330 South Randolphville Road in Piscataway — Courtesy: Lee & Associates New Jersey
By Joshua Burd
BlackRock Realty Advisors has purchased a nearly 300,000-square-foot industrial building in Piscataway for $80 million, in one of two deals announced by Lee & Associates New Jersey.
According to the brokerage team, the property at 330 South Randolphville Road is fully leased to General Plumbing Supply Inc. It was also completed less than two years ago within one of the state’s fast-growing industrial submarkets, adding to the appeal for the investment manager.
Matthew Schnurr of Lee & Associates’ capital markets team represented the buyer in the deal.
“BlackRock was drawn to the investment by the ideal location with proximity to the Ports, immediate interchange access and a long-term lease involving a mission-critical corporate headquarters, showroom and distribution space operation,” Schnurr said. “It was a pleasure working with the BlackRock team, whose members were keenly aware of the unique investment and property attributes. The New Jersey industrial investment market as a whole remains one of the most sought-after nationwide, in terms of high occupancy, sustained rental growth and limited supply.”
Lee & Associates New Jersey also represented a private logistics firm in a full-building, 189,000-square-foot lease at 602 New Market Ave. in South Plainfield. The firm’s Drew Maffey and Rick Marchisio represented the tenant in the deal with Bridge Industrial, noting that the building has 70 trailer spots, a 36-foot clear ceiling height and 40 exterior docks.
The nearly 21-acre site is less than two miles from Interstate 287.
“The building’s features and ideal location were major draws,” Maffey said. “The western I-287 submarket allows for access to over a third of the U.S. population within a three-day drive.”
The team added that the tenant is expanding as part of its move to 602 New Market Ave.
“We were able to close the deal quickly while ensuring that all of the tenants’ needs were met,” Maffey said.
