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$80M Piscataway Sale, 189,000-SF South Plainfield Lease Reflect Dealmaking Velocity
PISCATAWAY/SOUTH PLAINFIELD, N.J. (Feb. 28, 2023) — Lee & Associates New Jersey has arranged two industrial transactions in Middlesex County, reflecting sustained dealmaking velocity in the regional marketplace. In Piscataway, BlackRock Realty Advisors acquired 330 S. Randolphville Road for $80 million. In South Plainfield, a logistics firm signed a 189,000-square-foot, full-building lease at 602 New Market Ave.
Matthew Schnurr of the commercial real estate firm’s Capital Markets team represented BlackRock in its investment acquisition. The nearly 300,000-square-foot S. Randolphville Road complex is fully occupied by General Plumbing Supply, Inc.
“BlackRock was drawn to the investment by the ideal location with proximity to the Ports, immediate interchange access, and a long-term lease involving a mission-critical corporate headquarters, showroom and distribution space operation,” Schnurr said. “It was a pleasure working with the BlackRock team, whose members were keenly aware of the unique investment and property attributes. The New Jersey industrial investment market as a whole remains one of the most sought-after nationwide, in terms of high occupancy, sustained rental growth and limited supply.”
I-287 Industrial Market a Tenant Draw
In South Plainfield, Drew Maffey and Rick Marchisio represented the logistics tenant in its full-building lease at 602 New Market Avenue. Colliers represented the landlord, Bridge Development. Situated on nearly 21 acres, the modern, energy-efficient building features 70 trailer spots, 36-foot clear ceiling height, and 40 exterior docks.
The move to 602 New Market Ave. is an expansion play for Maffey’s and Marchisio’s client. “The building’s features and ideal location were major draws,” Maffey noted. “The Western I-287 submarket allows for access to over a third of the U.S. population within a three-day drive.”
Maffey credited a collaborative relationship with the Bridge Development team for a smooth transaction. “We were able to close the deal quickly while ensuring that all of the tenants’ needs were met,” he said.
Lee & Associates New Jersey has locations throughout the state and represents the regional operation of Lee & Associates, one of the nation’s largest agent-owned commercial real estate brokerage and property management firms. Lee & Associates professionals combine the latest technology, resources and market intelligence to deliver superior service and optimize results for clients. Established in 1979, the company maintains more than 75 offices in the United States and Canada. In 2022, Lee & Associates’ 1,500+ team members assisted with over $32 billion in transactions.
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