400 Fairfield Road in Howell — Courtesy: MCB Real Estate
By Joshua Burd
MCB Real Estate has purchased a newly built, 368,000-square-foot industrial building in Howell for nearly $70 million, the investment management firm announced Tuesday.
According to a news release, the property at 400 Fairfield Road was vacant at the start of the transaction but had a signed lease in hand at closing. The tenant, an undisclosed third-party logistics company with operations in California and New Jersey, will occupy the full building.
MCB did not list the seller in the $69.9 million deal, which it completed in three weeks.
“Demand for quality industrial product remains strong despite headwinds in capital markets,” said Mike Trail, principal and chief investment officer with the Baltimore-based firm. “We are still seeing opportunities to create value, even in stable mature markets like northern New Jersey. Acquiring vacant buildings with a tenant in tow is a tried-and-true MCB value creation strategy.”
MCB noted that the site is a 20-minute drive from the New Jersey Turnpike, adding that it expects the property’s value to grow over time as the Howell market develops. With the deal, the firm’s industrial team now has 2.7 million square feet under management.
