Freehold Business Park at 1 Business Park Drive in Freehold — Courtesy: CBRE
By Joshua Burd
An industrial buyer has added six buildings in Freehold totaling nearly 91,000 square feet, part of a $15.2 million deal announced Wednesday by CBRE.
According to the brokerage team, the deal at the Freehold Business Park also includes a roughly one-acre lot at 100 Business Park Drive that is suitable for the development of another 13,750 square feet of industrial space. CBRE represented the seller, Asbury Avenue Partners LLC, in the deal with MT Freehold BPD LLC.
“The sale of the properties within the Freehold Business Park represents the sixth transaction our team has completed in Freehold over the past few years, demonstrating the area’s status as a premier industrial submarket in central New Jersey,” CBRE’s Charles Berger said. “In fact, industrial real estate is now on par with the multifamily sector as one of the most highly coveted asset classes within commercial real estate, with both still trading at aggressive cap rates.”
The CBRE investment properties team of Berger, Elli Klapper, Mark Silverman and Jeremy Wernick worked on the deal with Lou Belfer and Scott Belfer of the firm’s transaction and advisory group. They noted that the 90,677-square-foot portfolio at 1 Business Park Drive sits on 14.27 acres, part of a complex that was built in 2007 and renovated in 2021.
Tenants at the park consist of a wide range of users, which benefit from its proximity to routes 33, 18 and 9, the New Jersey Turnpike and the Garden State Parkway.
