331 Fairfield Road in Howell — Courtesy: Devli Real Estate
By Joshua Burd
Devli Real Estate has expanded its New Jersey industrial portfolio by more than 80,000 square feet with a series of acquisitions in Bergen, Hudson and Monmouth counties.
According to the firm, the newly added properties include a fully leased, three-building industrial portfolio at 331 Fairfield Road in Howell. The Wallington-based company also purchased a vacant property at 2 West Commercial Ave. in Moonachie and a vacant industrial condominium with cold storage at 15-01 Pollitt Drive in Fair Lawn.
In North Bergen, Devli acquired an industrial complex on two acres at 5401 Tonnelle Ave.
“New Jersey’s industrial market has seen unprecedented demand over the last 18 months which continues to drive up rents at record-breaking levels,” said Mark Devli, the firm’s chief investment officer. “The latest statistics show that the New Jersey industrial market has had the highest rent growth of any major market in the U.S. this past year.
“When we factor in anticipated new construction industrial deliveries over the next year, New Jersey’s industrial market will still be severely undersupplied, which we believe will continue to drive rents up across the board for all industrial real estate. The increased cost of construction will also impact rents going forward.”
The firm said that the Howell portfolio, built in 2005, caters to local trade tenants with flex units ranging from 1,200 to 15,000 square feet. Meantime, the North Bergen site provides development opportunities, providing flexibility in a fast-changing industrial market.
“We could not be more proud of our team’s ability to source quality deals and to move swiftly in closing transactions, two qualities that are paramount in today’s competitive industrial landscape,” Devli said. “These properties are all well-located and fit well in our existing industrial portfolio of high quality, functional industrial buildings. We believe in the continued success of the industrial sector, and plan to continue deploying capital in the space and have a significant acquisition pipeline in the works.”