolio offers the opportunity to cater to smaller industrial users that have been underserved with much of the industrial development pipeline concentrated in larger-format buildings. We are excited about the opportunity to grow our industrial portfolio and expand our presence in one of our highest conviction sectors.”
