1735 Jersey Ave. in North Brunswick — Courtesy: Taconic Partners
By Joshua Burd
Taconic Partners has added its second New Jersey industrial building with the purchase of a fully leased, 360,000-square-foot facility in North Brunswick for $74.3 million.
According to the firm, which is based in Manhattan, the property at 1735 Jersey Ave. provides it with exposure to the highly active submarket around the New Jersey Turnpike’s Exit 9. Tenants at the building include Kamps Inc., one of North America’s largest pallet distributors and manufacturers, and Luxe Living Design, a high-end event furniture rental company.
JLL Managing Director Jordan Avanzato, Senior Managing Director Marc Duval, Senior Director Nicholas Stefans and Director Jason Lundy brokered the deal with an undisclosed seller. The firm’s Evan Pariser and Aaron Niedermayer, both senior managing directors, arranged $46.6 million in acquisition financing from J.P. Morgan, while Murphy Schiller & Wilkes LLP partners Chris Murphy and Charles J. Wilkes, along with counsels Thomas Garlick and Jessica R. Brenner, assisted in the transaction.
“This acquisition represents a strategic opportunity to continue to expand our New Jersey industrial portfolio with a fully stabilized property at an attractive going-in yield with future upside,” said Chris Balestra, Taconic’s president and chief investment officer. “As we look to expand our industrial presence in the tristate market, 1735 Jersey Avenue was a highly attractive, off-market opportunity in a submarket with strong tenant demand and low vacancy for Class B product.”
In a news release, the firm said the property sits on roughly 17 acres and has 24 loading positions, direct rail access, up to 24-foot ceiling heights and accessory industrial outdoor storage space. It also benefits from the region’s deep labor pool, proximity to Port Newark-Elizabeth and connectivity to one-third of the U.S. population within a day’s drive, while the firm has engaged a solar developer to install a rooftop photovoltaic system.
