By Joshua Burd
An investment firm has added to its growing footprint in New Jersey with the purchase of a fully leased, 172,417-square-foot industrial building in Robbinsville.
Black Creek Group, which is based in Denver, recently completed its acquisition of 3 Applegate Drive for an undisclosed price, a spokeswoman said. The company did not identify the seller of the property, which sits just east of the New Jersey Turnpike at Exit 7A and north of Interstate 195.
According to the listing website CommercialCafe, the 30-year-old property was owner-occupied. Public records identify the anchor user as Bohrens Moving & Storage.
CoStar News, which first reported the acquisition, listed the transaction price as $22.6 million.
The deal comes two months after Black Creek, whose Northeast regional office is in Rutherford, acquired a fully entitled, 30.8-acre development site in Florence Township for $14.75 million. At the time of the sale, the Railroad Avenue property was approved for the construction of a 300,700-square-foot warehouse and distribution facility.
In May 2019, Black Creek purchased a 76,220-square-foot industrial property in Hamilton from Matrix Development Group. The company at the time noted that it was bullish on the Exit 7A submarket, which includes both Hamilton and Robbinsville.