A three way partnership between Bain Capital and Oliver Avenue Capital has bought a 784,000-square-foot industrial portfolio throughout Northern New Jersey for $208 million. Blackstone offered the property, in accordance with Traded.
The gathering, which was 88 % leased at closing, included 11 Class B warehouses with a median suite measurement of 23,000 sq. toes. Properties are unfold all through infill submarkets.
As tenant demand switches to shallow bay industrial properties, Bain and Oliver Avenue will proceed investing in such property, in accordance with ready remarks by Bain Capital Head of Actual Property Ryan Cotton. Therefore, this acqusition contains services situated in a supply-constrained industrial market that serves metro New York Metropolis.
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The duo joined forces in 2019 and have since bought 62 property encompassing greater than 6 million sq. toes for an industrial funding quantity upward of $1.5 billion throughout 45 separate transactions.
Bain and Oliver Avenue expanded to Northern New Jersey two years in the past, and Blackstone’s portfolio acquisition marked their fifth funding within the area. With its newest buy, the enterprise now owns 15 properties available in the market, Oliver Avenue Capital Managing Principal Jon Hyde stated in a ready assertion.
Its earlier transaction available in the market closed late final 12 months when the 2 corporations paid $33.3 million for an 8.8-acre industrial outside storage asset in South Plainfield, N.J. Trans American offered the property in a sale lease-back deal.
Industrial demand ramps up in Northern New Jersey
Amid the tariff turmoil, New Jersey kicked off 2025 with a modest 7.3 million sq. toes of business leasing exercise through the first quarter, in accordance with a JLL report. The final three months of 2024 noticed the determine effectively above 12 million.
Noteworthy was Northern New Jersey, the place 3.5 million sq. toes of business leases closed through the first three months, the identical supply reveals. The area surpassed Central New Jersey for the primary time in additional than a 12 months.
Industrial emptiness throughout The Backyard State stood at 6.7 % in March, JLL reveals. The index is anticipated to rise, as simply 20.2 % of the 12.3 million sq. toes of business area underway was pre-leased in March.
