151 Old New Brunswick Road in Piscataway — Courtesy: Marcus Partners
By Joshua Burd
Marcus Partners has added nearly 90,000 square feet to its New Jersey industrial portfolio with its purchase of a newly renovated property in Piscataway.
Based in Boston, the investment manager paid an undisclosed price for the facility at 151 Old New Brunswick Road. The firm noted that the 89,070-square-foot building is 500 feet from the exit ramp of Interstate 287 and less than 30 minutes south of Port Newark-Elizabeth, with an existing tenant in place and features such as high ceilings, heavy power and an abundance of parking.
JLL represented both Marcus Partners and the private seller in the deal.
“Even in today’s challenging market, we continue to find compelling value-add opportunities that align with our investment strategy along the Northeast corridor,” said Todd Minerley, senior vice president at Marcus Partners. “Joel Lubin with JLL played a vital role from start to finish and we appreciate his tireless efforts on our behalf to add this property to our growing New Jersey portfolio.”