By Joshua Burd
A joint venture has acquired a nearly 66,000-square-foot warehouse in Jersey City for $21.7 million, expanding its portfolio in a key northern New Jersey submarket.
In a news release, ASB Real Estate Investments said it completed the purchase of 111 Thomas McGovern Drive in tandem with Cohen Asset Management. Its addition of the 3.4-acre, 65,715-square-foot property came as part of its $7.4 billion ASB Allegiance Real Estate Fund, providing an opportunity near both the New Jersey Turnpike and the Holland Tunnel.
The complex is fully leased to Nestlé Waters.
“This acquisition adds to ASB’s last mile industrial portfolio in northern New Jersey, one of the most important industrial markets in the country,” ASB Managing Director Brodie Ruland said. “Current market vacancy is only 2 percent, helping drive strong rent growth, and Nestlé Waters is a strong, credit tenant. At ASB, we continue to expand Allegiance Fund’s national industrial portfolio as one of our primary strategic initiatives. Since 2018, we have made 15 investments totaling more than $1 billion in 8.5 million square feet of warehouse and logistics space in leading markets across the country.”
CBRE’s Brian Fiumara, Tom Monahan and Larry Schiffenhaus represented the buyer and seller in the off-market transaction, ASB said. In its announcement, the firm said the deal is ASB’s fifth acquisition in partnership with Cohen Asset Management, accounting for some two dozen industrial buildings.
Nestlé Waters distributes the Poland Spring, Deer Park and Arrowhead brands, among others, ASB noted. The Thomas McGovern Drive property accommodates parking for up to 50 box trucks and sprinter vans, featuring 21-foot clear ceiling heights, 11 dock doors and four drive-in doors.
