Download Word Document: Click Here

Multiple Bidding Rounds, $65M Combined Price Reflects Strong Regional Investor Demand

AVENEL, N.J., March 6, 2018 – Multiple rounds of bidding and a combined $65 million sale price for two industrial buildings in Avenel reflect continued strong investor demand for Class A product in New Jersey’s Port submarket. Cushman & Wakefield’s East Rutherford, N.J.-based investment sales team orchestrated the trades of 191 Blair Road and 215 Blair Road from Sitex Group to Barings Real Estate on behalf of an institutional investor.

“We maintain a positive outlook on the industrial sector and are pleased to acquire these high-quality, well-located properties that offer the opportunity to add value to our investors,” stated Mike Zammitti, Head of U.S. Real Estate Equity for Barings Real Estate. “We appreciate the efforts made by Cushman & Wakefield and Sitex Group to close this transaction.”

Located at Exit 12 of the N.J. Turnpike/I-95, the sales included a fully-renovated, 175,182-square-foot building and a newly constructed, 198,854-square-foot building. Both structures were unoccupied at the time of marketing. “These vacant-forward sales demonstrate the sustained appeal of well-located industrial product in our region,” noted Cushman & Wakefield investment specialist Gary Gabriel, who represented the seller and procured the buyer with Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald.

“Both buildings exhibited significant leasing interest prior to close,” Schmidt added. “Users are drawn to the properties’ Port location, highly functional building designs and site layouts that accommodate highly sought-after excess trailer parking.” The offerings drew institutional, REIT and private investors, and ultimately included three rounds of bids.

Barings Alternative Investments, part of Barings LLC, seeks to realize differentiated sources of return globally across real estate, private equity and real asset investments. The Real Estate group offers a diverse range of investment opportunities across public and private real estate debt and equity markets, with a focus on global relative value and attractive risk-adjusted returns. The Private Equity/Real Assets group provides direct private equity investments in real asset-based businesses, offering downside protection through the underlying value of the assets and upside optionality captured through active management and enterprise-value creation. The Funds & Co-Investments group provides tailored and outcome-oriented portfolios of traditional private equity and real asset investments leveraging global market expertise and integrated portfolio management.

Cushman & Wakefield’s East Rutherford investment sales group specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The team has completed $27 billion worth of transactions since 2000, closing over $2.5 billion in sales in 2017.


About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit or follow @CushWake on Twitter.

About Barings

Barings is a $304+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 associates and offices in 16 countries. Learn more, at

*As of December 31, 2017

Media Contacts:
Evelyn Weiss Francisco
Vice President
Caryl Communications