18-20 Harmrich Road in South Plainfield — Courtesy: Lee & Associates New Jersey
By Joshua Burd
A private owner has sold a two-building, 200,000-square-foot industrial property in Middlesex County, brokers with Lee & Associates New Jersey announced Wednesday.
The buyer, Boston-based Marcus Partners, paid $36.5 million for the multitenant complex at 18-20 Harmrich Road in South Plainfield, according to a news release. The off-market deal provides another addition to the firm’s fast-growing portfolio in New Jersey, with a location that is minutes from Interstate 287 and other highways in the area.
Lee & Associates Vice President and Principal Rick Marchisio, Vice President and Partner Crista Governara and Partner Drew Maffey represented the seller and procured the buyer.
“The New Jersey industrial market is extremely tight, and this is a highly desirable, fully tenanted warehouse property in a submarket that has emerged as a sought-after location for last-mile distribution,” Governara said. “Marcus Partners was looking for a specific investment type, and all the stars aligned to make this an attractive deal in a competitive marketplace.”
In announcing the deal, the brokerage team said 18-20 Harmrich Road sits on 17 acres and is logistically close to Port Newark-Elizabeth, the New Jersey Turnpike and routes 1 and 9. It also has significant outdoor storage, up to 28-foot clear ceiling heights, ample parking and multiple loading docks.
“This company was fantastic to work with, especially Todd Minerly, senior vice president of acquisitions, who helped to bring this deal over the finish line,” Governara added.